Our areas of activity
Expertise
We spend our time across three related fields, each of which informs how we understand the other two. Below, we describe how we think about each one — for information only, and not as an offer or solicitation of any kind.
Real Estate Mezzanine Finance
We think of mezzanine capital as the connective layer of a real estate transaction — the part of the capital stack that sits between senior debt and pure equity, and that has to be understood in relation to both. It is a subject we have followed closely for years, in part because it rewards patience and careful structuring far more than it rewards speed.
When we look at a real estate situation, we try to understand the underlying asset first: its location, its tenants, its physical condition, and the story of how it came to need this particular layer of financing. Only once we feel we understand the property do we turn to the structure itself — the covenants, the waterfall, the protections that make a mezzanine position sensible rather than speculative. We find that the discipline of asking these questions in order, rather than backwards, tends to produce a much clearer picture.
Because mezzanine financing sits in a more exposed position than senior debt, we place a great deal of weight on downside protection: loan-to-value discipline, sponsor alignment, and realistic assumptions about exit routes. We would rather pass on a transaction that looks attractive on paper than accept a structure whose risks we cannot describe plainly to ourselves.
Infrastructure Investments
Infrastructure has always felt different to us from other kinds of real assets, because the timeline is so much longer than a typical business cycle. Energy networks, transport links, and digital infrastructure are built to last for decades, and the way we think about them has to match that horizon rather than borrow the vocabulary of shorter-term investing.
We are drawn to infrastructure that serves a genuine, durable need — the kind of asset that continues to matter regardless of which way the broader economy happens to be moving in a given year. That does not mean infrastructure is free of risk; regulatory frameworks shift, technologies evolve, and construction rarely goes exactly to plan. What it does mean is that the risks tend to be different in character from those we see in shorter-cycle assets, and we try to study them on their own terms.
Over time, we have come to appreciate how much infrastructure investing rewards relationships — with operators, with regulators, with the communities an asset actually serves. We try to build those relationships slowly and treat them as part of the investment itself, not as an afterthought.
Alternative Asset Management
Beyond real estate and infrastructure, we spend time on a small number of alternative strategies that share the qualities we look for elsewhere: tangible collateral, identifiable cash flows, and a story simple enough to explain in a few sentences. We are deliberately selective here, because we would rather understand a handful of alternative strategies deeply than spread our attention thin across many.
We think of "alternative" less as a category and more as a reminder to keep looking beyond the obvious. Sometimes that means studying a niche financing structure that traditional lenders overlook; other times it means paying attention to an asset class that has quietly become more institutional without losing its distinctive risk-return profile. In every case, we apply the same underwriting habits we bring to real estate and infrastructure — starting with the asset, not the story.
Want to know more
We are happy to talk through our thinking
If you would like to understand more about how we approach any of these areas, our team is glad to have that conversation.
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