Joint ventures
JV structures with operating partners and landowners contributing sites, capital, or execution capacity.
Capital Structuring & Joint Ventures
Structures that align the capital stack with the business plan — and our own capital committed alongside yours.
We structure the equity side of the capital stack around what a specific project actually needs: joint ventures with operating partners, co-GP arrangements with sponsors, preferred equity where the business plan supports it, and common equity from investors who want direct development exposure.
We co-invest in every project we ask a partner to back. That is the whole basis on which we ask anyone to underwrite us — our capital carries the same risk, in the same position, on the same terms as the capital we raise. It also disciplines our underwriting in a way no investment committee memo can.
We put our own money into every project we ask a partner to back — same risk, same position, same terms.
What this includes
Co-GP & sponsorship
Co-general-partner arrangements with sponsors who bring a proven track record in a target market or asset class.
Preferred & common equity
Equity tranches structured to the project's risk profile and hold period rather than to a house template.
Waterfall & promote design
Distribution waterfalls, preferred returns, and promote structures set so incentives survive contact with a difficult project.
Principal co-investment
Our own capital committed in every project, in the same position as our partners'.
Partner reporting
Ongoing reporting against the business plan the capital was raised on, through to realisation.
How we engage
- 01
Align
We agree the business plan, hold period, and target return before we discuss structure.
- 02
Structure
We design the equity stack and waterfall to fit that plan and the project's real risk profile.
- 03
Commit
We document the venture and fund, with principal co-investment alongside partner capital.
- 04
Report
We report against the plan through construction, stabilization, and exit.
Sectors we apply this to
The same capability, underwritten differently by asset class.
Co-GP, JV & capital partners
Build With Us
We structure joint ventures with operating partners, co-GP sponsors, and capital partners who bring proven track records. Outline your firm and the partnership you have in mind.