Convertible Notes
Hybrid instruments pairing current coupon with optional equity conversion at pre agreed operator milestones.
Convertible Notes combine debt terms with a possible future equity interest. The documents define any coupon and the conditions for conversion at an agreed valuation, milestone or liquidity event. Both repayment and equity value remain at risk.
The structure is favoured where operator value is compounding rapidly and an allocator wishes to participate in upside without negotiating equity terms at entry.
- 01Note documentation specifies coupon, maturity, conversion trigger, valuation cap, and discount.
- 02Conversion mechanics are pre agreed: either automatic on a qualifying round or optional at the holder's election.
- 03Anti dilution and information rights are calibrated to the holder's allocation size.
- Growth stage allocators seeking blended return profiles
- Family offices supporting platform consolidation plays
- Strategic investors building toward larger equity positions
- Equity dilution risk if conversion triggers are not met
- Valuation uncertainty between issuance and conversion
- Operator execution risk on milestone delivery
- Quarterly coupon and milestone progress statement
- Annual audited financials and cap table snapshot
- Notification of any event triggering conversion
Preference Shares
Priority distribution and structured economics ahead of common equity in qualifying SPV transactions.
Equity & Strategic Participation
Long horizon equity stakes in operating platforms identified for governance led growth and consolidation.
Co Investment SPVs
Deal by deal equity participation in selected transactions alongside Kingdom Capital and operator partners.