Preference Shares
Priority distribution and structured economics ahead of common equity in qualifying SPV transactions.
Preference Shares sit between debt and common equity, offering preferred distributions, liquidation priority, and structured rights. They suit allocators seeking equity like upside with a defined preference stack.
Each issuance defines preferred dividend rate, redemption mechanics, participation rights, and protective provisions tailored to the operator and capital plan.
- 01Preference shares are issued by the SPV with a constitution that codifies priority, redemption, and protective rights.
- 02Cumulative or non cumulative dividends, participating or non participating economics, all agreed at term sheet stage.
- 03Independent administrator manages registers, distributions, and reporting.
- Family offices seeking preferred yield with equity optionality
- Pension and endowment allocators in private capital sleeves
- Strategic investors backing buy and build platforms
- Subordinated to senior debt in the capital stack
- Distribution dependency on SPV cash flow generation
- Limited control rights relative to common equity
- Quarterly dividend statement and SPV operating update
- Annual audited SPV financials
- Notification of protective provision events
Convertible Notes
Hybrid instruments pairing current coupon with optional equity conversion at pre agreed operator milestones.
Equity & Strategic Participation
Long horizon equity stakes in operating platforms identified for governance led growth and consolidation.
Secured Private Notes
Debt instruments with an agreed coupon and maturity, supported by a security package set out in the transaction documents.