We represent and advise issuers – businesses and project owners – who are seeking to raise private finance from institutional investors. We are very selective in accepting assignments, and at any one time we work for a strictly limited number of clients. Ours is a partner-led business, and our clients typically interact with one or more of our partners on a daily basis.
We work closely and often intensively with our clients to make their projects ready to take to market. As well as preparing documents and marketing materials to the standards of the international capital markets, we review and advise on matters such as the proposed capital structure, the adequacy of feasibility studies and risk assessments, and the suitability of regulatory, offtake and EPC arrangements.
We manage and drive the distribution process. We identify and agree a long list of suitable investors, with most of whom we will have interacted on previous transactions. We subsequently manage the interaction with the investors, and support our clients in satisfying the investors due diligence needs and in obtaining best possible terms for investment.
Generally we find that more work is needed than clients expect. It is very rare for a fund-raising exercise to take much less than six months, and we have had instances where it has taken more than eighteen months of hard work alongside our client to improve the business proposition sufficiently to make it financeable, and then to obtain funding. The bulk of our remuneration is charged on success, but we invariably charge either a retainer or a set of milestone fees.