Samples
Sample documents
These are the documents an engagement produces, with client information removed. The section headings, the field labels and the order they run in are exactly what you receive. Only the values are redacted.
Index
Which document each service produces, and when you receive it
| Service | Document | When you receive it |
|---|---|---|
| Origination | Lender Report | On a single situation, before anyone runs a process |
| Sell-Side M&A | Market assessment | At the end of preparation, before any buyer is contacted |
| Debt Advisory | Lender map | In the first phase of a financing, before any lender is approached |
| Capital Raising | Instrument comparison | In the first working session, before any provider is approached |
| Buy-Side Mandates | Screening memo | With every name screened against your criteria |
| Fund Capital | Evidenced list | Before any outreach is sent |
| Growth Consulting | Operating Record | One entry per cycle, when the result is measured |
01 Origination
The Lender Report is delivered in six fixed sections.
The report covers one situation and runs to six sections. The origination page sets out what each section is for. What the sample below shows you is the layout: where each heading falls, and where the sourcing sits next to the numbers it supports.
The limits section is printed in full below. It is never omitted from a report, and it reads the same way on every mandate, so there is nothing in it to redact.
Lender Report
Sample1. Situation
- Borrower
- Tranche
- Principal outstanding
- Maturity date
- Incumbent lender family
2. Evidence
| Filing | Filed by | Filing date |
|---|---|---|
3. Comparables
- Sample size
- Sector
- Size band
- Pricing range in the sample
- Sources
The sample size is printed before the range. Where the sample is too small we say so and do not quote it.
4. Lenders
| Lender | Reason listed | Filing cited |
|---|---|---|
5. Limits
Filings show principal, cost, fair value and rate. They do not show EBITDA, leverage or covenants. They arrive about 45 days after quarter end, so the freshest data is 45 to 135 days old, and an extension may already have been agreed. BDCs are one part of private credit: banks, private placements and most club deals do not appear, so a company missing from the data is simply a company we cannot see. Entity resolution is probabilistic and can be wrong.
6. The date
- Date the maturity forces
- What it forces
- Reconfirm the picture by
You receive the document itself, with the values in place. Nothing else about it changes between the sample and the report you would receive.
02 Sell-Side M&A
The market assessment runs to four parts.
The market assessment is delivered at the end of preparation, before any buyer is contacted. It answers what your company would sell for, who would buy it and what holding it is worth, and you read all of that before deciding whether to run a process.
Market assessment
SamplePart 1. Buyer universe
| Acquirer | Type | Evidence for inclusion |
|---|---|---|
Part 2. Clearing evidence
- Completed transactions in sample
- Sector
- Size band
- Indicated range
- Source against each figure
Part 3. Diligence ledger
| Question a buyer will ask | Answer or open | Supporting document |
|---|---|---|
Part 4. Hold case
- Cash the company produces for you
- The current plan, carried forward
- Value of holding
- What would have to be true to hold
You receive the market assessment before any buyer is contacted, and every value in it is redacted here.
03 Debt Advisory
The lender map shows the reasoning behind every lender on it.
The lender map is the first phase of a financing. It lists the lenders whose own books show funded loans comparable to yours in size, sector and structure, with the reasoning shown for each name and indicative terms drawn from those comparable loans.
Lender map
SampleFinancing sought
- Company
- Amount and structure
- Purpose
- Incumbent lender
Lender set
| Lender | Comparable funded loan | Reason listed | Filing cited |
|---|---|---|---|
Indicative terms
- Comparable loans in sample
- Pricing range in the sample
- Structures seen
- Sources
The sample size is printed before the range. Where the sample is too small we say so and do not quote it.
You hold the lender map and its indicative terms before you decide whether a process is worth running, and every value in it is redacted here.
04 Capital Raising
Instrument First opens with a written comparison of every instrument.
The comparison is produced in the first working session, before any provider is approached. It prices each form the capital could take in cost, dilution and control terms, and it can conclude that the answer is a loan, or that there is no raise worth running.
Instrument comparison
SampleInstruments priced against the situation
| Instrument | Cost | Dilution | Control terms | Recommendation |
|---|---|---|---|---|
| Senior debt | ||||
| Unitranche | ||||
| Mezzanine | ||||
| Structured minority | ||||
| Preferred | ||||
| Common equity |
Use of proceeds and structure summary
- Amount sought
- Use of proceeds
- Instrument recommended
- Reasoning
You hold this comparison as a written document from the first working session, with the values redacted here.
05 Buy-Side Mandates
The Origination Seat writes a memo on every name it screens.
Each opportunity is screened against your written criteria before you see it, and every memo ends with a recommendation to pursue or to pass. The sample below ends in a pass. Passes are written up and delivered the same way pursuits are.
Screening memo
SampleCompany
- Name
- Sector
- Ownership
- Size against your band
Situation
- What the evidence shows
- Filing or source
Timing
- Dated decision ahead
- Date it lands
Fit against the criteria
- Criteria met
- Criteria missed
Recommendation
PASS
The company misses two of your written criteria: its size sits below your band, and the ownership leaves no route to the control position you require. The dated decision lands after the window you set. We recommend no approach, and the name is screened again if the evidence changes.
You receive a memo like this on every name screened against your criteria, with the company details redacted in this sample and the recommendation and its reasoning left visible.
06 Fund Capital
Every allocator on the evidenced list carries the reason it is there.
PIPELINE builds the market map before any outreach is sent, and you read it and cut any name you do not want approached. The map, the CRM records and the conversation history belong to you from the first week.
Evidenced list, excerpt
SampleAllocator entries
| Allocator | Type | Reason included | Source |
|---|---|---|---|
Approval
- Names approved by the manager
- Names cut by the manager
- Date approved
You read the evidenced list before anything is sent and keep it afterwards, and the names and details are redacted here.
07 Growth Consulting
The Operating Record holds one dated entry per cycle.
The Operating Core 4 is scored against your own baseline, the binding constraint is fixed first, and the cycle is written down when the result is measured. The record is a working document while the engagement runs and a data-room document when your company sells.
Operating Record, one entry
SampleCycle entry
- Constraint
- Fix
- Result against baseline
- Date
Carried into the next cycle
- Next constraint named
- System handed to the team
- Date of the next review
You hold the record and receive one entry like this per cycle, with the values redacted in this sample.
What to do next
Tell us the situation these documents would be written on.
Use the form to tell us whether you are selling, financing, raising, buying or growing, and where things stand today. A principal reads every submission and takes the call.