Project finance
Non-recourse debt sized to a project and its contracted cash flows, not the sponsor balance sheet.
Project Financing & Debt
Capital for the deals the banks overlook.
The AI buildout needs more debt than any balance sheet can carry. We originate and place it: project finance, private credit, and structured capital for the sponsors and projects that fall between a bank's box and a fund's mandate.
01 / The Gap
Even the hyperscalers cannot pay for this out of cash flow.
By 2028, data-center investment is set to run more than a trillion dollars past what the largest operators can self-fund. That gap is being filled by private credit, asset-backed debt, and structured capital, and it is growing faster than the institutions that serve it.
The financing gap
~$1.5T
Estimated shortfall between data-center capex and operator self-funding through 2028.
Source: Morgan Stanley, 2025.
02 / What We Arrange
The whole capital stack, not one slice of it.
We source and place across the structures that finance AI infrastructure.
Private credit
Flexible term debt from direct lenders, for borrowers the investment-grade bond market will not take.
Asset-backed debt
Bonds and notes secured on the leases, equipment, and revenue of stabilized facilities.
Construction debt
Capital to carry a project from ground-break to operating and stabilized.
Sale-leaseback & JV equity
Freeing capital out of owned assets, or bringing in a partner to share the build.
Equipment & mezzanine
Financing the long-lead gear, and the layer that sits between senior debt and equity.
03 / Where We Fit
We work the middle of the market.
The billion-dollar deals have their pick of banks. We take the bespoke ones: sponsors below investment grade, niche structures, and deals that need someone to assemble the stack rather than just quote it.
Sponsors, not just single names
We back developers and operators the bond market overlooks, and match them to lenders who will.
Structure, not just placement
We assemble the stack and shape the terms, rather than passing a deal through untouched.
Diligence in a hype market
In a market running on announcements, we underwrite what is real and deliverable.
04 / Contact
Have a project, or a gap in the stack?
Tell us the sponsor, the asset, and what you are trying to finance. We will tell you how we would structure and place it.