We operate as an extension of the deal team during transaction windows, providing independent, decision-focused analysis that goes beyond management presentations to identify the fundamental drivers of value creation and risk. Working to the investment team’s priorities, we deliver the financial models, diligence and company assessments needed to progress a transaction with confidence-or make a disciplined decision not to proceed.
We operate as an extension of the deal team during transaction windows, providing independent, decision-focused analysis that goes beyond management presentations to identify the fundamental drivers of value creation and risk. Working to the investment team’s priorities, we deliver the financial models, diligence and company assessments needed to progress a transaction with confidence-or make a disciplined decision not to proceed.
For PE firms, the work is typically model-intensive: LBO analysis built to investment committee standard, acquisition pricing sensitivity across entry multiples and debt structures, and portfolio monitoring that tracks performance against the original investment thesis throughout the holding period. For VC firms, the emphasis typically shifts toward business quality, unit economics, management assessment, market potential and investment thesis development for companies under active evaluation.
A strong investment case is not one with fewer questions. It is one that has survived the right ones.
Independent assessment of a target company's market potential, competitive position, customer dynamics, growth prospects and key commercial risks. The analysis helps validate the investment thesis, identify the principal value drivers and determine where assumptions require further challenge.
Deal models built to investment committee standard, covering sources and uses, multiple debt tranches, operating model integration, management incentive structures, cash flow generation and IRR sensitivity across entry multiples, exit multiples and holding periods.
Integrated transaction models covering acquisition pricing, synergy assumptions, accretion and dilution, financing structures and post-merger integration costs. Assumptions are aligned with the findings of the diligence rather than carried forward unchallenged from the management case.
Intrinsic valuation based on business-specific operating assumptions and a WACC derived from the company's actual capital structure and risk profile. Comparable companies and precedent transactions are assessed alongside the DCF as independent market-based valuation methods.
Assessment of whether reported earnings reflect sustainable operating performance and underlying cash generation. The work examines revenue recognition, working capital movements, non-recurring items, accounting adjustments and other factors that may distort reported profitability.
Development of the analytical framework required to construct, test and defend an investment thesis before capital is committed. Where a thesis already exists, we pressure-test its assumptions against financial, commercial and market evidence.
Primary and secondary research designed specifically to test the assumptions feeding an investment decision. Work may include competitor benchmarking, demand analysis, customer research, market sizing and white-space assessment.
Independent valuation updates, performance tracking and periodic research across active holdings. For PE portfolio companies, the engagement may also include management and board meeting support, performance analysis and tracking against the original investment thesis.
Particularly relevant to venture capital mandates where management quality is a critical investment variable. We assess leadership track record, execution capability, capital allocation, governance and organisational depth alongside the financial and commercial case.
Capital allocation, portfolio evaluation, M&A assessment and other strategic inputs for investment committees making decisions across existing and prospective investments.
Assessment of strategic priorities, growth pathways, business portfolios and resource allocation for portfolio companies. The work can include market expansion, new business lines, operating model changes and strategic initiatives aimed at long-term value creation.
The value of sector-specific research lies in understanding the economics, regulation and competitive dynamics behind the model. We combine sector knowledge, market intelligence and financial analysis to help deal teams test assumptions, identify risks and build investment theses grounded in how the industry actually works.
OEM valuation, EV platform economics, Tier 1 supplier due diligence, China-plus-one and nearshoring strategy, charging infrastructure and alternative-fuel mobility economics.
Probability-adjusted clinical asset valuation, biopharma commercial due diligence, HTA and payer dynamics, GLP-1 and cardiometabolic pipeline intelligence, market access and regulatory pathway analysis.
CCS project economics, LNG and energy market analysis, energy-transition asset valuation, specialty chemicals M&A, large-scale CapEx assessment, plastic pyrolysis and chemical recycling investment theses.
LCOE and LCOS modeling, voluntary carbon market assessment, green hydrogen project finance, renewable project economics, tax incentive structures, grid interconnection risk, and India and GCC cleantech investment theses.
Should-cost modeling, nearshoring feasibility, Industry 4.0 assessment, operational due diligence, Tier 2 and Tier 3 supply-chain risk, JV evaluation and carve-out analysis.
D2C unit economics, quick-commerce economics, private-label risk, consumer brand M&A screening, cash conversion, inventory productivity and category-level competitive analysis.
SaaS valuation, ARR and NRR analysis, Rule of 40 assessment, technology M&A diligence, AI-led disruption, cyber-resilience and human-AI workflow economics.
Embedded finance market sizing, RegTech investment theses, AML and KYC platform assessment, earnings quality, digital infrastructure, interoperability costs and selected digital asset business models.
Digital freight platform economics, last-mile delivery models, multimodal and intermodal connectivity, fulfilment and warehouse economics, Scope 3 emissions analysis and logistics infrastructure diligence.
The first conversation is about the decision you are facing: the deal, the raise, the coverage mandate, the strategic pivot. Tell us what you need and we will tell you precisely how we approach it.
