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How We Work

A five-stage methodology that takes a transaction from problem diagnosis to capital close — with rigour, alignment, and execution at every step.

Our Methodology

Five Stages from Problem to Capital

1
Stage One
Problem Diagnosis & Opportunity Framing

We begin by understanding the capital gap — not the capital ask. Before designing any structure, we map the actual financing challenge: what is the risk that is preventing capital from flowing, who bears it today, and what would it take to redistribute it more efficiently.

→Sector and subsector capital flow mapping
→Risk identification: credit, currency, liquidity, policy, and impact measurement risk
→Investor landscape analysis — who is active, what mandates exist, what gaps remain
→Opportunity sizing and transaction feasibility assessment
2
Stage Two
Structure Design

We design the financial architecture — the instrument mix, tranche structure, risk-sharing arrangements, and governance mechanisms — that makes the transaction viable for all parties. This is the creative core of blended finance, and it requires deep knowledge of both development mandates and commercial constraints.

→Instrument selection: loans, guarantees, equity, convertibles, revenue-based instruments
→Tranche architecture: sizing first-loss, mezzanine, and senior tranches
→Return and risk modelling across investor types
→Impact measurement framework integrated into financial structure
3
Stage Three
Stakeholder Alignment

Even the best-designed structure will fail if stakeholders are not genuinely aligned. We facilitate the conversations — sometimes difficult — that surface misaligned incentives, unclear mandates, and unstated concerns before they become deal-breakers at term sheet.

→Multi-party stakeholder facilitation across investor types, deployment partners, and regulators
→Mandate translation — helping DFIs and foundations communicate constraints to commercial co-investors
→Governance structure design: investment committee, reporting obligations, exit provisions
→Term sheet negotiation and settlement
4
Stage Four
Legal Structuring & Documentation

We coordinate the legal workstream — working with transaction counsel to translate the agreed structure into enforceable documentation. We manage the process, resolve structuring questions that arise during documentation, and ensure regulatory compliance.

→Transaction counsel briefing and coordination
→Fund documentation: PPM, LPA, subscription agreements, side letters
→Security creation: pledge, hypothecation, and guarantee documentation
→RBI, SEBI, and FEMA compliance for cross-border transactions
5
Stage Five
Capital Close & Knowledge Transfer

We manage the capital close process — coordinating investor onboarding, condition precedent satisfaction, and first disbursement. After close, we document and share our structure to enable replication — contributing to India's blended finance commons.

→Investor onboarding and KYC coordination
→Condition precedent management and disbursement coordination
→Post-close reporting setup and impact baseline establishment
→Structure documentation and publication for market learning
Guiding Principles

What We Never Compromise

Structure Serves Impact

We design structures to maximise impact, not to maximise our fees. If a simpler, cheaper structure achieves the same development outcome, that is the structure we recommend.

Transparency Over Optimism

We tell clients what a transaction can and cannot achieve — before and during the process. We do not oversell outcomes to win mandates or manage perceptions to preserve relationships.

Replication is the Goal

One transaction is a data point. Ten is a market. We design every structure with replication in mind — and we share our learnings publicly to build India's blended finance capacity.

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