Capital markets
Accelerated bookbuild
Define accelerated bookbuild, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBlock trade
Define block trade, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBookbuilding
Define bookbuilding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionContinuous disclosure
Define continuous disclosure, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCorporate bond
Define corporate bond, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDirect listing
List shares for public trading through exchange price discovery while defining whether existing holders, the company or both can sell in the opening auction.
Open definitionFollow-on offering
Define follow-on offering, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGreen bond
Define green bond, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGreenshoe option
Define greenshoe option, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInitial public offering
Prepare the company, disclosures, governance, valuation and offering mechanics required to sell shares to public investors and operate as a listed issuer.
Open definitionInside information
Define inside information, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor roadshow
Prepare consistent investor materials and turn meeting feedback into documented next steps for a financing process.
Open definitionIssuer lock-up
Define issuer lock-up, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionListing rules
Define listing rules, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMarket sounding
Define market sounding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMedium-term note programme
Define medium-term note programme, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrice discovery
Evaluate demand at stated prices and conditions before treating an indicated valuation as executable.
Open definitionPrice stabilisation
Define price stabilisation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrivate placement
Establish the offering route, investor eligibility and closing evidence before treating a proposed capital raise as executable.
Open definitionProspectus
Define prospectus, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionResearch blackout
Define research blackout, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSecurities allocation
Define securities allocation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSukuk
Define sukuk, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSustainability-linked bond
Connect the sustainability target, measurement evidence and contractual payment consequence before assessing an issuer's proposed bond.
Open definitionCapital structure
Debt advisory
Amortisation profile
Map scheduled principal repayments over time and the remaining refinancing or maturity exposure.
Open definitionBalloon repayment
Measure the large residual principal payment remaining after partial amortisation.
Open definitionBorrowing base
Limit secured availability to eligible collateral after advance rates, exclusions, concentrations and reserves.
Open definitionBullet repayment
Assess a structure where the principal is due in one final payment at maturity.
Open definitionCash sweep
Apply an agreed share of excess cash flow or specified proceeds to mandatory debt repayment.
Open definitionChange-of-control provision
Define change-of-control provision, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionContractual subordination
Define how one creditor agrees that another creditor has superior payment or enforcement rights.
Open definitionCure right
Understand the contractual action and time available to remedy a specified default or covenant breach.
Open definitionDebt capacity
Size borrowing from sustainable cash flow, leverage, security, liquidity and downside headroom rather than the requested amount alone.
Open definitionFinancial covenant
Set a quantitative financial test whose definitions, threshold, timing and remedies are fixed by the financing agreement.
Open definitionFinancial reporting covenant
Define financial reporting covenant, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFixed-charge coverage
Test whether defined earnings or cash flow can meet interest, rent and other fixed financing charges.
Open definitionGuarantor support
Assess the legal and financial value of an additional party supporting borrower obligations.
Open definitionIntercreditor agreement
Coordinate priority, payments, control and enforcement rights among creditors sharing a borrower or collateral.
Open definitionInterest coverage
Measure how many times recurring earnings cover interest and reconcile the numerator, denominator and downside case.
Open definitionInterest-rate hedging
Define interest-rate hedging, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLender presentation
Define lender presentation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLeverage
Measure how debt magnifies financing risk and equity outcomes relative to earnings, assets or capital.
Open definitionMandatory prepayment
Define mandatory prepayment, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMaturity wall
Define maturity wall, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRefinancing plan
Define refinancing plan, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRevolving facility
Provide committed borrowing capacity that can be drawn, repaid and redrawn subject to the agreement.
Open definitionTerm loan
Fund a defined amount for a stated term with contractual interest, repayment and covenant provisions.
Open definitionDebt finance
Acquisition finance
Reconcile purchase funding, transaction costs and post-closing liquidity with the obligations of the proposed financing structure.
Open definitionBridge finance
Match temporary funding to an evidenced repayment event and test the cash requirement if that event is delayed.
Open definitionClub deal
Coordinate multiple financing participants through one agreed structure, allocation and decision process.
Open definitionCovenant
Translate each financing covenant into a dated evidence requirement, calculation method and decision process.
Open definitionDebt portability
Check whether existing financing can remain in place through the proposed ownership change and what conditions must be satisfied.
Open definitionEBITDA add-back
Trace each proposed earnings adjustment to evidence, the relevant definition and its effect on leverage or valuation.
Open definitionMezzanine debt
Evaluate the junior funding layer through its cash obligations, repayment priority and exit requirements.
Open definitionPrivate credit
Compare a privately negotiated nonbank facility with the borrower's cash flow, security, covenants and repayment route.
Open definitionRefinancing
Reconcile the existing payoff, new facility proceeds, fees and maturity profile before replacing debt.
Open definitionSenior secured debt
Size the senior secured layer against sustainable cash flow, collateral, priority and downside recovery.
Open definitionDevelopment finance
Due diligence
AML review
Define aml review, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCommercial due diligence
Challenge the target's market, customer, competitor and growth assumptions so the investment case reflects evidence about demand, positioning and execution risk.
Open definitionCustomer due diligence
Define customer due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCybersecurity due diligence
Define cybersecurity due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionData-protection due diligence
Define data-protection due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionESG due diligence
Define esg due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFinancial due diligence
Test the target's reported performance, cash conversion, balance sheet and transaction adjustments so the deal team can make pricing, structure and financing decisions from reconciled evidence.
Open definitionHealth and safety due diligence
Define health and safety due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionHR due diligence
Define hr due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInsurance due diligence
Define insurance due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntellectual-property due diligence
Define intellectual-property due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLegal due diligence
Define legal due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionManagement due diligence
Define management due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMarket due diligence
Define market due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNet-debt review
Define net-debt review, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPension due diligence
Define pension due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionQuality-of-earnings review
Define quality-of-earnings review, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRed-flag report
Define red-flag report, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRegulatory due diligence
Define regulatory due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSanctions screening
Define sanctions screening, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSupplier due diligence
Define supplier due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTax due diligence
Define tax due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTechnology due diligence
Define technology due diligence, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWorking-capital review
Define working-capital review, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity finance
Capitalisation table (cap table)
Reconcile current and pro forma ownership across issued shares, convertible instruments and reserved equity using defined dilution assumptions.
Open definitionPreferred equity
Model the stated distribution, accrual, conversion and priority terms of an equity instrument across transaction outcomes.
Open definitionEquity fundraising
Board representation
Define board representation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCornerstone investor
Define cornerstone investor, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity closing mechanics
Define equity closing mechanics, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity story
Connect the investment case to verified operating evidence, capital needs, risks and measurable value-creation milestones.
Open definitionEquity term sheet
Define equity term sheet, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity valuation
Define equity valuation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFundraising data room
Define fundraising data room, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFundraising model
Define fundraising model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor governance
Define investor governance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor mapping
Define investor mapping, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor pitch deck
Define investor pitch deck, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor target list
Define investor target list, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOutreach sequencing
Define outreach sequencing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPost-money valuation
Define post-money valuation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPre-money valuation
Define pre-money valuation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrimary issuance
Define primary issuance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReserved matters
Define reserved matters, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRights issue
Define rights issue, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSecondary share sale
Define secondary share sale, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionShareholder dilution
Define shareholder dilution, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionUse of proceeds
Reconcile gross funds, offering costs and net capital to specific purposes, timing, approvals and measurable milestones.
Open definitionFamily offices
Co-investment
Invest alongside a sponsor or lead investor in a specific company or asset with independent underwriting and portfolio controls.
Open definitionCommitment pacing
Schedule private-market commitments against expected calls, distributions, liquidity and allocation limits.
Open definitionConcentration limit
Cap exposure to a single issuer, sector, geography, strategy or risk factor using a defined denominator and breach process.
Open definitionConflict-of-interest policy
Identify, disclose, assess and manage interests that could impair objective decisions or client outcomes.
Open definitionConsolidated reporting
Aggregate assets, liabilities, transactions and performance across entities and providers using a reconciled data and valuation policy.
Open definitionDirect investment
Invest directly in an operating company or asset with deal-specific underwriting, governance, monitoring and liquidity planning.
Open definitionFamily council
Create a representative family body that coordinates family decisions, communication, education and the relationship with business and investment governance.
Open definitionFamily governance charter
Document how a family makes decisions about shared wealth, businesses and institutions, including authority, participation, succession and dispute processes.
Open definitionGlobal custodian
Safekeep and administer financial assets across markets through custody accounts, settlement processes and controlled sub-custodian networks.
Open definitionImpact investment
Invest with an intentional financial objective and a defined social or environmental outcome that can be measured and managed.
Open definitionInvestment committee
Assign documented authority for investment approval, portfolio oversight and exceptions within the family-office governance structure.
Open definitionInvestment policy statement
Document objectives, authority, risk, liquidity, constraints and monitoring rules before selecting investments or managers.
Open definitionKey-person risk
Identify material dependence on individuals and establish authority, knowledge, relationship and continuity cover.
Open definitionLiquidity reserve
Hold sufficient accessible assets for planned spending, capital calls, liabilities and stressed cash needs under a documented family-office policy.
Open definitionManager selection
Select external investment managers through documented strategy, team, performance, risk, operations, terms and portfolio-fit assessment.
Open definitionMission-related investment
Invest endowment or family capital under normal investment standards while intentionally aligning the investment with stated mission objectives.
Open definitionNext-generation engagement
Prepare younger family members for informed participation through education, experience, communication and staged governance responsibility.
Open definitionOperational due diligence
Assess whether a manager, target or transaction has the people, controls, systems and service-provider arrangements needed to operate reliably.
Open definitionPortfolio rebalancing
Restore portfolio exposures toward approved ranges after market, cash-flow or policy changes.
Open definitionPrivacy and information security
Protect personal, financial and operational information through risk-led governance, access control, monitoring and response.
Open definitionRisk budget
Allocate the portfolio's permitted risk across strategies and exposures in line with objectives, liquidity and loss capacity.
Open definitionStrategic asset allocation
Set the long-term policy mix from objectives, risk capacity, liquidity and horizon, then govern deviations and rebalancing.
Open definitionStrategic philanthropy
Direct charitable resources toward defined outcomes using evidence, grantee diligence, structured funding and monitored learning.
Open definitionSuccession planning
Prepare leadership, ownership and governance transitions before a planned or unexpected change in control or responsibility.
Open definitionTax structuring
Coordinate ownership, financing and transaction steps with documented tax analysis across every relevant jurisdiction.
Open definitionFinancial modelling
Acquisition model
Define acquisition model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionAssumptions register
Define assumptions register, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBalance-sheet forecast
Define balance-sheet forecast, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCapital-expenditure schedule
Translate asset replacement and growth plans into timed cash spending, depreciation and closing fixed-asset balances that reconcile across the model.
Open definitionCash-flow forecast
Define cash-flow forecast, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionConsolidation model
Define consolidation model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCost build
Define cost build, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebt schedule
Define debt schedule, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDistribution waterfall model
Define distribution waterfall model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionForeign-exchange model
Define foreign-exchange model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund model
Define fund model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInterest schedule
Define interest schedule, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionModel circularity
Define model circularity, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionModel integrity check
Define model integrity check, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMonte Carlo analysis
Define monte carlo analysis, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject-finance model
Define project-finance model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal-estate development model
Define real-estate development model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRevenue build
Define revenue build, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionScenario analysis
Define scenario analysis, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSensitivity analysis
Define sensitivity analysis, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTax schedule
Define tax schedule, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionThree-statement model
Link the income statement, balance sheet and cash-flow statement so operating, investment and financing assumptions produce a reconciled forecast.
Open definitionValuation model
Define valuation model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWorking-capital schedule
Define working-capital schedule, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund formation
Capital recycling
Define capital recycling, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCarried interest
Define carried interest, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDefaulting LP provision
Define defaulting lp provision, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFeeder fund
Define feeder fund, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund distribution waterfall
Define fund distribution waterfall, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund extension
Define fund extension, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund term
Define fund term, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGP catch-up
Define gp catch-up, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGP commitment
Define gp commitment, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestment period
Define investment period, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor side letter
Define investor side letter, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionKey-person clause
Define key-person clause, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLimited partnership agreement
Set the fund's binding economics, governance, authority and investor protections in one reconciled partnership document.
Open definitionLP advisory committee
Define lp advisory committee, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLP excuse right
Define lp excuse right, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionManagement fee
Define management fee, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionManagement-fee offset
Define management-fee offset, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMost-favoured-nation election
Define most-favoured-nation election, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNo-fault divorce
Define no-fault divorce, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionParallel fund
Define parallel fund, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPreferred return hurdle
Define preferred return hurdle, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrivate placement memorandum
Define private placement memorandum, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRecallable distribution
Reconcile cash returned to an investor with any continuing contractual obligation to contribute that capital again.
Open definitionRemoval for cause
Define removal for cause, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSubscription agreement
Document the investor's commitment, identity, eligibility, authority and representations before accepting it into the fund.
Open definitionFund placement
Anchor LP
Define anchor lp, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCornerstone LP
Define cornerstone lp, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEmerging manager
Define emerging manager, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFinal close
Define final close, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFirst close
Define first close, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund benchmark
Define fund benchmark, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund positioning
Define fund positioning, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFund track record
Define fund track record, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFundraising objection handling
Define fundraising objection handling, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestment pipeline
Define investment pipeline, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvestor due-diligence questionnaire
Organise an investor's questions, supporting documents and open items so the fund manager can answer consistently and the investor can assess the manager on a documented basis.
Open definitionInvestor reference call
Define investor reference call, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLP follow-up
Define lp follow-up, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLP mapping
Define lp mapping, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLP meeting strategy
Define lp meeting strategy, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLP re-up
Define lp re-up, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPlacement fee
Define placement fee, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPlacement tail period
Define placement tail period, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPlacement-agent agreement
Define placement-agent agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPortfolio construction
Define portfolio construction, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSubscription closing
Define subscription closing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTarget LP profile
Define which limited partners can lawfully, operationally and economically assess and support the fund strategy before outreach begins.
Open definitionTrack-record attribution
Define track-record attribution, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFundraising
Anchor investor
Assess the amount, conditions and timing of an early investment commitment within the wider fundraising plan.
Open definitionFund placement
Run a controlled investor process that connects mandate fit, approved materials, diligence and subscription status.
Open definitionInformation memorandum (IM)
Present the opportunity, terms, risks and evidence in one controlled document that remains consistent with the transaction record.
Open definitionHybrid and bespoke finance
Infrastructure finance
Asset recycling
Define asset recycling, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionAvailability payment
Link periodic public payments to asset availability and service quality through objective measures, deductions and verification.
Open definitionBid bond
Define bid bond, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBlended finance
Define blended finance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBrownfield project
Define brownfield project, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCompetitive procurement
Define competitive procurement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDemand risk
Define demand risk, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionExport credit agency
Define export credit agency, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGreenfield project
Define greenfield project, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInfrastructure concession
Define infrastructure concession, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInfrastructure grant
Define infrastructure grant, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInfrastructure offtake
Define infrastructure offtake, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInfrastructure resilience
Define infrastructure resilience, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLifecycle cost
Define lifecycle cost, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMultilateral development bank
Define multilateral development bank, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPatronage forecast
Define patronage forecast, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPerformance bond
Define performance bond, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrivate finance initiative
Define private finance initiative, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPublic-private partnership
Allocate long-term design, construction, financing, operating and performance obligations through a measurable public-service contract.
Open definitionRegulated asset base
Define regulated asset base, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSovereign support
Define sovereign support, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTariff framework
Define tariff framework, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionUser-pay model
Define user-pay model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionViability-gap funding
Define viability-gap funding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionM&A
Antitrust review
Assess how the transaction may affect competition, prepare the supporting evidence and integrate agency review into the deal timetable and risk allocation.
Open definitionBid instructions
Tell qualified bidders exactly what to submit, when to submit it and how price, financing, conditions and document changes will be evaluated.
Open definitionBid process
Run a controlled sequence that gives qualified buyers consistent information, deadlines and a documented route from initial interest to executable offers.
Open definitionCompletion accounts
Determine the final purchase price from the target's agreed financial position at completion, using contractual definitions, evidence and a documented review process.
Open definitionDisclosure letter
Record the specific facts that qualify transaction warranties, with a clear link from each disclosure to the relevant warranty and supporting evidence.
Open definitionEarn-out structure
Link a defined part of consideration to measurable post-completion performance while controlling calculation, conduct, reporting, payment and dispute risk.
Open definitionFunds flow statement
Reconcile every closing source, use, recipient, amount, account and approval before money moves.
Open definitionIndicative offer
State preliminary price, structure, assumptions, conditions and funding clearly enough to support a disciplined decision on process progression.
Open definitionIntegration plan
Translate the deal thesis into sequenced workstreams that protect continuity, establish control and deliver approved value after closing.
Open definitionLocked-box mechanism
Reconcile the agreed equity price to the reference accounts and track value transfers through completion.
Open definitionManagement presentation
Give qualified bidders or investors a controlled, evidence-supported view of the business and management team before they commit further resources or submit a later-stage proposal.
Open definitionNet debt analysis
Reconcile debt, debt-like items, cash and cash-like items to the agreed transaction definitions before bridging enterprise value to equity value.
Open definitionPurchase price allocation
Allocate acquisition-date consideration to identifiable assets and liabilities at supported fair values, with the residual recorded as goodwill under the applicable accounting framework.
Open definitionQuality of earnings
Test whether reported and adjusted earnings reflect recurring operating performance, convert to cash and use consistent accounting before relying on them for value or debt capacity.
Open definitionRegulatory clearance
Map every required approval, filing, consent and waiting period to the transaction timetable, evidence owner and closing condition.
Open definitionRepresentations and warranties
Allocate factual and legal risk through statements about the parties, business and transaction, supported by diligence, disclosures and negotiated remedies.
Open definitionSynergy case
Convert the transaction rationale into owned, timed and evidence-backed value initiatives with costs, dependencies and delivery risks.
Open definitionTransaction indemnity
Define which transaction losses one party must compensate, the claim procedure and every threshold, exclusion, survival period and recovery limit.
Open definitionTransaction Q&A
Turn diligence questions into traceable responses, evidence requests and transaction decisions.
Open definitionTransition services agreement
Keep the transferred business operating after closing through defined temporary services, accountable owners, measurable service levels, transparent charges and a funded exit plan.
Open definitionWarranty and indemnity insurance
Allocate selected breach risk to an insurance policy whose coverage, exclusions, retention, limits and claims process have been reconciled with the acquisition agreement.
Open definitionWorking capital peg
Set and evidence the target level of operating working capital delivered at closing so purchase-price adjustments reflect the agreed normal requirement.
Open definitionM&A advisory
M&A and capital raising
M&A execution
Mergers and acquisitions
Business valuation
Connect a stated valuation basis to verified financial information, explicit assumptions and a clear bridge to the interest being valued.
Open definitionBuy-side M&A
Turn an acquisition objective into a disciplined target review, valuation, diligence, financing and closing process.
Open definitionLetter of intent (LOI)
Record the proposed transaction framework, binding provisions and conditions before full diligence and definitive documentation.
Open definitionPost-merger integration
100-day integration plan
Define 100-day integration plan, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBenefits realisation
Define benefits realisation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBrand migration
Define brand migration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionControl integration
Define control integration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCulture integration
Define culture integration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCustomer retention
Define customer retention, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionData migration
Define data migration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDay-one readiness
Prepare the decisions, people, controls, systems and communications required for the combined or separated business to operate safely from legal close.
Open definitionFinance integration
Define finance integration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration communications
Define integration communications, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration decision rights
Define integration decision rights, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration governance
Define integration governance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration KPI
Define integration kpi, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration management office
Define integration management office, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIntegration workstream
Define integration workstream, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLegal-entity rationalisation
Define legal-entity rationalisation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOrganisation design
Define organisation design, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProcurement synergy
Define procurement synergy, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal-estate integration
Define real-estate integration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSupplier continuity
Define supplier continuity, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSynergy tracking
Define synergy tracking, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSystems integration
Define systems integration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTalent retention
Define talent retention, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTarget operating model
Define target operating model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrivate credit
Accordion facility
Define accordion facility, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBase-rate floor
Define base-rate floor, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCall protection
Define call protection, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCollateral package
Define collateral package, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCovenant waiver
Define covenant waiver, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCovenant-lite documentation
Define covenant-lite documentation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCredit workout
Define credit workout, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDelayed draw
Define delayed draw, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDelayed-draw term loan
Define delayed-draw term loan, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity cure
Define equity cure, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFacility amendment
Define facility amendment, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFirst-lien debt
Verify the collateral, perfection and intercreditor terms that give a facility first-ranking security over specified assets.
Open definitionIntercreditor position
Define intercreditor position, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMake-whole provision
Define make-whole provision, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMargin ratchet
Define margin ratchet, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMost-favoured-nation provision
Define most-favoured-nation provision, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOriginal issue discount
Define original issue discount, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPayment-in-kind (PIK) interest
Understand the cash-payment profile, the growing debt balance and the repayment evidence behind a PIK structure.
Open definitionRestricted-payment basket
Define restricted-payment basket, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSecond-lien debt
Underwrite the residual collateral value, junior control position and intercreditor restrictions behind first-lien obligations.
Open definitionSponsor support
Define sponsor support, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionUnitranche
Assess a single facility that combines senior and junior risk through one borrower-facing loan and blended economics.
Open definitionUnitranche facility
Define unitranche facility, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrivate equity
100-day plan
Convert diligence findings into a sequenced first-100-day programme that protects continuity, establishes control and starts priority value initiatives.
Open definitionAdd-on acquisition
Acquire an additional business through an existing platform to extend capability, geography, customers or scale within a governed buy-and-build thesis.
Open definitionBolt-on acquisition
Add a closely adjacent business or asset to an existing platform and capture the strategic overlap through disciplined integration.
Open definitionContinuation vehicle
Transfer one or more assets into a new fund structure when continued ownership has a supported value thesis and investors receive documented choices.
Open definitionCovenant headroom
Measure the distance between forecast performance and each contractual covenant limit before stress reduces financing flexibility.
Open definitionDeal sourcing
Build a traceable opportunity pipeline, screen it against the mandate and measure source quality through investment and portfolio outcomes.
Open definitionDebt paydown
Convert available cash into scheduled and permitted debt reduction while protecting liquidity, covenants and investment capacity.
Open definitionDividend recapitalisation
Raise additional financing to distribute capital to shareholders only after testing debt service, liquidity, covenants and the portfolio company's continuing investment needs.
Open definitionEntry multiple
Express the acquisition valuation against a defined operating metric, then test whether the price, metric quality and capital structure support the investment case.
Open definitionExit multiple
Translate an exit operating metric into enterprise value using a stated multiple, then test valuation, debt and equity proceeds across credible scenarios.
Open definitionExit readiness
Prepare the business, evidence and transaction process so that credible buyers or markets can assess value without preventable delay or uncertainty.
Open definitionGP-led secondary
Give existing investors a documented liquidity or rollover choice when a sponsor restructures continued ownership of one or more fund assets.
Open definitionInternal rate of return
Measure the annualised return implied by the amount and timing of investment cash flows, using a fully reconciled cash-flow series.
Open definitionInvestment screening
Test ownership, control, sector, technology, data, location and jurisdiction facts early enough to manage filing and national-security risk.
Open definitionInvestment thesis
Convert the reasons for investing into dated assumptions, measurable value drivers, downside cases and post-close monitoring tests.
Open definitionLBO model
Test whether acquisition financing, operating cash flow, debt paydown and exit assumptions can support the proposed equity return across downside cases.
Open definitionLeverage ratio
Measure debt against a defined earnings or cash-flow base and test covenant, liquidity and refinancing capacity under downside cases.
Open definitionManagement ratchet
Increase management participation only when defined investor-return thresholds are met, using a transparent and testable distribution waterfall.
Open definitionManagement rollover
Reinvest agreed management proceeds into the acquisition structure with clear valuation, rights, funding, tax and exit terms.
Open definitionManagement vesting
Make management equity ownership conditional on defined service, performance or exit requirements and maintain an auditable award record.
Open definitionMultiple on invested capital
Measure total value or proceeds relative to invested capital while keeping realised, unrealised, gross and net bases explicit.
Open definitionPortfolio governance
Define how owners, boards and management make decisions, monitor performance, control risk and escalate issues throughout the holding period.
Open definitionPortfolio KPI pack
Give owners and management a reconciled view of performance, cash, risk and value initiatives using stable definitions and accountable commentary.
Open definitionSweet equity
Allocate performance-linked management equity within a documented waterfall, vesting structure and value-sharing framework.
Open definitionValue-creation plan
Turn the investment thesis into owned initiatives with baselines, quantified value, costs, milestones and finance-verified outcomes.
Open definitionPrivate funds
Private-market transactions
Project and acquisition finance
Project and infrastructure finance
Project finance
Completion test
Define completion test, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionConcession agreement
Define concession agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionConstruction risk
Define construction risk, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCurrency-risk allocation
Define currency-risk allocation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebt service reserve account
Define debt service reserve account, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDirect agreement
Define direct agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEPC contract
Define epc contract, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionForce-majeure allocation
Define force-majeure allocation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIndependent engineer
Define independent engineer, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInterest-rate risk
Define interest-rate risk, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLender step-in right
Define lender step-in right, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLender technical adviser
Define lender technical adviser, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLimited-recourse financing
Define limited-recourse financing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLoan life coverage ratio
Define loan life coverage ratio, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNon-recourse financing
Underwrite repayment from project cash flows and assets while identifying every contractual, statutory and contingent route back to sponsors.
Open definitionOfftake agreement
Define offtake agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOperations and maintenance agreement
Translate operating obligations into measurable service standards, costs and evidence that can be checked through the project life.
Open definitionPolitical-risk allocation
Define political-risk allocation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject base case
Define project base case, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject cash waterfall
Define project cash waterfall, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject downside case
Define project downside case, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject DSCR
Define project dscr, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject life coverage ratio
Assess discounted debt-service cash flow over the remaining project life and inspect how much support arrives after loan maturity.
Open definitionProject SPV
Ring-fence the project company, contracts, assets, cash flows and liabilities so each participant can assess the project on its own terms.
Open definitionSponsor support agreement
Define sponsor support agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal estate finance
Asset stabilisation
Define asset stabilisation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCapitalisation rate
Define capitalisation rate, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCompletion guarantee
Define completion guarantee, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionConstruction budget
Define construction budget, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCost to complete
Define cost to complete, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebt service coverage ratio (DSCR)
Turn a coverage calculation into a financing decision, with consistent cash-flow definitions and a tested repayment schedule.
Open definitionDevelopment appraisal
Define development appraisal, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDevelopment contingency
Define development contingency, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDrawdown schedule
Define drawdown schedule, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGross development cost
Capture land, construction, professional, statutory, finance, marketing, contingency and other costs on a consistent basis and timeline.
Open definitionGross development value
Estimate the completed scheme's aggregate value from dated unit, price, rent, yield and purchaser-cost assumptions.
Open definitionJoint-venture waterfall
Define joint-venture waterfall, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLoan to cost
Define loan to cost, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNet operating income
Define net operating income, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOccupancy
Define occupancy, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPreferred return
Define preferred return, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionProject escrow
Define project escrow, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal-estate SPV
Define real-estate spv, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRent roll
Define rent roll, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionResidual land value
Define residual land value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSales absorption
Define sales absorption, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionYield on cost
Define yield on cost, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal-estate and construction finance
Real-estate development finance
Real-estate finance
Restructuring
13-week cash-flow forecast
Define 13-week cash-flow forecast, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionAdministration process
Define administration process, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCash-conservation plan
Define cash-conservation plan, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionContingency planning
Define contingency planning, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCovenant reset
Define covenant reset, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCreditor cramdown
Define creditor cramdown, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebt equitisation
Define debt equitisation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebt exchange
Define debt exchange, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebtor-in-possession financing
Define debtor-in-possession financing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDistressed M&A
Assess the assets, authority, cash runway and continuity requirements behind a transaction involving financial distress.
Open definitionForbearance agreement
Define forbearance agreement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGoing-concern assessment
Define going-concern assessment, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIndependent business review
Define independent business review, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInsolvency analysis
Define insolvency analysis, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLiquidity assessment
Determine whether verified cash and drawable funding can meet operating, debt and contingent requirements across base and downside periods.
Open definitionMaturity extension
Define maturity extension, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrincipal haircut
Define principal haircut, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRecovery waterfall
Define recovery waterfall, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRescue financing
Define rescue financing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionScheme of arrangement
Define scheme of arrangement, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionStakeholder mapping
Define stakeholder mapping, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionStandstill agreement
Create a defined period for creditors and the debtor to exchange information, stabilise liquidity and negotiate a restructuring without specified enforcement actions.
Open definitionTurnaround plan
Define turnaround plan, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSecured finance
Trade finance
Advance-payment guarantee
Align the advance, repayment exposure and guarantee wording before the buyer releases funds.
Open definitionBill of exchange
Define bill of exchange, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionBuyer credit
Define buyer credit, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDemand guarantee
Review the instrument, presentation conditions and reimbursement exposure alongside the underlying commercial obligation.
Open definitionDocumentary collection
Define documentary collection, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionExport credit
Define export credit, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFactoring
Define factoring, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionForfaiting
Define forfaiting, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionIncoterms
Define incoterms, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInventory finance
Define inventory finance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInvoice discounting
Assess invoice eligibility, net funding proceeds and the obligations retained by the seller before relying on a receivables facility.
Open definitionLetter of credit
Use a bank's documentary payment undertaking to bridge buyer and seller performance risk while controlling the required documents, dates and funding exposure.
Open definitionOpen-account trade
Set the payment timetable, quantify the funding period and test the evidence supporting a customer's credit terms.
Open definitionPurchase-order finance
Define purchase-order finance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReverse factoring
Define reverse factoring, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionStandby letter of credit (SBLC)
Check the backstop payment terms, the issuer and the presentation timetable before relying on a standby.
Open definitionSupplier credit
Evaluate the price and cash-flow consequences when a supplier gives its customer time to pay.
Open definitionSupply-chain finance
Identify the financing technique, map the commercial flows and test the terms for the buyer, supplier and finance provider.
Open definitionTrade FX hedge
Define trade fx hedge, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTrade sanctions screening
Assess relevant parties, ownership and transaction restrictions using current sources and a documented review decision.
Open definitionTrade-finance KYC
Connect customer identity and ownership evidence with the commercial purpose and payment pattern of the proposed trade.
Open definitionUCP 600
Define ucp 600, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWarehouse-receipt finance
Define warehouse-receipt finance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTransaction execution
Data room
Give authorised reviewers controlled access to a complete, indexed and traceable set of transaction information.
Open definitionDue diligence
Test the transaction case with traceable evidence and convert findings into decisions, terms and owned actions.
Open definitionEscrow account
Define exactly which funds are held, who controls them and what evidence triggers each release or claim.
Open definitionNon-disclosure agreement (NDA)
Control the use and disclosure of sensitive information throughout a transaction process.
Open definitionTransaction structuring
Valuation
Adjusted book value
Define adjusted book value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionAdjusted present value
Define adjusted present value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionControl premium
Define control premium, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDiscount for lack of marketability
Define discount for lack of marketability, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDiscounted cash flow
Convert forecast cash flows and terminal value into a present enterprise or equity value using a discount rate that matches the cash-flow definition and risk.
Open definitionEnterprise value
Define enterprise value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity beta
Define equity beta, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity risk premium
Define equity risk premium, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionEquity value
Define equity value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionExit-multiple method
Define exit-multiple method, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFree cash flow to equity
Define free cash flow to equity, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFree cash flow to firm
Define free cash flow to firm, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionGordon growth model
Define gordon growth model, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLiquidation value
Define liquidation value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionMinority interest
Define minority interest, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNet asset value
Define net asset value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionNet debt
Define net debt, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPrecedent transactions
Define precedent transactions, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReal-options valuation
Define real-options valuation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReplacement cost
Define replacement cost, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRisk-free rate in valuation
Choose a documented reference rate that is consistent with the currency, timing and inflation basis of the valuation cash flows.
Open definitionSum-of-the-parts valuation
Define sum-of-the-parts valuation, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTerminal value
Define terminal value, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTrading comparables
Define trading comparables, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWeighted average cost of capital
Estimate the blended required return for the capital financing a business so free cash flow to the firm can be discounted on a consistent basis.
Open definitionVenture capital
Annual recurring revenue
Normalise active recurring contracts to an annual value using a documented contract perimeter and reconcile the metric to billing and recognised revenue.
Open definitionAnti-dilution protection
Model how a qualifying lower-price share issuance adjusts a protected security's conversion terms under the governing documents.
Open definitionBoard observer right
Define a non-voting observer's access to board meetings and materials with clear confidentiality, exclusion and termination controls.
Open definitionCash burn
Measure the cash consumed by operations under a defined perimeter and connect it to liquidity, milestones and financing timing.
Open definitionCohort analysis
Group customers by a shared starting event and compare retention, revenue and contribution over consistent periods.
Open definitionConvertible note
Reconcile principal, interest, maturity and conversion terms before modelling the equity issued in a financing or other trigger event.
Open definitionCustomer acquisition cost
Measure the fully defined acquisition spend required for each new customer and track it by cohort, channel and payback period.
Open definitionCustomer lifetime value
Estimate the contribution margin expected from a customer relationship using observed retention, revenue and cost evidence by cohort.
Open definitionEmployee option pool
Reserve shares for employee incentives and model the fully diluted ownership effect before approving a financing or grant plan.
Open definitionFollow-on reserve
Allocate fund capital for potential future investments in existing portfolio companies and govern its use through portfolio scenarios.
Open definitionGross revenue retention
Measure the recurring revenue retained from an opening customer cohort after contraction and churn, without giving credit for expansion or new customers.
Open definitionLiquidation preference
Model the order and amount of exit proceeds allocated to preferred shareholders under the governing security terms.
Open definitionMilestone financing
Link staged funding to defined achievements, evidence requirements, closing conditions and decision dates.
Open definitionMonthly recurring revenue
Measure the recurring monthly value of active customer arrangements under one documented perimeter and track customer-level movements.
Open definitionNet revenue retention
Measure how the recurring revenue base from an opening customer cohort changes after expansion, contraction and churn, excluding new customers.
Open definitionPriced equity round
Set a negotiated company valuation and share price, then reconcile new-money, conversion and fully diluted ownership at closing.
Open definitionPro rata right
Calculate an eligible investor's participation entitlement in a future financing and manage the notice, election and allocation process.
Open definitionProduct-market fit
Assess whether a defined customer segment repeatedly adopts, pays for and retains a product under supportable commercial economics.
Open definitionRunway
Estimate how long available liquidity can fund the operating plan and set financing or cost actions before cash reaches the minimum-liquidity threshold.
Open definitionSAFE instrument
Map the events and pricing terms that determine how a simple agreement for future equity converts or settles.
Open definitionServiceable available market
Narrow total demand to the customers the current product, route to market and operating footprint can actually serve.
Open definitionServiceable obtainable market
Estimate the revenue or demand a company can realistically capture within its serviceable market using explicit capacity, competition and go-to-market constraints.
Open definitionTotal addressable market
Define the full demand boundary before narrowing the opportunity to customers the company can serve and realistically win.
Open definitionUnit economics
Measure revenue and directly attributable costs for one defined unit before using scale assumptions in an investment case.
Open definitionWorking capital
13-week cash flow
Identify the week cash falls short, the evidence behind expected receipts and the decisions needed before payments fall due.
Open definitionAsset-based lending
Define asset-based lending, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCash conversion cycle
Measure how long operating cash is tied up between paying suppliers, holding inventory or delivering work, and collecting customers.
Open definitionCash pooling
Define cash pooling, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCollateral audit
Define collateral audit, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDays inventory outstanding
Define days inventory outstanding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDays payables outstanding
Define days payables outstanding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDays sales outstanding
Define days sales outstanding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDebtor concentration
Define debtor concentration, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDilution reserve
Define dilution reserve, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionDynamic discounting
Define dynamic discounting, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionFacility availability
Define facility availability, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionInventory turnover
Define inventory turnover, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionLiquidity forecast
Define liquidity forecast, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionOverdraft facility
Define overdraft facility, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionPayables management
Define payables management, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReceivables ageing
Define receivables ageing, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionReceivables finance
Define receivables finance, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionRevolving credit facility
Define revolving credit facility, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionSeasonal funding
Define seasonal funding, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionTreasury management
Define treasury management, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWorking-capital borrowing base
Define working-capital borrowing base, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionWorking-capital covenant
Define working-capital covenant, reconcile its inputs and test its effect before approving or documenting the transaction position.
Open definitionCapital Advisory Glossary
