Contact
Request an introduction.
Complex transactions fail at the interfaces between otherwise workable components. We resolve the structural complexity between investment intent and transaction execution.
01 · What a first reply is written against
The reading
What a first reply can contain depends on six facts about the transaction and on the stage it has reached.
Correspondence is read against the instruments that govern the structure it describes. Where these six are already settled, the reply addresses the structure; where they are not, it addresses what would settle them.
What is being done, in one line: a fund being formed, a strategy being extended, an asset being financed, a position being exited, a vehicle being restructured. The commercial shape tells us more than the entity names do, and no entity has to be named for the first reply.
The structure as it stands, or as you intend it: master and feeder, parallel vehicles, a holding chain, a blocker, a co-investment vehicle, a continuation vehicle. An open shape is the cheapest one to change and the most useful one to receive.
Where the manager sits, where the vehicle is seated or is to be seated, where the assets are, and where the investors are. ADGM, the DIFC, or a domicile either side of them. Every junction between two of those is where a structural question sits.
How far it has gone: a thesis, a term sheet, a draft constitution, an application lodged, a first close dated, a fund already in its investment period. The stage decides which options are still open, because several of these steps foreclose the ones behind them.
The thing you are actually worried about. A clause an investor is pressing for, a permission you are not sure reaches the strategy, security your lender wants over an asset in another country, a redemption right written against an asset that takes years to exit. It is usually the whole of the question.
Who is already appointed: counsel, tax, administrator, depositary. We work beside them rather than in place of them, and knowing who is in the room decides what the first reply is for.
02 · What a first exchange is
The first exchange
A first exchange is a reading of the question. Where it can be answered in a paragraph, the reply is a paragraph.
Where the question needs the instruments read against your structure, the reply says so, and says what that would take. Work beyond a reading begins on written terms. How the work itself is constructed is published in the open, move by move, at How we work.
03 · Related reading
Four rooms answer the questions a first letter usually carries.
When a structure is still cheap to change, how an engagement runs, what it produces, and where our part ends.
When to involve us
The transaction events at which the structure is still cheap to change, and the ones after which it is not.
The occasionsHow an engagement runs
The order of conversations, papers and decisions after you write, stated before anything begins.
The orderWhere structures break
The joints that end transactions: the perimeter, the forum, the one-way step, the unallocated duty.
The jointsThe questions we are asked
What managers write in about most often, answered at the structural level. Yours may already be here.
The questions
The address
Where to write.
128 City Road, London, EC1V 2NX
Correspondence is read by someone who can answer it, and it is answered in writing.
Tanishq Chauhan on LinkedIn, opens in a new tab
patrimony@bayswatertransflow.com
Or continue with