Financing · Equity & JV

Equity & joint venture

A partner who shares the risk \u2013 and the upside. Equity capital for projects that outgrow debt capacity.

Where debt reaches its limits, equity partners create room to act. Joint venture structures allow larger projects with the same equity base – in exchange for a share of the profit and defined co-determination rights.

The key is fit: capital, sector experience and decision culture must match. We select partners accordingly and negotiate governance, profit split and exit mechanics.

We structure JVs as co-investments, club deals or programmatic partnerships across several projects.

Suitable for

Large developments beyond own equity capacity
Portfolio build-ups and platform strategies
Developers seeking a programmatic partner
Value-add and repositioning strategies
International investors entering the market

Key facts

Volume: from € 5m equity
Share: typically 25 – 90%
Horizon: 2 – 7 years
Return: IRR-based waterfall
Governance: defined reserved matters
Exit: sale, buy-out, refinancing

Request terms

Benefits

Why this structure works

More project capacity

Larger volumes with unchanged equity commitment.

Shared risk

Losses and market risk borne jointly.

Know-how

Institutional partners bring market access and structuring expertise.

Programmatic

Successful partnerships extend across several projects.

Better debt terms

Strong equity partners improve senior financing terms.

Clear exit

Waterfall and buy-out mechanics defined in advance.

Process

How we proceed

Step 01
Strategy & structure
Definition of equity requirement, ownership share, governance and target return.
Step 02
Partner shortlist
Selection of investors that fit the asset class, region and strategy.
Step 03
Term sheet
Profit split, capital calls, reserved matters and exit rights.
Step 04
Documentation
JV agreement, articles and shareholder arrangements with your advisers.
Step 05
Implementation
Closing, reporting structures and support during the holding period.

From practice

What actually decides the deal

Governance before returns

The profit split is usually agreed quickly. Arguments come later, over decision rights: who approves variations, who calls the exit, who accepts a sale below plan. Those points belong on the table before the term sheet.

The exit comes first

Call and put options, shoot-out clauses, minimum hold: a joint venture without a defined exit mechanism is a bet that the partners will always agree. They will not.

Keep the waterfall legible

Preferred return, catch-up, promote — the mechanics are standard, but every extra tier creates room for interpretation. We build waterfalls both sides can recalculate without a lawyer.

The partner has to fit

There is enough capital around. What matters is the expectation on hold period, reporting and decision speed. A family office runs differently from an opportunistic fund, and both are legitimate.

Questions