C02 · Capital & transactions
Capital and partnership advisory for real estate developers
Capital is rarely the binding constraint on a Mumbai development. Capital on terms that survive a slow eighteen months usually is. The structure agreed at the outset determines whether a delay is a problem or a crisis.
- For
- Developers and landowner-developers
- Covers
- Structure, partners, term sheets
- Instruments
- Equity, structured debt, JV, platform
- Boundary
- Advisory only; not a lender or placement agent
Capital & Partnership Advisory, in brief
Capital and partnership advisory helps a developer raise and structure project capital: designing the capital stack, preparing investor-grade material, identifying and approaching equity, structured-debt and development partners, and negotiating term sheets. The Genesis advises on structure and counterparty; it does not lend, underwrite or place securities.
Size the requirement to the honest plan
The most common capital mistake we see is raising against an optimistic absorption plan. A facility sized for a 24-month sell-out, drawn against a project that takes 34, produces a covenant problem in month twenty — at which point the developer is negotiating from weakness and usually discounting inventory to service debt.
We size the requirement against a stressed absorption case, not the base case, and we model peak exposure rather than total cost. The difference between those two numbers is often where a project's solvency lives.
The counterparty matters as much as the terms
Two facilities at the same headline cost can behave completely differently when a project slips. One lender extends against evidence of progress; another enforces. One equity partner supports a re-plan; another blocks it to protect a preferred return.
We treat counterparty selection as a substantive part of the work: how this partner has behaved in comparable situations, what their own capital horizon is, and how their incentives sit relative to the developer's when things go moderately wrong.
| Instrument | Suits | The real cost |
|---|---|---|
| Senior construction debt | Approved, launched projects with visible collections | Covenants and enforcement rights; escrow discipline |
| Structured / mezzanine debt | Pre-approval or slower-absorption situations | High coupon and tight security; unforgiving on delay |
| Project equity | Developers short of equity, sharing upside | Margin dilution; governance and exit rights |
| Joint development (JDA) | Land-rich, capital-light situations | Area or revenue share; partner execution dependency |
| Platform capital | Developers with a repeatable pipeline | Portfolio-level governance and deployment commitments |
| Bulk inventory sale | Immediate liquidity need | Deep discount; competes with retail sales thereafter |
What investor-grade material actually means
Most developer information memoranda are marketing documents. Institutional capital reads them as such and discounts accordingly, which lengthens diligence and weakens the negotiation.
Investor-grade material states the assumption set and its sources, shows the downside case without being asked, discloses the approval and litigation position plainly, and reconciles to the developer's audited position. Preparing it properly is often the single highest-return activity in a raise, because it changes what the counterparty believes it is underwriting.
Scope
What the engagement covers.
- 01Capital structure and stack design
- 02Funding requirement and peak-exposure modelling
- 03Investor-grade information memorandum
- 04Equity and structured-debt partner identification
- 05Joint venture and platform structuring
- 06Term sheet negotiation support
- 07Security and covenant review
- 08Diligence coordination and data room management
- 09Existing facility restructuring support
- 10Landowner and development partner matching
Deliverables
What you receive.
Funding requirement model
Peak exposure and drawdown profile under base and stressed absorption, so the facility is sized to the plan that might happen.
Capital structure recommendation
Instrument mix, ranking, security and covenant envelope, with the behaviour of each instrument under delay modelled.
Information memorandum
Investor-grade material with sourced assumptions, a stated downside, and full approval and litigation disclosure.
Counterparty shortlist
Partners assessed on behaviour in comparable situations and on incentive alignment under stress — not only on price.
Term sheet negotiation support
Commercial negotiation of pricing, security, covenants, governance and exit, alongside the developer's counsel.
Method
How we run it.
Four stages, each with a defined output. Nothing proceeds on momentum.
- 01
Model the requirement
Peak exposure under a stressed absorption case, not total project cost under the base case.
- 02
Design the structure
Instrument mix and covenant envelope chosen for how they behave when the project is late.
- 03
Prepare properly
Investor-grade material and a complete data room before approaching anyone. Approaching early costs credibility.
- 04
Negotiate and close
Counterparty selection, term sheet negotiation and diligence coordination through to documentation.
Outcomes
What changes.
- A facility sized against a stressed case, not a hopeful one
- Counterparties chosen for behaviour under delay, not just price
- Material that shortens diligence instead of inviting scepticism
- Covenants understood before signature rather than at breach
- Peak exposure modelled and funded
Questions
Capital & Partnership Advisory: frequently asked.
Do you lend or place funds yourselves?
No. We are an advisory firm. We do not lend, invest our own balance sheet into client projects, underwrite facilities or act as a placement agent for securities. We advise on structure and counterparty and support the negotiation.
How long does a capital raise take?
For a single project facility with clean approvals and prepared material, typically three to six months from mandate to drawdown. Preparation quality is the main variable — approaching the market before the data room is complete usually lengthens the process rather than shortening it.
Is bulk inventory sale a reasonable way to raise capital?
It raises cash quickly and it is sometimes the right answer under pressure, but the discount is real and the bulk buyer becomes a competing seller in your own project for years. We model it alongside debt and equity rather than treating it as a last resort or a first one.
Related capabilities
- Investment AdvisoryIndependent underwriting of real estate opportunities — entry price, exit liquidity, structure and what could go wrong.
- Joint Venture & JDA AdvisoryPartner selection, share structuring, governance and default provisions — negotiated for the years when the project is late.
- Feasibility & Highest-Best-UseDevelopment potential, market-derived revenue, real cost base, cash flow and sensitivities — with the downside stated.
- Development AdvisoryScheme optimisation against demand: mix, efficiency, entitlement, phasing and cost-value engineering — before the plans are frozen.
- Investor NetworkPrivate capital matched to bulk, early-stage and structured opportunities — underwritten before it is introduced.
- Transaction ManagementCoordination of diligence, conditions, advisers and documentation so a signed deal actually completes.
Related perspectives
Capital & Partnership Advisory
Bring us the decision, not the deadline.
The earlier we are involved, the more value there is to protect. Tell us where the project stands and we will tell you what we think.