Our due diligence process
Retail investors rarely get to see how an infrastructure deal was assessed. We publish our process so you can judge the work, not just the headline rate.
1. Screening
Every submission is checked against our mandate: sector, ticket size, sponsor track record, stage of readiness and whether the revenue story is real. Most projects stop here, and we tell sponsors why.
2. Sponsor and counterparty checks
Corporate registry and ownership verification, litigation and adverse-media searches, sanctions screening of directors and beneficial owners, and reference calls on delivery history.
3. Technical appraisal
Independent review of feasibility studies, engineering design, capital-cost estimates, construction schedule, permits and land title, plus environmental and social impact considerations.
4. Financial appraisal
We rebuild the financial model ourselves. Revenue assumptions are stress-tested against demand, tariff, FX, inflation and delay scenarios, and we test whether debt service holds in the downside case, not just the base case.
5. Legal structuring
A ring-fenced project SPV, security over project assets and receivables, trustee and escrow arrangements, and investor-facing documentation drafted with external counsel.
6. Credit enhancement and approval
Where appropriate we pursue guarantees or first-loss support from credit-enhancement partners. Nothing lists without written investment-committee approval recording the decision and its conditions.
7. Monitoring after funding
Milestone-based disbursement instead of one lump sum, independent verification before each release, quarterly progress and financial reporting to investors, and prompt disclosure when something slips.
What we publish for every listed project
- Project summary and sponsor profile
- Indicative return, coupon schedule and maturity
- Use of proceeds and milestone disbursement plan
- Key risks specific to that project, in plain language
- Security package and governance arrangements
- All fees that apply, per the fee schedule
What diligence cannot do
Diligence reduces risk; it does not remove it. Construction can overrun, counterparties can fail, policy and FX can move against a project, and a project can default despite passing every stage above. Read the risk disclosures before you commit capital.
See it applied
Our Lagos solar pilot walks through this process on a real project, stage by stage.
Read the pilot case study