Capital Raise / Equity and Structured Capital
Equity aligned with the ownership plan.
Joint venture equity, preferred equity and mezzanine capital for sponsors who need more than a senior loan.
Advisory role
Every dollar of equity comes with terms.
Control rights, return hurdles, current pay and exit mechanics matter as much as the amount raised. We help sponsors weigh those tradeoffs, define a capitalization that works with the senior loan and approach investors with a clear case.
Equity assignments are led through MCP Equity, Macallan’s equity advisory platform, under Peter Feltman, Senior Managing Director.
Macallan’s role is advisory and placement. Third-party capital is not represented as committed until definitive documents are signed.
Structures
The right layer for the business plan.
Equity and subordinate capital are evaluated for their effect on senior loan sizing, cash flow priorities, governance and the exit.
Joint Venture Equity
Joint venture equity is a long relationship, so the terms matter as much as the check. We help sponsors decide how much control to give up, how promotes and waterfalls should work, and which partners fit the asset and hold period. From there we prepare the investment case, approach LP and co-GP investors active in the strategy, and negotiate the operating agreement terms that will govern the deal for years.
Preferred Equity
Preferred equity can fill a gap without giving up ownership upside, but it carries rights that need careful review. We size it against the project’s cash flow and exit, compare current-pay and accruing structures, and negotiate control triggers, redemption dates and extension options. The aim is capital that supports the business plan without handing the investor a path to take over the asset if timelines slip.
Mezzanine and Hybrid Capital
When senior debt and common equity leave a gap, mezzanine and hybrid structures can close it. We compare mezzanine debt, subordinate notes and convertible structures on total cost and on how each interacts with the senior loan. Intercreditor terms get particular attention, since they decide what happens between the lenders if the project runs into trouble.
Recapitalizations
Partner changes, maturities and revised business plans often call for new equity rather than new debt. We evaluate the asset’s value and the current waterfall, identify investors interested in recapitalizations, and structure the new money so existing partners understand exactly how their position changes. Macallan arranges the capital and does not provide buyout or liquidity capital directly.
Discuss an equity requirement
Start with the capitalization and the ownership objective.
We will help determine whether third-party equity or structured capital fits the transaction, and on what terms.