Understand the need
Organize development costs, milestones, cash timing and the proposed ownership structure into a funding plan.
Capital, organized around development.
Bring the right capital together.
The Capital Formation Unit connects development needs with a considered mix of structures, experienced participants and funding stages.
Explore the approachA coordination model. The structure follows the development.
The purpose
Liquidity that supports progress.
The mission is to support project liquidity by organizing how capital is sourced, structured and timed across the development cycle.
A capital plan brings the budget, funding sources and schedule into one view. It connects long-term financing with the near-term cash needed to move through acquisition, development, construction and operations.
Liquidity comes from actual funding receipts and available resources. The unit’s work is to prepare a coherent route to those resources with the relevant capital providers.
The approach
One plan. Several disciplines.
Start with the development and work outward to the people, structures and timing it requires.
Assemble the structure
Compare equity, debt and other suitable structures. Bring the relevant sponsors, investors, lenders and specialist partners into the process.
Coordinate the path
Align underwriting, documents, approvals, commitments and funding conditions with the development schedule.
The toolkit
Different structures.
A shared purpose.
The mix depends on the development, its stage and the participants involved. These are areas of capital-formation work and future development, not available investment products.
Equity & syndication
Equity gives investors rights in an agreed entity structure. Syndication brings participants together around a defined investment or venture, with responsibilities, governance and economics set out in its documents.
Future syndication work can connect a development sponsor, participating investors and specialist distribution partners around a carefully prepared capital plan.
Debt & private credit
Debt provides borrowed capital under agreed repayment, security and funding terms. Banks, private lenders and debt funds can serve different stages of the development cycle.
A credit fund may raise equity from its investors and then lend to a development. The fund investment and the project loan are different layers of the structure.
Funds & joint ventures
A fund can pool capital under an investment mandate; a joint venture brings parties together through agreed contributions and governance. Direct investment and investment through a fund create different relationships.
Managers organize the vehicle and its decisions. Investors supply capital according to the applicable agreements.
Bonds & notes
Bonds and notes are debt instruments with defined payment obligations. Their structure can involve issuers, underwriters, placement agents, investors and trustees as appropriate.
New issuance can raise proceeds for its stated purpose. Trading an existing instrument between investors does not, by itself, send new cash to a development.
Warehousing & asset-backed finance
A warehouse facility can finance eligible loan assets ahead of repayment or replacement financing. Availability depends on asset eligibility, collateral, borrowing limits and facility conditions.
This financing sits with the loan-owning vehicle and is distinct from construction debt inside a development. The plan connects cash collections with repayment or refinancing; gross facility size differs from cash available to draw.
Future tokenization
Tokenization can represent defined investment rights and support issuance, ownership records or transfers within an agreed legal and technical structure.
It is a future area of exploration. The underlying rights, capital source and project economics still come from the actual entity, agreements and participants; a token is not a new source of cash on its own.
Built around coordination
Structure the capital.
Support the development.
Capital formation brings financial planning, partner coordination and development timing into the same conversation.