Published articles
Methodology, frameworks and sector commentary. Updated when there is something worth saying.
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Reading a fund LPA: the clauses that drive the model
Six clauses in a limited-partnership agreement (waterfall, hurdle, catch-up, GP commitment, key-person, NAV facility) change the cash-flow model a GP can credibly run. A note on which clauses to extract first, what to model, and what to flag for legal before signing off the IC pack.
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Net present value versus payback: when each is the right framing for an infrastructure investment committee
NPV is the textbook answer; payback is the boardroom heuristic. For capital-intensive infrastructure, each metric distorts in opposite directions. A note on why investment committees need both numbers, framed explicitly, with one paragraph reconciling them.
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IFRS 16 revisited: when the standard actually changes the lease versus buy answer
Operating leases no longer sit off-balance-sheet, but the lease versus buy economic comparison has not been rewritten as thoroughly as management decks often suggest. A short note on where the standard moves the recommendation and where it does not.
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Care-sector quality of earnings: the adjustments standard templates miss
Standard quality-of-earnings templates handle most consumer and services businesses competently. Applied to care-sector targets they routinely miss four adjustments that move the headline EBITDA materially. A short audit, for acquirers and their advisers.
Commission analysis on a specific question
Insights articles describe how we think. Engagements are how we work. We are willing to write privately on a question that matters to you.