AI Infrastructure Capital Raising. Financely Project Finance.
AI Infrastructure Capital Raising: Data Centers, Compute, and Project Finance
We arrange and advise on capital for AI infrastructure and compute platforms. Our role covers development through stabilization, including M&A processes for platform roll ups and asset carve outs. The work is project finance at heart with a strong M&A overlay. Structures include construction facilities, term debt on stabilization, equipment finance for GPU fleets, structured equity, and offtake backed contracts. We act as arranger and advisor. Funding is provided by banks, private credit, specialist lessors, and strategic investors in our network.
What We Finance
- Hyperscale and colocation campuses: land, shell, power distribution, cooling, fit out, network rooms, security, commissioning.
- HPC and GPU fleets: acceleration clusters, storage, fabric, liquid cooling, lifecycle spares, maintenance contracts.
- Power and interconnection: utility upgrades, substations, grid interconnect, PPAs and behind the meter generation with intertie.
- Edge and regional sites: smaller footprint, latency driven, carrier neutral interconnect with phased capacity additions.
- Platform acquisitions: buy side and sell side mandates for data center operators, hosters, and compute providers.
Capital Structures We Arrange
- Construction to term: drawdown during build, interest during construction, conversion to term facility on COD and stabilization.
- Equipment finance for GPUs: loans or leases secured by compute assets with eligibility by SKU, warranty, and service level. Residual value and obsolescence risk addressed in tenor and advance rate.
- Structured equity: preferred equity with distribution waterfall, redemption triggers, and protective provisions. JV equity with governance and budget control.
- Mezzanine debt: second lien or holdco notes with intercreditor, cure rights, and cash sweep.
- Sale leaseback: real estate or compute assets sold to an investor with a long term lease to release cash and optimize capital stack.
- Offtake linked structures: capacity offtake or compute purchase agreements supporting leverage with minimum take commitments or floor pricing.
What Credit Committees Focus On
| Area | Key tests | Typical controls |
|---|---|---|
| Revenue | Contracted occupancy, WALE, compute offtake firmness, step down risk | Take or pay, floors, make whole, creditworthy counterparties, LC support |
| Power | Interconnection date certainty, PPA terms, curtailment exposure, PUE targets | Milestone guarantees, step in rights, reserves for delay and price variance |
| Technology life | GPU generation cycle, refresh plan, vendor support horizon, useful life | Shorter tenor, LTV caps, maintenance covenants, refresh escrow |
| Construction | EPC capability, lead times, liquid cooling integration, supply risk, change orders | GMP contracts, performance bonds, contingency, independent engineer oversight |
| Security | Title, lien perfections, assignability of contracts, step in mechanics | All asset security, share pledges, assignment of offtake and PPAs, blocked accounts |
Underwriting Metrics
- Project finance debt: DSCR at COD and stabilized, LLCR, PLCR, debt yield. Sensitivities for power cost, delay, and occupancy.
- Data center stabilized debt: LTV, debt yield, interest coverage, WALE and contracted MRR by tenant.
- GPU and equipment loans: advance rate to NPV or orderly liquidation value, tenor inside useful life, minimum contracted run rate.
- Structured equity: distribution waterfall, pref rate, catch up and splits, step in on budget and capex draw.
Illustrative Capital Stacks
100 MW greenfield campus total cost 650,000,000
| Component | Amount (USD) | Notes |
|---|---|---|
| Senior construction loan | 390,000,000 | 60% LTC, converts to term on COD and tests |
| Mezzanine facility | 65,000,000 | 10% LTC, intercreditor with cure rights |
| Preferred equity | 65,000,000 | Distribution pref with budget control |
| Sponsor equity | 130,000,000 | 20% cash and in kind |
GPU cluster and liquid cooling retrofit total cost 250,000,000
| Component | Amount (USD) | Notes |
|---|---|---|
| Equipment term loan or lease | 150,000,000 | 60% advance to eligible SKUs and support contracts |
| Holdco mezzanine note | 25,000,000 | Cash sweep and step up if refresh delayed |
| Preferred equity | 25,000,000 | Distribution covenants linked to uptime SLA |
| Sponsor equity | 50,000,000 | Contracted offtake required for close |
Our Role as Boutique M&A and Project Finance Advisor
- Buy side and sell side processes: platform sales, carve outs of campuses, portfolio sales of GPU fleets, minority stake placements for growth capex.
- Underwriting and model: detailed project model with power, PUE, capacity ramp, capex phasing, and covenant tests across cases.
- Term sheet auction: controlled process across senior lenders, private credit, equipment lessors, and equity sponsors using one data pack for comparability.
- Documentation and close: facility agreements, security, intercreditor, step in rights, assignment of PPAs and offtake, and closing conditions. We coordinate counsel and technical advisors.
Process and Timelines
- Engagement and data room. Scope, budget, and timetable agreed. Document checklist issued.
- Underwriting file. Base, downside, and upside cases with sensitivities. Independent engineer and power advisor appointed where required.
- Market approach. Lender and investor shortlist, Q and A, site visits, and draft terms.
- Term sheet auction. Comparable offers requested with clear asks on pricing, covenants, reserves, and CP set.
- Selection and approvals. Final credit and IC approvals, confirmatory diligence, and binding terms.
- Documentation and CPs. Security perfection, intercreditor, offtake assignments, account control, and insurance.
- Funding and monitoring. Drawdowns against milestones, reporting cadence, covenant testing, refresh planning.
Information Checklist
- Site control, permits pathway, grid interconnection status and timeline, PPA term sheet if applicable.
- Design basis, MEP drawings to current stage, cooling strategy, EPC credentials, schedule, and GMP status.
- Capacity plan and commercial model: colocation MRR, compute offtake terms, counterparties, WALE, and ramp.
- Capital budget by work package, vendor quotes, contingency, and soft costs. Delivery lead times for long lead items.
- Financial model with cases, hedging plan for power, covenant set, and cash waterfall. Corporate structure and tax.
- Management CVs, prior projects, operating KPIs, maintenance policy, and SLAs.
Key Risks and Mitigants
- Power and interconnect delays: milestone guarantees, liquidated damages, contingency, and step in rights.
- Technology obsolescence: shorter tenors on equipment debt, refresh reserves, contracted compute demand with upgrade clauses.
- Ramp and occupancy: phased capex, minimum take commitments, pricing floors, and diversified counterparties.
- Cost inflation: GMP contracts, index linked contingencies, vendor holds, and early procurement on long lead items.
Mandate an AI Infrastructure Capital Raise or M&A Process
We structure, underwrite, and run a controlled term sheet auction across senior lenders, private credit, equipment lessors, and equity. Start with a clean scope and a timetable that can be met.
Request a ProposalWe are an advisory and arranging firm. We do not lend or underwrite securities ourselves. Any financing or M&A transaction is subject to KYC, AML and sanctions screening, counterparty approvals, definitive documentation, and satisfaction of all conditions precedent. Where a licensed intermediary is required, we work with regulated partners.
Get Started With Us
Submit Your Deal & Receive a Proposal Within 1-3 Working Days
Submit your deal using our secure intake form, and receive a quote within 1-3 business days. Existing clients can connect with their relationship manager through our secure web portal.
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Thank you for considering working with us. A nominal fee of US$500 is required upon completion of each form. This fee covers the time and effort we invest in reviewing your submission and crafting a thorough proposal. We receive numerous inquiries and prioritize those that carry this fee, ensuring serious applicants receive prompt attention.
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