Academy · Track 1

Foundations of Real-Asset Capital

How real-asset capital actually works.

First principles for sponsors, managers and operators raising debt and equity against real assets — what the capital stack is, how lenders and investors think, and the vocabulary you need to be taken seriously.

1.1
What “real assets” means for capital raising
Real estate, infrastructure, energy, transport and hospitality share three financing traits — collateralised, cash-flow-yielding and long-du
1.2
The capital stack, explained
Senior debt, mezzanine, preferred equity and common equity — what each layer costs, what share of the deal it funds, and the skill of assemb
1.3
How lenders think (vs investors)
A lender underwrites downside: will I be repaid on time. An investor underwrites upside: how much if it goes well. Same asset, two conversat
1.4
How institutional LPs allocate
Pensions, sovereigns, insurers and family offices allocate top-down: asset-class target, sub-buckets, manager shortlist, commitments. Mandat
1.5
The vocabulary you need
The terms that come up in every real-asset capital conversation — capital stack, DSCR, LTV, IRR, MOIC, hurdle, carry, RAIF, AIFM, mandate fi

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