Glossary · Equity & fund structure
SPV (Special Purpose Vehicle)
A single-purpose entity that holds one asset or deal, ring-fenced from other liabilities.
Why it matters
SPVs are how the capital stack is actually pinned to the underlying asset.
Related
- Project finance
Non-recourse debt secured on a project's own cash flows. Common in infrastructure and energy.
- Master-feeder
A structure where multiple feeders — onshore and offshore — pool into one master fund that actually invests.
- Subordination
The ranking of claims in the capital stack: who gets paid before whom in a default.
Words are easy. A match is hard.
GPX turns one deal document into a ranked, briefed shortlist of the lenders and investors that actually fit — debt and equity.