The Capital Stack
Six layers, top of waterfall to bottom.
Each layer sits in a defined position: those higher in the stack are repaid first and carry lower returns; those lower absorb more risk and earn the highest target returns. Share ranges are indicative and set per project.
Senior Debt
The secured backbone of the stack. First-position debt against hard assets and contracted cash flow, sized to a conservative Loan-to-Cost and a debt service coverage ratio (DSCR) stress-tested against downside occupancy and off-take scenarios. Repaid first from operating cash flow and refinancing.
Provider — Tier 1 banks, agency lenders, ECA-covered bank syndicates
Mezzanine Debt
Subordinated debt that bridges the gap between senior debt and equity. Higher coupon reflects its position behind senior lenders in repayment. Often structured with warrants or conversion features; repaid on term-out or asset sale after senior is satisfied.
Provider — Institutional mezz funds, insurance capital, credit funds
DFI / ECA Cover & Grants
Development finance and export-credit cover that de-risks the senior tranche rather than substituting for equity — political-risk insurance, partial guarantees, and concessional facilities that compress borrowing cost and unlock Tier 1 bank participation in emerging-market mandates.
Provider — DFC, MIGA, USTDA, EXIM, host-nation incentives
Preferred Equity
Equity with a priority preferred return paid before any distribution to common equity. Provides downside-protected yield to capital seeking fixed returns, and may carry participation features above the hurdle. Repaid after debt, before common.
Provider — Family offices, private credit, institutional LPs
Sponsor / Developer Equity
The General Partner's own capital at risk — skin in the game that aligns sponsor and investor incentives. Carries the promote (carried interest) only after limited partners receive their preferred return and capital back, rewarding outperformance rather than guaranteeing it.
Provider — AVREI Strategic Partners & Active Developer Partners
Common / LP Equity
The residual equity tranche that absorbs first loss and captures the upside. This is where partnership capital enters — from $5M single-asset co-investments through $10B anchor positions — taking the final position in the waterfall and the highest target returns.
Provider — Co-investment, Wholesale LP, and Anchor partners ($5M – $10B)
Financing By Asset Class
The stack is rebalanced for every mandate.
Real Estate Development
Senior construction loan → mezzanine → preferred equity → developer & LP equity
Industrialized 180–450-unit builds; new materials lower hard costs and compress schedule, supporting higher preferred returns and project IRRs.
Open Real Estate DevelopmentMega Projects ($1B – $30B)
ECA-covered senior syndicate → DFI cover → mezzanine → anchor LP equity → sponsor equity
Multi-tranche, multi-currency structures; phased draws matched to construction milestones, termed out via bonds or refinancing at stabilization.
Open Mega ProjectsHard-Currency B2B Infrastructure
Offshore escrow → DFI/ECA-wrapped senior → preferred equity → common equity
Off-take denominated and settled in USD/EUR; political-risk insurance wraps expropriation, currency, and political-violence tail risk.
Commodity Flows
Trade / pre-export finance → SBLC-backed credit → performance bonds → principal equity
Transaction-stage finance tied to LOI → ICPO → CI → POP → Lift → Delivery logistics, not a pooled fund.
Open CommoditiesA revolving warehouse facility funds monthly construction burn; completed clusters are termed out via CMBS or institutional bonds, freeing the line for the next deployment cycle. Full term sheets, DFI lending criteria, and DSCR stress tests are provided under NCNDA.
Where To Apply
Partnership enters at the equity layer — three tiers, three application paths.
$5M – $50M
Co-Investment / SPV
Single-asset equity or high-yield mezzanine alongside anchor sponsors.
Introduce your mandate through the Principal Inquiry form. Select the Strategic Partner / JV Co-Investor inquiry type and your target tier. NCNDA required.
Submit Principal Inquiry$50M – $499M
Co-Lead LP / Wholesale Investor
Programmatic equity or mezzanine into regional multi-asset build-outs.
Qualified wholesale investors onboard through the secure Portal, complete KYC/AML, and access executed subscription documents and capital-call schedules.
Apply via Portal$500M – $10B
Anchor Partner / Platform JV
Board controls, veto rights, direct JV with the Master HoldCo.
Anchor mandates are arranged principal-to-principal, often alongside Sovereign Wealth Funds. Submit a Principal Inquiry to open a structured dialogue under NCNDA.
Principal InquiryActive developer partners submit proposals directly through the Developer Portal. For investor tiers, return profile, and structural safeguards, see the Funding Structures executive summary.
Partnership Application
Submit your capital tier request and track its status.
Developer partners and limited partners apply here. Applications are stored against your portal account, visible only to you and AVREI compliance, and progress through screening, NCNDA, and qualification. Verified principals only. NCNDA required.
Loading…
Submitting an application does not create an investment, partnership, or advisory relationship, and nothing here constitutes an offer to sell or a solicitation to buy securities. All participation is subject to diligence, NCNDA execution, and definitive documentation.
Bring your capital to a defined layer of a defined stack.
Verified principals only. NCNDA required. This page is an executive summary for qualified institutional and accredited investors; nothing herein constitutes an offer or solicitation of securities.