Revcap product range

Revcap employs a variety of capital structures to generate superior risk adjusted returns from European real estate.

Joint Venture Equity

Side by side participation in the equity alongside co-investing operating partners (Revcap is usually 50-90% of the equity).
Assets managed in accordance with an agreed business plan.
Operating partner typically receives management fees and an IRR or profit related promote rewarding out performance.
Joint decision making on major decisions (usually via a deadlocked board).
Texas shoot out or orderly liquidation to resolve deadlocks / disputes.
Sometimes structured as part of a "Fighting Fund".
Target returns of 25%+ IRR depending on risk profile.

Mezzanine capital is structured as second ranking debt (with a mortgage) or as unsecured preferred equity.
All mezzanine capital is returned with its agreed return in priority to the ordinary equity.
Typically structured with an equity kicker or in conjunction with Joint Venture Equity.
Negative control is exercised through the debt instrument or the associated joint venture agreement.
Cross-collateralisation (at the equity level) of multiple deals.
Senior debt cure and defeasance rights.
Target returns of 20%+.

Very selective support of high quality management teams with excellent business plans.
Revcap usually takes an equity position of 25-40% in the business.
Revcap provides working capital, often structured as a convertible loan.
Management tied in on long term contracts and aligned through substantial shareholdings.
Negative control on major decisions (expanded to reflect operating element of business).
Revcap has right of first look on all equity co-investment opportunities.
Target returns of 30%+ (plus flow of new business).