Project Adventus — interactive model comparing equity fund, bond issuance, and tranched hybrid
Raise capital from investors who share in returns. You earn management fee + performance fee. Investors absorb downside.
Issue fixed-coupon notes via SPV. You pay investors a fixed rate and keep everything above it. Full upside, full downside.
CLO-style: issue senior + mezzanine notes, hold equity tranche yourself. Leverages your capital 5-7x. First-loss risk.