Who we work for · Capital
For investment committees about to underwrite resource risk.
PE and infrastructure funds, project-finance lenders, DFIs and institutional investors bring us in to argue the other side of the trade before the committee date, so the downside is priced before the upside is sold.
PE & infrastructure funds · Project finance & DFIs · Institutional investors
The practices funds and lenders draw on.
Practice 02
Transaction & Asset Red-Teaming
What is the strongest case against this deal?
IC memoRed-team teardownBankability reviewBase-rate dossier
The practice →
Practice 03
Resource Risk & Governance
Which risks sit outside the model, and which can the board act on?
Sovereign risk mapJurisdictional reviewGovernance reviewChokepoint map
The practice →
From the principal’s record Case file: Due diligence before the loan →Case file: Two exploration businesses, sold →
The method, applied in public
Field Notes on the decisions funds and lenders face.
11 Sept 2026 · Europe · Oil & Gas
Saipem · Subsea7 · European Commission
The €300 Million Confession
Saipem and Subsea7 published a €300m annual synergy built on fleet optimisation and reduced bidding overlap. Twelve months later Brussels opened Phase II on the same industrial facts, then stopped the clock.
Risk Series · 28 sources →
14 Oct 2026 · SE Asia · Iron Ore
Glencore · Radiant World · Deutsche Bank
Paid on 6 March, Re-dated 12 March
An iron ore invoice paid by Glencore was re-dated and sold to a bank within days. It sits at the centre of a three-country fight between Glencore, its former partner and their lenders.
Risk Series · 25 sources →
21 Jul 2026 · Latin America · Risk
Vale · Brumadinho
The $100 Billion Illusion of Control
Vale's disclosures certified 100% of its dams stable. One, rated 1.09 against a 1.5 benchmark, liquefied without warning: the confusion of documentation with control, priced in lives and market cap.
Risk Series · 54 sources →