Governance

How investment decisions are made at Nabrel, and who is accountable for them.

Clear roles and documented decisions

Origination, underwriting, compliance and approval are held by different people with defined authority. Governance is not an administrative layer at Nabrel. It is how we make sure that a good idea is also a sound investment.

Select a role to see what it is accountable for.

Leads the firm, sets its strategy and chairs its governance. Accountable for the standards to which Nabrel and its transactions are held, and for the firm’s relationships with partners and advisers.

Oversees legal and regulatory compliance, including KYC, anti-money-laundering, sanctions and anti-bribery controls. Reviews counterparties, documents and transactions independently of origination, and may require conditions or decline to support a transaction.

Leads origination, underwriting and the design of capital terms. Prepares the written investment case, including the downside analysis, and presents each transaction for approval.

Leads fundraising and investor relations, building relationships with family offices and institutions and keeping partners informed on each transaction.

Provide sector, sourcing and market counsel across energy, logistics and infrastructure, and support research on transactions. Advisors do not approve transactions.

Advise the firm on transactions and partnerships. Advisors do not approve transactions.

Reviews each transaction against the approval framework before any capital is committed, and records its decision and conditions.

Decision process

How an investment decision is made

1. Origination and screening

The investment team reviews the opportunity against our focus and criteria. Legal and compliance screen the owners, directors and counterparties against sanctions lists and for politically exposed persons, and check the source of funds.

2. Underwriting

The investment team prepares a written case covering the asset, the customers and contracts, the capital terms, and the financial, operational and legal risks. The case includes a downside scenario and states what would have to be true for the investment to fail.

3. Independent review

Legal and compliance review the case, the counterparties and the proposed terms independently of origination, and report their findings and any required conditions in writing.

4. Approval

The case and the review are presented for approval. The decision, the reasons for it and any conditions are recorded before capital is committed.

5. Monitoring

After investment, performance and compliance are monitored against the case that was approved, conditions are tracked to completion, and partners receive reporting on the agreed schedule.
Documents and glasses on a polished boardroom table

What goes into an investment memorandum

Every approval rests on a written case that covers, at a minimum:

  • The asset, its location and its operating history
  • Customers, contracts and the revenue each supports
  • The proposed capital terms and the rights of each party
  • Financial projections and the assumptions behind them
  • The downside case and the point at which the investment fails
  • Legal, regulatory and permitting position
  • Counterparty, sanctions and integrity findings
  • Environmental, health, safety and social considerations
  • Exit routes and the expected holding period

Standards we hold ourselves to

Documented approval

No capital is committed without a written investment case and a recorded decision, and conditions attached to an approval are tracked until they are met.

Independent review

Legal and compliance review sits apart from origination, and counterparties are screened before we engage and again before closing.

Transparent reporting

Partners receive reporting on a schedule agreed for each transaction, covering performance, risks and any departure from the approved case.

Conflicts of interest and escalation

Where a conflict of interest could arise, it is disclosed to the Head of Legal and Compliance and addressed before a transaction proceeds. Anyone on the team may raise a concern directly with the Head of Legal and Compliance, and concerns are recorded and followed up.

Policies and statements

Our complaints, accessibility, anti-bribery and sanctions, and modern-slavery policies are set out in Part B of our Terms of Use. How we handle personal data is described in our Privacy Policy.

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