01 — Strategy

How TPC deploys.

A narrow mandate, applied with discipline. Four sectors, two structural shapes, one underwriting standard.

Sector mandate

Real Estate

30–40% target · 25–45% range

Income-producing and value-add real estate across senior debt, mezzanine, and preferred equity. Focus on identifiable cash flow, defensible basis, and enforceable security.

  • Senior debt · first-lien mortgage
  • Mezzanine + equity kicker
  • Preferred equity · 8% pref + 15% profit share

Infrastructure

25–35% target · 20–40% range

Long-duration project finance, public-private partnerships, and government-backed structures with contracted revenue and senior secured collateral.

  • Project finance debt
  • PPP & government-backed structures
  • Long-term senior secured

Energy & Resources

10–20% target · 5–25% range

Reserve-based and royalty structures across conventional and renewable. Pricing tied to documented reserves, contracts, and offtake.

  • Project finance
  • Production loans & royalty structures
  • Reserve-based lending (RBL)

Opportunistic Generalist

5–15% target · 0–20% range

Flexible, hard-asset-collateralized situations outside the three core sectors. Unanimous IC required. LP Advisory Committee notification per transaction.

  • Hard-asset collateral mandatory
  • Unanimous IC approval required
  • LAC notification per transaction

Absolute exclusions

Under the Governance Doctrine, the following categories are absolute declines. They are not exceptions to be argued — they are pre-IC disqualifications.

  • ✕Pre-revenue businesses without hard-asset collateral
  • ✕Technology equity, SaaS, and convertible notes in software
  • ✕Unrepresented entities (no qualified legal counsel)
  • ✕Capital needs below $1M or above $50M
  • ✕Working capital or unspecified general corporate purposes
  • ✕Sponsors unable to produce itemized use of funds
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