Capital Structure

The capital stack is the contract between everyone who funds a deal — the LPs who commit equity, the GP that manages it, the senior lender that prices the loan, and the construction or bridge lender that bridges to the permanent execution. Each layer has its own conventions: equity gets paid by promote, catch-up, and clawback; senior debt gets paid by rate, covenants, and prepayment regime. Where the layers collide — pari-passu vs preferred, recourse vs nonrecourse, fixed vs floating, deal-by-deal vs whole-fund — is where institutional discipline either holds or breaks.

The two clusters below cover the institutional stack end to end. 13 practitioner guides, each with the conventions, a 2026 worked example, the named-fund or named-lender benchmark, and the structural choices that quietly move LP IRR by 100–300 bps or senior coupon by 25–150 bps without changing the underlying deal.