Five stages, and a clear point at which we stop.
The process is deliberately unremarkable. What matters is what happens at stage two, and what does not happen at stage five.
The process
Opportunity submission
The company provides its investment materials, the capital requirement and the stage it has reached. A short summary is enough to begin. Confidentiality arrangements are agreed before anything of substance is shared.
What we need: the proposition, the amount, the instrument, the use of proceeds, the evidence behind it.
Initial review
We assess whether the opportunity falls within our areas of interest and our existing capital relationships. We look at whether the requirement is defined, whether the documentation supports the case, and whether the stage matches capital we can reach. An initial view is usually given within five working days.
Outcome: we proceed, we decline with reasons, or we set out what would need to change.
Capital mapping
Potential capital sources are identified against mandate, geography, investment size, technology, development stage, structure and risk appetite. The list is deliberately short. We agree it with the company before any approach is made, and we do not approach a party the company has excluded.
Outcome: an agreed list of parties, with the rationale for each.
Introduction
Where there is a credible strategic and investment fit, a qualified introduction is made using the materials the company has prepared. We tell the capital provider why the mandate appears to fit. We attach no view on merit and make no recommendation.
Outcome: a direct line between the two parties.
Engagement
The parties determine independently whether they wish to progress. Diligence, valuation, structuring, negotiation and the investment decision belong to them. We remain available for practical coordination where both sides want it, and otherwise we stay out of the way.
Our role ends here. It does not extend to advising either party.
The boundary
Juliet Rose does not make the investment decision and does not provide investment advice.
That boundary is not a formality. It determines what each party is entitled to rely on. An introducer that begins recommending opportunities has changed the nature of what it is doing, with consequences for both sides and for itself.
We form a view on relevance: whether an opportunity appears to fall inside a stated mandate, and whether the underlying position has been evidenced to a standard worth a capital provider's time. We do not form a view on whether an investment should be made.
Start at stage one.