Finding an infra investor w/ the right risk appetite

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Background: I am working on a brownfield telecom infrastructure deal right now. My MD's are letting me run with it on my own since I brought it to the table. It's small compared to what we normally do. They are letting me pursue it and will commit to underwriting 20% of the equity stack (in a GP/LP model) if we can find an accredited equity sponsor to take the other 80%. The deal is located in an area in the western hemisphere with limited capital markets activity. It has high growth potential due to distressed and mismanaged incumbents. The total check size is around $40-60mm w/ the equity portion making up 40% of the stack and mezzanine debt making up the other 60%. I am shooting for a concession deal (7-10 years). Construction length is 12 months w/ capped costs from our vendors/contractors. We have experienced operators. We have the last remaining license to operate this type of company. We also have the license to the last remaining blocks available in this area.

I have modeled out a 20-22% cost of capital, 10-12% cost of debt, and a WACC of 14-16%. The deal has no investment-grade off-take agreements and 90%+ of total revenue is subject to demand exposure. The debt is in line w/ market + 100-200 bps, due to geography, on infra mezz returns w/ speculative investments. The problem is the equity investor.

Problem: I can't seem to deduce a class of equity investor w/ the right risk appetite. I know the project is still subject to full demand exposure.

Infra PE: Large greenfield infra PE firms are out due to check size. Smaller greenfield infra PE firms are out unless I find a principal at the firm who recently read Portfolio Selection and feels like breaking the fund's risk parameters by throwing a Hail Mary.

Legacy carriers' venture arms: Check size seems too small any US or UK based telecom carrier w/ the balance sheet and sophistication to engage in this type of deal.

Family office: Deal seems too sophisticated for a family office w/ syndicating high yield mezz debt. HNWI's w/ family offices that could do the deal would be far more interested in owning it instead of doing a concession.

Hedge funds: I thought about hedge funds but the time horizon and strategy does not seem like a fit.

Any thoughts?

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