Asset Classes
Markets
Four layers of assets, each building on the evaluation framework below. From tangible equipment to complex multi-stakeholder projects.
Tangible Assets
Physical assets with clear ownership and resale value
The foundation of asset-backed finance. Tangible assets have verifiable physical existence, established secondary markets, and straightforward valuation methodologies. Strong counterparty risk profiles and high resellability make these ideal first-layer collateral.
Requirements
- Physical verification & inspection
- Title documentation
- Insurance coverage
- Maintenance records
Equipment & Machinery
Industrial equipment, manufacturing machinery, construction assets, agricultural equipment
Established depreciation curves, strong resale markets, verifiable condition
IT Infrastructure & Servers
Data center equipment, server farms, networking infrastructure, computing hardware
Technology refresh cycles, predictable obsolescence, active secondary markets
Vehicles & Fleet
Commercial vehicles, shipping containers, aircraft, maritime vessels
VIN tracking, established valuation guides, global resale networks
Inventory & Commodities
Raw materials, finished goods, commodity reserves, physical inventory
Market-priced, warehouse verification, commodity exchange benchmarks
Intangible Assets
Value derived from rights, not physical form
Intangible assets represent significant enterprise value but require specialized valuation approaches. These assets generate cash flows through licensing, royalties, and market position rather than physical utility. Evaluation complexity increases but so does potential value.
Requirements
- IP registration & documentation
- Valuation methodology
- Revenue attribution
- Legal opinion
Patents & Trade Secrets
Utility patents, design patents, proprietary processes, technical know-how
Patent life cycles, licensing revenue, infringement monitoring, market adoption
Trademarks & Brands
Registered trademarks, brand portfolios, trade dress, brand equity
Brand valuation methodologies, market recognition, licensing potential
Copyrights & Content
Software licenses, media libraries, content catalogs, publishing rights
Revenue attribution, usage tracking, renewal terms, distribution rights
Contracts & Receivables
Long-term service contracts, licensing agreements, royalty streams, trade receivables
Counterparty credit, payment history, contract enforceability
Companies
Operating entities combining tangible and intangible value
Companies represent the combination of tangible assets, intangible assets, and operational capabilities into a going concern. Valuation requires understanding both asset components and the enterprise value created by their combination. Suitable for M&A, equity financing, and corporate restructuring.
Requirements
- Audited financials
- Corporate structure documentation
- Shareholder agreements
- Due diligence package
Operating Companies
Revenue-generating businesses with established operations, customer bases, and market position
Financial statements, operational metrics, market position, management quality
Holding Companies
Entities holding portfolios of assets, subsidiaries, or investments
NAV calculations, subsidiary valuations, intercompany structures
IP Holding Entities
SPVs structured to hold and license intellectual property portfolios
Licensing revenue, IP portfolio quality, jurisdiction considerations
Asset-Rich Entities
Companies where value is primarily derived from balance sheet assets rather than operations
Asset appraisals, liquidation analysis, carrying value vs market value
Projects
Complex structures with multiple instruments and stakeholders
Projects represent the most sophisticated asset class—purpose-built structures combining multiple assets, financial instruments, and stakeholders. SPVs, P3 partnerships, alliance structures, and joint ventures create layered ownership with distinct risk tranches. Multiple financial instruments can be issued against the same underlying project.
Requirements
- SPV documentation
- Multi-party agreements
- Financial model
- Risk allocation matrix
Infrastructure SPVs
Special purpose vehicles for infrastructure development, toll roads, utilities, public facilities
Construction risk, operational risk, demand risk, regulatory framework
P3 / Public-Private Partnerships
Collaborative structures between government and private sector for public infrastructure
Concession terms, availability payments, political risk, performance guarantees
Alliance Projects
Multi-party collaborative ventures with shared risk and reward mechanisms
Partner creditworthiness, governance structure, profit-sharing mechanics
Development Projects
Real estate development, energy projects, industrial facilities with defined completion
Development milestones, cost overrun provisions, off-take agreements
Financial Instruments by Layer
Different asset layers support different financial structures. Complexity increases with each layer.
| Instrument | L1 Tangible | L2 Intangible | L3 Companies | L4 Projects |
|---|---|---|---|---|
| Asset-Based Lending | ● | ● | ● | ● |
| Equipment Leasing | ● | ○ | ○ | ○ |
| Receivables Factoring | ● | ● | ● | ● |
| Royalty Financing | ○ | ● | ● | ● |
| Equity Financing | ○ | ○ | ● | ● |
| Mezzanine Debt | ○ | ○ | ● | ● |
| Project Finance | ○ | ○ | ○ | ● |
| Syndicated Structures | ○ | ○ | ○ | ● |
Risk Framework
Every asset is evaluated across three core dimensions. These factors determine eligibility, pricing, and available financial instruments.
Counterparty Risk
Who are the parties involved? What is their creditworthiness, track record, and ability to perform obligations?
Resellability
How liquid is the secondary market? How quickly can the asset be sold and at what discount to fair value?
Valuation Stability
How predictable is the asset value over time? What factors cause price volatility and how are they mitigated?
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