Real Deals – Super structures: The growth of alternative deal structures
4 August 2025
All Seas Capital’s Co-Managing Partner, Cristobal Cuart, shares his expert insights on structuring with Real Deals. Around the table with Cristobal were:
Michael Mowlem, Connection Capital
Stephen Edwards, Soho Square Capital
Carly Gulliver, Addleshaw Goddard
Gary Hancock, DC Advisory
Pablo Velez, Three Hills
The panel explored the key factors driving the rise of alternative deal structures, which are becoming more common in today’s challenging macroeconomic environment. Real Deals convened an expert group of GPs, LPs, and leading advisers to discuss the options available to dealmakers.
Cristobal shared his extensive structureing expertise and All Seas Capital’s perspetive:
“Three things are very important. One, having guardrails around what management can and cannot do, and where you have veto rights.
“Second, underperformance rights. If the business is performing according to plan, then there’s the guardrails. If not, there starts to be a misalignment of interest and that’s where you want stronger step-in rights. That doesn’t necessarily mean that you take over their shares but you can control your destiny and the right decisions much stronger.
“Then finally, exit provisions. The risk of being a minority is having weak or subpar processes. Having strong, clearly defined exit rights at the outset allows you to maximise value for the equity or the warrants that you got on that transaction. These structural protections help us drive value and help us protect value a little bit.”
Read the full roundtable discussion here:
