Grand Canal Capital Partners

Confidential · 18 · 05 · 2026

Principal-Level Briefing · For SONG Capital Principals

SONG DealFinder. The system, the proof, the proposition.

Six months of compounded research. 986 connected wiki pages. 14,358 source files. Built in code with five LLMs running layered cross-validation research. Calibrated to SONG's underwriting box.

System5-LLM cross-validated · 986-node graph · 6mo compounded

Opportunity€126bn refi wall 2026–30 · €48–72m fee envelope

Depth181 targets · 29 sectors · 8 European markets

AudienceSONG Principals only · May 2026

§ 0 · Executive summary

A pre-screened, semi-autonomous engine — built outside SONG, calibrated for SONG.

Built by Grand Canal Capital Partners over six months alongside GCCP Collective's live origination work. Built in code with five LLMs running layered cross-validation research. Compounds rather than decays: 986 connected wiki pages, 14,358 source files, 29 sector packs, eight active geographies. Every Tier A target scored against our understanding of SONG Capital's hard underwriting constraints before either side spends time on it. The system has already generated a number of live, scored targets actively progressing toward mandate. The system has now evolved to the point that it can source every MA-eligible European real-asset deal opportunity six to twelve months before it lands on a banker's desk — and it can be made available to SONG Capital.

— 01

An origination platform, not a research folder.

A second brain that compounds. Every new target inherits the scoring framework. Every new sector inherits the appetite map. Daily pipeline refresh, continuous research waves, Coverage Registry pre-flight gate — the system gets sharper every cycle, not staler.

— 02

Pre-filtered through SONG's box.

Every surfaced target has cleared the fixed-rate test, MA-eligibility check, size threshold and sector appetite tier. SONG team time spent on credit and structuring, not on screening. 60-point proprietary score, four output tiers, hard-constraint filter.

— 03

Built in code · five-LLM research engine.

The whole stack — wiki, scoring framework, sector packs, dashboards, automation — built in code over six months. Research is cross-validated across five LLM models layered on top, grounded in primary sources. The system has already generated a number of live, scored targets actively progressing toward mandate.

The system at a glance

Connected wiki entries

986

Curated nodes · 18 sub-vaults · fully back-linked

Source files indexed

14,358

5-LLM research engine · tier-tagged · primary-sourced

Sectors mapped · Geographies

29 · 8

29 sector deal finders · 8 European markets

Live target universe

€126bn ISIN-cited maturity wall

€350bn+ Deep-profiled borrowers

€600bn+ Broader universe

181 named targets · pre-screened · across eight European markets

§ 2 · The system in one image

The visual universe of BPA market intelligence.

Every node in this graph is a unit of BPA market intelligence — a target company, an insurer, a regulatory event, a refi catalyst, a comparable transaction, a sponsor, an adviser. Every line is a connection. Built natively in code, synthesised across five LLMs, grounded in primary sources (IR pages, annual reports, regulatory filings, Companies House, CRO, Land Registry, ISIN bond data). 986 connected nodes. 14,358 source files. One second brain, calibrated to SONG. On the foot of the research conducted, GCCP held meetings with relevant parties — any further intel and profiles from these meetings get added to the system.

Every node (a target company, insurer, regulation, transaction or sponsor) is a unit of BPA market intelligence. Every line a connection.

SONG DealFinder · BPA Market Intelligence Universe · 986 connected nodes

986 nodes· ~10,000 connections· 18 sub-vaults· Six months compounded

LAYER 01

Raw sources

14,358files ingested

5-LLM research engine cross-validated against IR pages, annual reports, regulatory filings, Companies House, CRO, Land Registry, ISIN bond data.

LAYER 02

Synthesis

5,046markdown pages

Each file tier-tagged ([PRIMARY] / [SECONDARY] / [SCREENING]). Anti-hallucination flags applied (N/A · DISPUTED · STALE · SINGLE-SOURCE).

LAYER 03

Wiki distillation

986wiki entries

One curated page per target · sector · capital provider · regulation · reference transaction · adviser · sponsor · regulatory event.

LAYER 04

Backlink network

~10K[[wikilinks]]

Bidirectional wikilinks across the graph. Open one target — see every sector, lender, transaction and regulation that touches it.

LAYER 05

The graph

1connected system

Obsidian renders the entire network as a navigable, queryable knowledge graph. Search across 14,358 files in milliseconds. Insight compounds — nothing decays.

Why a second brain, not a research folder. A single Tier A target connects to its sector pack, country pack, sponsor, comparable transactions, MA-eligibility regulatory overlay, every version of deal sheet, fee agreement structure, meeting intel, pipeline tracker, and the active live-deal dashboard. Click any node, see all the others. Every fact carries a source. Every new insight makes every existing node sharper.

§ 3 · The scale & full inventory

What six months built — equivalent output of a four-person research team for a year.

Compressed into six months through an agentic build pipeline GCCP developed alongside the research itself. Headline numbers resolve into four research domains: regulatory landscape, geographic coverage, deal sectors, named companies — each researched as a standalone discipline and stitched together through the index.

14,358

source files indexed

Researched individually · tier-tagged · back-linked into the graph

5,046

intelligence pages

Markdown research outputs across all sub-vaults

986

connected wiki entries

Curated knowledge graph · 18 sub-vaults · fully back-linked

1,414

institutional docs

Word memos · partner briefings · IM-style outputs

1,186

HTML dashboards

v1.3 deal sheets · pipeline views · per-target dossiers

463

scoring databases

Excel + CSV target lists, scored cohorts, benchmark tables

258

standing rules

Codified discipline · anti-hallucination · H-rule constraints

sector deal finders

29 sector deal finders · 8 European markets · tiered by SONG appetite fit

29 Deal Sectors · Calibrated by SONG Appetite Tier

29DF codes · 30 sub-sectors

Tier 1

10 / 10 fit

BPA anchor

DF-01 Utilities DF-02 Wind DF-03 Solar DF-04A BESS DF-04B Hydrogen

Tier 2

9 / 10 fit

Strong fit

DF-05 Hospitals DF-07 Grocery DF-08 Pubs / Leisure DF-09 Care Homes DF-18 UK Ground Debt DF-22 Healthcare Ireland

Tier 3

8 / 10 fit

Proven

DF-11 Holiday Parks DF-14 Self-Storage DF-15 Industrial / Logistics DF-23 Irish Infrastructure

Tier 4

7 / 10 fit

Selective

DF-06 Data Centres DF-12 PRS / BTR DF-13 PBSA DF-17 Aviation Infra DF-20 France DF-21 Germany DF-24 PBSA Ireland DF-25 Iberian Solar DF-28 Italian Renewables

Tier 5

6 / 10 fit

Conditional

DF-10 Hotels DF-16 Fibre / Digital DF-19 Theme Parks DF-26 Nordic Renewables DF-27 Benelux Utilities DF-29 Emerging Sectors

Regulatory landscape

12+ 176 mon.

PRA CP8/26 — FundedRe

Cons. Jul 26

PRA MAIA — PS17/25

Live

UK PRA Dear CEO 2026

Live

Solvency II Review (UK)

Monitor

Irish CMP / ISEM MA

Live

NTMA Sovereign Wrap

Active

RTA Act 2026 — IE PBSA

In force

EU Green Taxonomy + CSRD

Monitor

Regulatory Calendar

Quarterly

Geographies researched

8markets

United Kingdom

280+

Ireland

210+

France

Germany

Iberia

Italy

Benelux

Nordics

Companies & assets

~670entities

~670Entities researched

391Master ranked universe

238Bonds & loans · ISIN-level

181Named target wikis

~30Tier A scored cohort

Why the numbers matter. The graph on the prior section isn't decorative. Every node is a researched object — a company, a regulation, a transaction, a sector pack. Each one ingested from primary sources and indexed under a discipline compounding for six months.

§ 4 · Coverage map

Mapped at the asset level across Europe.

Every active opportunity geocoded onto a sector-specific pipeline map. Two examples shown below — solar across the continent, and the Ireland & UK solar cohort drilled in. Granularity that SONG's internal team would have to hire eight country leads to maintain.

● DF-03 Solar · Pan-European Pipeline

● DF-03 Solar · Ireland & UK Pipeline

Per-sector pipeline maps · 8 sectors mapped

Solar, wind, BESS, utilities, data centres, hotels, healthcare, transport — each with its own geocoded pipeline map. Every named developer, sponsor, sub-asset plotted with refi catalyst and SONG fit tag.

Per-country command portals · 6 countries

France, Ireland, UK, Germany, Iberia, Italy each have a dedicated command portal — pipeline, fee tracker, debt maturity wall, outreach calendar, competitive matrix.

Granularity SONG can't internally maintain

Replicating this level of asset-level geographic detail in-house would require eight country leads + a research function. The system maintains it through automation and daily refresh cycles.

Where the white space is

Nordics, CEE, Italy — mapped but lightly exploited. Each represents a structurally addressable extension if SONG signals appetite. The system is already prepped to surface what's there.

§ 5 · Methodology

Calibrated to SONG's assumed hard constraints.

A proprietary 60-point institutional scoring framework, calibrated to SONG's hard constraints. Every target ranked, every output partner-ready, every recommendation traceable to a source-tier and a constraint check.

Six scoring factors

MA eligibility

Size fit

Counterparty quality

Operational status

Relationship access

Timing catalyst

→

Total possible points

Then filtered through hard constraints

Fixed-rate only · MA-eligibility verified · sector appetite tier · borrower-vs-tenant test · development checklist where applicable

→

Output tiers

Tier A · PURSUE · ≥ 45

Tier B · DEVELOP · 35–44

Tier C · MONITOR · 25–34

REJECT · < 25

Built-in discipline

Every claim source-tier tagged ([PRIMARY] · [SECONDARY] · [SCREENING]) · anti-hallucination protocol with N/A · DISPUTED · SINGLE-SOURCE · STALE flags · Coverage Registry pre-flight gate prevents duplicate research · jurisdiction-matched scoring perimeter (ring-fenced security only, not platform AUM) · platform-aggregation divestiture check on every Tier A score.

§ 6 · A second asset

The BPA School — institutional curriculum, ready for SONG's team.

Beyond the intelligence platform, we built a parallel asset: the BPA School Origination Academy. Originally created for in-house GCCP education, the 78-module learning platform has compounded into an institutional asset of broader interest — adaptable for SONG's team, SONG's counterparties, or investors. Already live, brand-locked to the v1.3 institutional standard.

Bulk Purchase Annuity School · GCCP Origination Academy

From "what is an annuity?" to "Tier A scoring + H-rules" — in one curriculum.

A structured learning platform that takes a new analyst from zero BPA market knowledge to fluent practitioner. Adapts to any team member who needs to ramp on this lender class — without the months of unstructured onboarding cost.

Modules

Groups

v1.3

Brand-locked

Foundation Level

30 chapters

Pension · annuity · BPA · MA mechanics · MA-eligibility · ground debt · senior term · 60-point score · H-rules · [AI-DRAFT] discipline · rated note feeders. Zero to fluent.

SONG Capital-specific

4 modules

Overview · credit box · track record · decision process. Tailored to your underwriting parameters specifically.

BPA Fundamentals

8 modules

Basics · insurer economics · asset mechanics · rated note feeders · regulatory · originator landscape · pricing & spreads · advanced topics.

European Markets

5 modules

Insurer landscape · regulatory frameworks · country profiles · currency & structuring · competitor landscape. Pan-European context for cross-border deals.

Sectors

29 sector modules

One per DF code. Utilities · wind · solar · BESS · hospitals · data centres · holiday parks · grocery · pubs · care homes · self-storage · industrial · etc. The taxonomy you saw earlier, taught.

Playbooks & Glossary

7+ quick-refs

Partner curriculum · live pipeline · 90-second screen · originator playbook · glossary · syllabus · changelog. The on-the-job reference layer.

§ 7 · Output · Two Formats

One shell. Every artefact renders through it.

Left: Gas Networks Ireland — a target-level dashboard showing the two-lane proposition (€400–700m). Right: Ireland BPA Market Overview — the geography-level dashboard ranking the country's Tier A cohort. Same v1.3 shell, same brand discipline, scales from one target to one market to one sector to one continent.

Target-level · Gas Networks Ireland · €400–700m two-lane proposition

GNI Team Review Dashboard · target-level v1.3 sample

Market-level · Ireland BPA Overview · Tier A cohort ranked

Ireland Market Overview · market-level v1.3 sample

v1.3 Brand-Locked Shell· Target → Market → Sector → Continent· Partner-Ready

Locked structural shell

Every artefact renders through the same v1.3 template. Shell, register, and structure fixed. Content (charts, numbers, narrative) varies per target. Mechanical consistency = institutional credibility.

Deal-sheet matrix

Headline · structure · pricing benchmark · refi catalyst · capital-provider fit · scoring breakdown · H-rule check · reference transactions · open items. Standardised across all 320 dossiers.

Source-tier discipline

Every fact carries [PRIMARY] / [SECONDARY] / [SCREENING] tag. Anti-hallucination flags surface every gap. No fabricated rates, no fabricated DSCR, no fabricated terms.

[AI-DRAFT] discipline

All artefacts tagged [AI-DRAFT] until partner sign-off. Outputs not promoted to "partner-circulated" until a named principal has reviewed and approved. Built for partner-level signal protection.

§ 8 · Pipeline · The system works

A daily-refreshed forward pipeline.

A daily-refreshed pipeline showing every active opportunity by stage, geography, sector and risk-adjusted fee envelope. Forward funnel visible six to twelve months out — long before deals enter the broker funnel.

Live targets · Forward funnel

The system has already generated a number of live targets successfully.

SCORED · PRE-CLEARED · ACTIVELY PROGRESSING

Multiple Tier A targets are now scored, pre-cleared against SONG's assumed underwriting box and actively progressing through the system — from screen to develop to pre-clearance to mandate. Each deal tests every layer of the framework — sector pack, scoring, H-rule discipline, capital provider fit — and the system has held. Names and specifics covered in the working-layer dialogue once the commercial frame is set at principal level.

Active forward funnel · 8 named opportunities

Every active deal stage-gated screen → develop → pre-clearance → mandate → close. Risk-adjusted fee envelope per row. Total active book: ~€1.9bn+ facility · €11–14m+ fee potential. Updated daily with archive trail.

Beyond the immediate · the maturity wall

2026–2028 view across European real-asset issuers. 238 individual bonds mapped at ISIN level. €6.2bn+ in 2026 maturities pre-screened for SONG fit. Forward catalysts surface before deals get banked.

§ 9 · Why it matters to SONG

SONG's growth case is capacity-constrained, not capital-constrained.

£3bn → £4bn AUM by year-end. £50bn/yr BPA market growing. Capital "relatively infinite" — the ceiling sits on origination throughput, not investor demand. The SONG DealFinder is engineered to break that exact constraint. Without forward pipeline at this scale and discipline, SONG's growth case caps where its in-house origination capacity does.

Forward visibility · 6–12 months out

Refi walls, maturity catalysts, sponsor exit windows, regulatory triggers — mapped before deals get banked. SONG sees flow that hasn't yet entered the broker funnel.

Pre-filtered through SONG's box

Every surfaced target has cleared the fixed-rate test, MA eligibility check, size threshold and sector appetite tier. SONG team time spent only on credit and structuring — not on screening.

Geographic reach SONG can't internally maintain

Ireland · UK · France · Germany · Iberia · Italy · Benelux · Nordics. Continuous coverage across eight markets with sector-level depth. Materially extends SONG's de facto origination perimeter without hiring eight country leads.

A second brain SONG doesn't have to build

SONG doesn't have to build it. Six months of compounding research, 5-LLM synthesis architecture, calibrated to your credit box — a system that's continuing to grow in the background. Replicating it internally would mean significant cost and a 12-month learning curve. And replicating the relationship network — Dave and Aaron plus GCCP's 14,000 contacts — is not buyable.

The counter-scenario. Without a structured origination partnership of this scale, SONG's path to £4bn AUM relies on growing in-house origination team headcount, paying broker fees on more transactions, or accepting slower deployment velocity. We've already built the alternative. The conversation is whether SONG owns access to it through a structured commercial frame, or sees it deployed elsewhere.

§ 10 · The proposition

How we'd structure a deeper working relationship.

For six months GCCP has been committed to developing a best-in-class business development system for the BPA market, on a speculative basis. We would like to align our interests — establishing a long-term working relationship while also creating a more sustainable income stream for GCCP — and propose a fee of 0.33% on every deal originated through or supported by the system, with GCCP committed to actively help close many of these deals alongside SONG's team. Before any of that, an annual budget — sized at principals' discretion — gives GCCP the runway to keep building, refreshing and scaling the platform while the deal pipeline matures. We would propose to offset the annual budget against any transaction fee earned. Two complementary frames, plus an exclusivity option. None of them final; the right structure is the one we agree at principals level.

Revenue Share Partnership

Preferred · 0.33% of 1% finder's fee

Our preferred long-term model. GCCP has been committed to developing this system for the BPA market on a speculative basis over six months. To align our interests and establish a long-term working relationship, we propose a 0.33% fee on every deal originated through or supported by the system, with GCCP committed to actively help close many of these deals alongside the SONG team. The system identifies it, GCCP helps close it, SONG runs the relationship. Performance-aligned, long-term, directly tied to deal outcomes.

Platform Funding · Runway

Annual budget · TBC

An annual budget to supercharge the system — funding that gives GCCP runway to keep building, refreshing and scaling the platform while the deal pipeline matures. The annual budget is offset against any transaction fee earned in the same accounting period. Sits alongside the revenue-share model (Frame A); sized and structured at principals' discretion.

Sector or Geography Exclusivity

First-Look Mandate

GCCP first-look in named sectors and geographies for a defined period — Irish ground debt, French infrastructure, BESS first-mover, UK refi wall. Protects the channel that the revenue share runs through. Lower headline cost for SONG; clean exclusivity for GCCP.

Indicative economics · For principals-level discussion

Revenue share on platform deals Preferred

0.33%

Of the 1% finder's fee available · GCCP committed to actively close deals alongside the SONG team

Annual retainer · platform runway

TBC

Budget to supercharge the system · gives GCCP runway while the deal pipeline matures

GCCP standard arrangement fee

1.00%

GCCP's current standard on SONG-routed closes · calibration point

Next step

SONG Capital and our relationship with you, Tom and Dan, is one we take extremely seriously.

This operating system was originally established to help educate and inform us how to optimise our delivery capabilities for SONG Capital — however this system has evolved to become something far more powerful. We believe working together in a more structured way, we could help ensure SONG Capital dominates this sector into the medium term. We would ask you to consider this proposal and would welcome the opportunity to discuss with you at your convenience.

Confidentiality · Intellectual Property

Grand Canal Capital Partners' intellectual property is highly confidential. The methodology, scoring framework, system architecture, operating model and all referenced research materials described in this briefing represent significant institutional investment and are proprietary to GCCP. No part of this document or its referenced materials may be reproduced, redistributed, summarised, or used in any form outside the context of this confidential SONG Capital principal discussion. Distribution is strictly limited to named SONG Capital principals; onward circulation to working-team, counsel, or counterparties requires written GCCP authorisation.

Dave Murray

Partner · Grand Canal Capital Partners

dave@gccapitalpartners.ie

Aaron Sherlock

Partner · Grand Canal Capital Partners

aaron@gccapitalpartners.ie

Office10 Duke Street, Dublin 2, D02 AD78, Ireland

Webgccapitalpartners.ie

StatusConfidential · SONG Principals Only

Grand Canal Capital Partners