The good, the bad and the ugly reveal what can be learned from deals that did not go as planned. Every transaction leaves a fingerprint. The ones that go well reinforce discipline. The ones that do not reshape how you think. Looking back across transactions, patterns begin to emerge. Certain elements consistently drive resilience, while others expose fragility when conditions shift. The following reflects those experiences — the good, the bad and the ugly — and how they have reshaped our approach to investing.
The good
The best outcomes are not necessarily the highest-return deals, but the ones where the structure performs exactly as designed even when the business plan does not.
We have had situations where lease up lagged, capital markets shifted or exit timelines extended. In those cases, strong structural protections such as cash-flow sweeps, reserve controls, recourse provisions and step-in rights allowed us to maintain contro
