For institutional investors, transaction capability has long been closely linked to organisational scale. Complex deals were considered manageable only with large internal teams, specialised functions and extensive external advisory support. Size was seen as a prerequisite for control, governance and risk mitigation.
This approach was shaped by necessity. As long as research, due diligence and documentation had to be processed manually, distributing work across many hands was the only way to cope with growing information volumes and regulatory demands.
Today, this logic is increasingly under pressure. Transactions are not slowing down because capital is scarce or investor appetite has weakened. They are slowing because regulatory requirements, ESG obligations and documentation standards have permanently raised the level of complexity. Preparing an investment now requires far more information, coordination and validation than it did just a few years ago.
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