The partner
network.
Causara works outcome-linked. Engagements are structured around outcome alignment with a network of two regional JVs and one operating JV across Asia and the Middle East. We sit on the same side of the table as the principal, paid out of the outcome rather than the calendar.
Partnerships, as Causara practises them, are engagements where we are paid out of the outcome rather than the calendar. We sit on the same side of the table as the principal: aligned at the GP economic level on a fund vehicle, on the cap table of an entity we have helped build, in a share of the carry or realised outcome of a transaction we underwrote, or as a co-owner of a vehicle we and the partner stand behind together.
We use this structure where our conviction is high enough that the work would have been done on a fee basis, and the counterparty wants Causara held to the outcome rather than to the engagement letter. It is not used as a discount on advisory fees, and it is not used to paper over alignment that does not otherwise exist.
Engagements are structured around outcome alignment. Causara takes a position alongside the institutional partner, with the specific commercial form agreed at the outset of each engagement and confidential to that engagement. Common forms include joint venture economics, equity participation, revenue-linked arrangements, and co-ownership of vehicles. The structure is selected to reflect the scope of work, the duration of the partnership, and the nature of the institutional outcome.
Fees pay for judgement. Partnerships pay for the consequence of judgement. The choice between them follows from the work. Where the evidence is contested, the timeline is short, or our role is to inform a decision the principal owns, fees are the right structure. Where our conviction is durable, the timeline is long, and the work is the spine of the outcome, a partnership is the right structure.
The standards below govern Causara's conduct when it holds partnership economics alongside, or in place of, fee-based compensation. They are binding on Causara and disclosed to counterparties at inception.
- 1.1Partnership economics are accepted only where conviction is high and alignment is structural. They are not used as a substitute for fees, nor as a means of pricing relationship rather than risk.
- 1.2The view, the evidence, and the counter-evidence are produced to the same standard irrespective of compensation form. Analytical output is not adjusted to reflect Causara's economic interest in the outcome.
- 1.3Conditions for termination of a partnership are documented at inception, not negotiated in retrospect.
- 1.4Any equity or carried interest held in a counterparty's vehicle is disclosed in writing to every other party for whom that interest is material.
- 2.1Causara does not take equity or carry in vehicles for which it would decline the underlying work on a fee basis.
- 2.2Causara does not hold partnership economics in counterparties whose conduct it would not defend before an LP, a board, or a regulator.
- 2.3Partnership structures are not used to obscure the allocation of economics. All such arrangements are documented and disclosed to the parties they bear on.
- 2.4Outcome-linked compensation is treated as principal risk. Losses are recognised when they occur and reported on the same basis as gains.
Outside Europe, a significant portion of client engagements are executed jointly with one of two regional partner firms. Claymont co-owns Causara Asia; Equivator co-owns Causara GCC. In each region, the partner firm’s principals are Causara’s management: same people, same balance sheet exposure, same accountability.
Across each of these, Causara holds the view of the sector, the institutional relationships, and the capital architecture under which mandates are structured. The partner firms hold regional execution, operating capacity, and the principal-side relationships on the ground.
Alongside the regional JVs, Causara is a participant in Claymont Equivator Infrastructure, an operating JV between Claymont, Equivator, and Causara that originates and structures long-term offtake for AI data centre capacity across the GCC and selected European jurisdictions, then sequences institutional capital against contracted demand.
The co-ownership is structured as outcome alignment at the firm-to-firm level. Each agreement is written, and disclosed to every counterparty for whom the disclosure is material.
- Partner platformGlobal · JV
Claymont↗
- Structure
- Co-owner of Causara Asia
- Global capacity
- 4.8 GW
- Markets
- 17 in development
- Regional offices
- 5 on three continents
AI data centre development platform integrating compute, energy, and capital as one system. 4.8 GW of global capacity across Asia Pacific, Europe, the Nordics & UK, and the Middle East. Founded by Florian Loloum and Fabian Wong, with regional CEOs in each market. Co-owns Causara Asia alongside the Causara partners; Claymont's management is Causara's management in the region.
Principals · Florian Loloum · Fabian Wong - Partner firmMiddle East · JV
Equivator↗
- Structure
- Co-owner of Causara GCC
- Capital base
- USD 150m
- Regulated
- KSA (CMA) · ADGM
Gulf-based investment and operating platform founded by Faisal Ali Al Sanie and Enes Şehzade. Invests in digital infrastructure and industrial platforms across the Gulf under KSA (CMA) and ADGM regulation. Co-owns Causara GCC alongside the Causara partners; Equivator's management is Causara's management in the region, and carries the principal-side relationship with sovereign and quasi-sovereign allocators.
Principals · Faisal Ali Al Sanie · Enes Şehzade - Operating JVGCC · selected EU
Claymont Equivator Infrastructure↗
- Structure
- JV of Claymont × Equivator × Causara
- Mandate
- AI data centre offtake + capacity
- Sequencing
- Offtake-first, capital-second
- Geography
- GCC · selected European jurisdictions
Purpose-built execution platform sitting between hyperscaler demand and developer capacity. Originates and structures long-term offtake with Tier-1 hyperscale and enterprise buyers, then sequences institutional capital against contracted demand rather than speculative buildout. Claymont leads developer, operator, and infrastructure execution; Equivator leads institutional strategy, sovereign access, and capital discipline; Causara holds the underwriting, capital architecture, and institutional reasoning layer.
Principals · Faisal Ali Al Sanie · Enes Şehzade · Florian Loloum · Fabian Wong · Causara partners