Structuring Navigator
Which challenge is closest to the one you are trying to solve?
Every structuring conversation starts with a different problem. Select the challenge that best describes your situation, work through a few follow-up questions, and see the route we would typically explore first.
- 1Choose your challenge
- 2Answer the follow-up questions
- 3See your starting route
Choose Your Challenge
Pick the statement closest to your situation. You can change your answer at any time.
Follow-Up Questions
The Five Routes in Detail
Five Starting Points for a Structuring Conversation
Each route reflects a different primary requirement. Many mandates touch more than one — the route simply sets the order in which the key questions are answered. Jump to the one closest to yours.
Route A
Product Launch Architecture
Comparing AMC vs. Fund and Managed Account Routes
“I want to launch an investment strategy, but I am unsure whether an AMC, fund or managed account is the most appropriate route.”
Your primary requirement is not simply to launch a product. It is to identify the structure that best balances cost, administration, asset flexibility, investor requirements and tax considerations — before committing to one.
What we look at together
- Launch economics — establishment cost, ongoing administration and timeline measured against realistic early assets under management.
- Asset eligibility — whether each route can hold the full range of assets the strategy needs, in one structure.
- Investor and distribution fit — who the investors are, how they hold investments today, and which formats they can accept.
- Tax, domicile and investor jurisdiction — identified early so specialist advisers can assess them before a route is selected.
- Long-term scalability — whether the chosen route can grow with the strategy, or would need to change later.
A typical starting structure
Many managers start by comparing an actively managed certificate (AMC) — often quicker to establish and able to hold a broad range of assets — against a traditional fund and a managed account. The right answer depends on the mandate, not on a default.
Be realistic about
An AMC introduces counterparty exposure to the issuer, and tax treatment depends on the investor and jurisdiction. Orpheus does not provide tax or legal advice; specialist input is required.
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Route B
Private Market Review
Structuring Illiquid and Private Credit Assets for Listed Distribution
“I need to package private credit or other illiquid assets in a form that institutional investors can access.”
Your challenge is to determine whether illiquid assets can be structured into an investable security without creating unrealistic expectations about liquidity, valuation frequency or investor access.
What we look at together
- The underlying assets — private loans, real assets or other positions that are not regularly traded, and how they are originated and held.
- Valuation methodology — how, how often and by whom the portfolio is valued, agreed with the valuation agent and administrator.
- Liquidity architecture — redemption windows, lock-ups and gates that reflect what the underlying assets can genuinely support.
- Investor classification and ISIN requirements — what institutional and professional investors need before they can consider the security.
- Reporting — frequency, look-through depth and format, agreed before issuance rather than retrofitted.
A typical starting structure
A listed, ISIN-bearing vehicle carrying the strategy’s economics — standalone or feeding into an existing fund — with periodic valuation and redemption terms matched to the assets.
Be realistic about
A listing does not make the underlying assets liquid. Secondary-market trading may be limited, valuations may lag, and full exit may not be possible at short notice.
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Route C
Broker and Custody Access
Engineering ISIN and Exchange Listing Connectivity
“My investment strategy exists, but investors cannot access or hold it through their usual broker and custody arrangements.”
The strategy is not the problem — the plumbing is. Your priority is to create the infrastructure that enables eligible investors to identify, hold and monitor the investment through compatible broker and custody channels.
What we look at together
- The access barrier — why the current format cannot be onboarded: no ISIN, bilateral subscription documents, or non-standard settlement.
- Identifier and listing — the ISIN type and whether an exchange listing is needed for the target brokers and custodians to recognise the security.
- Clearing and settlement eligibility — so the security can move through the same channels as the investor’s other holdings.
- Pricing and valuation feeds — regular, recognised price publication that flows into custodian statements and portfolio systems.
- Onboarding documentation — the product information brokers, custodians and platforms typically request during due diligence.
A typical starting structure
Wrapping the existing strategy in a listed certificate issued by an established issuer, carrying an ISIN and a regular published price — so investors can hold it in the accounts they already use.
Be realistic about
Every broker, custodian and platform applies its own onboarding criteria. Orpheus can structure for compatibility, but acceptance by any specific institution is never guaranteed.
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Route D
Governance First Route
Multi-Asset Valuation and Issuer Governance Frameworks
“I need different investor types to participate in a multi-asset strategy, but the valuation and governance requirements are complex.”
Your priority is to establish a structure in which valuation methods, decision-making authority, investor protections and the responsibilities of all parties are clearly defined before anyone invests.
What we look at together
- Valuation by asset type — a documented policy covering each asset class in the strategy, including those without a market price.
- Investor mix — whether funds, pension funds, family offices and other allocators can participate in the same vehicle, or need separate classes or compartments.
- Segregation — how assets, liabilities and reporting are kept distinct where investor groups or strategies differ.
- Roles and accountability — a clear map of what the issuer, manager, administrator, valuation agent and custodian are each responsible for.
- Transparent co-investment — look-through reporting, fee disclosure and conflict management that every participant can rely on.
A typical starting structure
A governed listed vehicle — or a segregated structure — with a written valuation policy, defined decision rights and reporting standards agreed with all service providers before issuance.
Be realistic about
Different investor types can carry different regulatory, reporting and classification requirements. Sometimes they cannot all be met in one vehicle, and separate classes or vehicles are the honest answer.
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Route E
Wealth Channel Route
Wealth Platform Compatibility
“I want to offer bespoke investment solutions through wealth managers, advisers or investment platforms.”
Your priority is to combine bespoke investment design with the standardised infrastructure required by wealth platforms, brokers and custodians.
What we look at together
- Audience and classification — wealth managers, advisers, family offices or high-net-worth investors, and what that means for documentation.
- Platform onboarding — the ISIN type, issuer and product information that compatible wealth platforms require.
- Tailoring without a fund per mandate — whether one issuance approach can support several models, segments or risk profiles.
- Adviser support — risk disclosures and target-market information that support the adviser’s own suitability process.
- Existing custody — keeping investors in the broker and custody arrangements they already use.
A typical starting structure
Bespoke listed certificates built around a house model, client segment or specialist strategy — rather than launching and running a separate traditional fund for every client or mandate.
Be realistic about
Suitability remains the responsibility of the adviser. Branding is subject to regulatory and disclosure requirements, and platform acceptance is never guaranteed.
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Begin the Conversation
Assess Your Structuring Route
A structured conversation about your strategy, intended investors, distribution objectives and operational requirements — before committing to any structure. We identify what needs to be answered first.
Get in TouchSend Us Your Question
Not every mandate fits neatly into one route. Tell us what you are trying to achieve and we will outline the relevant considerations in the context of your specific situation.
Send Us a QuestionImportant notices. This navigator is provided for information and discussion purposes only. The routes shown are indicative starting points for a structuring conversation and do not constitute investment, legal, tax or regulatory advice, a recommendation to invest, or a solicitation to purchase or sell any investment product.
Orpheus Capital does not raise capital, provide investment advice, recommend investment managers or act as an investment manager or discretionary manager. Acceptance of any investment structure by a specific broker, custodian or platform is not guaranteed. Liquidity depends on the structure and underlying assets; a listed or tradeable security does not eliminate the risks of the underlying investments. Suitability depends on the intended investor and requires assessment by the investor and its advisers.