Michael Sjöberg
Chief Executive Officer
Over 30 years of leadership experience from international industrial corporations; disciplined execution and scaling of energy infrastructure at institutional standards.
All portfolio companiesCore operating holding
Pending verificationBoard & Management Verified Operating DataPending verificationVerified — Signed Option Agreement / Founder ConfirmedBoard & Management Verified Operating Data 
Wattly
Wattly Group AB · Org.nr 559481-4187 · Updated 2026-10-26
Energy transition · Energy infrastructure · Battery storage
38.5%
PVW ownership
€26.6m
100% company value
€10.2m
Attributable to PVW
SOTP / Comparables / Forward
Valuation approach
Valuation sourcePVW reference valuation based on SOTP / comparables / forward-looking methodology
Swedish operating company amounts are converted from SEK at a fixed reference rate of EUR/SEK 11.29. Fund references, international financing references and case studies are shown in original currency where relevant. Conversions are shown for reference only.
Monthly summary
Preparing this month's summary…
AI-generated each month solely from the company's own information on this page. Not reviewed or audited; the company page and legal documents prevail.
PVW ownership option
Verified — Signed Option Agreement / Founder Confirmed38.5%
Current ownership
+20% A
Verified option
€8.86m
Valuation basis
€1.77m
Exercise cost
2026
Expiry
58.5%
Pro forma ownership
Significantly expands PVW's equity stake ahead of Wattly’s separate energy infrastructure vehicle (€100m equity / €150m debt), platform economics and BESS expansion.
Illustrative embedded value gap versus current PVW reference valuations: +€3.54m (discount 66.7% vs reference €26.6m).
The illustrative value gaps are calculated against PVW’s current reference valuations. They become economically relevant only if the relevant option or ownership transaction is completed and the reference valuations remain valid.
All purchase options are conditional on the founders contributing the full exercise proceeds to the company as an unconditional shareholder contribution. The capital is used in the business — not as any form of exit for the founders — and solely to strengthen the company's ability to reach its goals.
Shareholder briefUpdated 2026-10-26
Wattly is building an asset-orchestration and capital platform around European energy infrastructure, with BESS as the initial institutional wedge.
Net sales 2025
€0.46m
Growth vs prior year
5.6x
From the latest annual accounts in the financials section below.
- Wattly BESS Fund I
Luxembourg SCSp-RAIF, SFDR Article 9, Wattly has signed Ocorian (Luxembourg) as AIFM and regulatory partner, providing the licences to build the RAIF structure; the new structure gives Wattly 80% of the management fee and 60% of carry for Fund I. Toteco has signed an LOI (~€100m equity, ~€150m debt capacity) and an investor group intending to commit €100m is close to finalising, making €200m secured a reasonable near-term target. A shortlisted “Hotlist” of projects has been selected for Fund I. Target €100–300m, 10–30 ready-to-build / ready-to-use battery projects (~30 MW average) in the Nordics, Baltics, Poland and Germany. Target 20% gross IRR (unlevered), 8% preferred return to investors, 80/20 profit split, 5-year term. Planned closing February 2027 or sooner. Pre-marketing to professional investors; terms subject to final documentation.
- Further structures in 2027
Wattly is negotiating further partnerships with a structure and volume similar to Fund I. A large Swedish fund manager and one of the major battery manufacturers are expected to set up similar structures during 2027, with comparable amounts in equity and debt. Management expects three structures of this kind during 2027. Not signed; no agreement or outcome is guaranteed.
A
The investment case
“Wattly is building an asset-orchestration and capital platform around European energy infrastructure, with BESS as the initial institutional wedge.”
Role in portfolio: Largest attributable position and primary NAV driver.
Why does it matter?
Europe needs very large volumes of battery storage to stabilise grids dominated by renewables. Capital, project quality and grid access — not batteries — are the bottleneck. Wattly sits at that bottleneck.
What is structurally different?
Wattly combines project intelligence (GB360), origination, technical due diligence and fund architecture in one platform. That lets it earn on several layers: transaction fees, management fees, carry and co-investment.
What commercial proof exists?
Revenue grew approximately +461% in 2025. Wattly has signed Ocorian in Luxembourg as AIFM and regulatory partner for Fund I. Toteco has signed an LOI, and an investor group intending to commit €100m is close to finalising — bringing a €200m target within reach. Wattly has access to 11 data centres in 6 EU countries.
What could make it worth 5x–20x?
Recurring management fees on fee-paying capital, repeated fund vintages, carry on realised profits and a data platform that compounds with every project assessed. Asset managers are typically valued on recurring fee earnings, not on current revenue.
What has to happen?
Final Fund I legal structure, confirmed fee basis, first close with paid-in capital, first BESS transactions and conversion of data-centre negotiations into signed revenue.
C
Financial history (public)
Net sales, operating income, EBITDA, EBIT and net income are never mixed. No figures are interpolated.
| Line item | 2024 (12m) | 2025 (12m) |
|---|---|---|
| Net sales | €81.1k | €0.46m |
| EBITDA | Not disclosed | −€0.24m |
| Profit after financial items | −€18.0k | −€0.24m |
| Equity | Not disclosed | €0.46m |
| Total assets | Not disclosed | €0.71m |
| EBITDA margin | — | -52.8% |
| Source | Published financial summary | Published financial summary |
← Swipe to see the full table →
Net sales development
€81.1k2024
€0.46m2025
Historical accounting revenue does not yet reflect fund management, transaction revenue, carry or co-investment economics. Losses are shown, not hidden: they reflect the build phase.
From start to today
2024
Platform build
Company formed; GreenBridge360 / GB360 project intelligence developed.
Published financial summary
2025
Commercial scaling
Revenue approx. SEK 5.1m (+461%). Pipeline built to ~800 projects / ~29.3 GW.
Published financial summary
2026
Capital formation
Luxembourg BESS fund: Ocorian signed as AIFM and regulatory partner for the RAIF structure; Toteco LOI signed; €100m investor group close to finalising.
Board & Management Verified Operating Data
2026
Budget 2026–2036 (version 9.0)
Wattly's budget: revenue from approx. SEK 10m (2026) to approx. SEK 113m (2028); profit before tax positive from 2027. A budget is a plan, not a guarantee.
Management commercial target
2026
PVW option signed
PVW holds a signed option on a further 20% A-shares.
Verified — Signed Option Agreement / Founder Confirmed
D
How Wattly makes money
Company budget — a plan, not a guarantee.
Wattly manages a fund that invests in assets that store and deliver electricity, and brokers energy projects and data centres to investors.
1. Fund management
In budgetManages investors' capital and invests in energy assets.
2% per year of fund capital + carry when assets are sold.
2. GreenBridge 360
In budgetMatches energy projects with investors via its platform.
€4,000 per MW, once per project.
3. Transaction brokerage
In budgetBrings buyers and sellers of e.g. data centres together.
A one-off fee when the deal closes.
4. Own co-investment
Not in budgetInvests own capital in projects alongside others.
Gain when the project is sold.
5. Expert services
Not in budgetProvides in-house specialists (technical, financial, legal).
Ongoing, monthly.
| Revenue stream | What Wattly does | How Wattly is paid | In budget? |
|---|---|---|---|
| 1. Fund management | Manages investors' capital and invests in energy assets. | 2% per year of fund capital + carry when assets are sold. | Yes |
| 2. GreenBridge 360 | Matches energy projects with investors via its platform. | €4,000 per MW, once per project. | Yes |
| 3. Transaction brokerage | Brings buyers and sellers of e.g. data centres together. | A one-off fee when the deal closes. | Yes |
| 4. Own co-investment | Invests own capital in projects alongside others. | Gain when the project is sold. | No |
| 5. Expert services | Provides in-house specialists (technical, financial, legal). | Ongoing, monthly. | No |
The fund
According to Wattly, investors have committed €100m (approx. SEK 1.1bn) to a fund managed by Wattly. The fund charges 2% per year (approx. SEK 22m), of which Wattly receives 80% under the Ocorian structure, approx. SEK 18m per year, from December 2026. The fee is refunded to investors at exit and deducted from the general partners' carry. The budget assumes the first fund grows to €300m in 2028 at final close. Carry is included in the budget only from 2030.
GreenBridge 360
A digital platform where energy projects are compared and shown to investors. Wattly earns €4,000 (approx. SEK 45,000) per MW, once per project, at whichever stage the project is sold. The budget assumes approx. SEK 1m per month in 2027.
Transaction brokerage
The budget assumes approx. SEK 8m per data-centre deal: one deal in 2026, three in 2027 and four in 2028. This is Wattly's minimum case; management sees up to ~SEK 70m from the four deals in final negotiation, with access to 11 data centres in 6 EU countries.
Budget 2026–2028
2026
€0.90m
Total revenue
−€0.11m
Profit before tax
2027
€5.24m
Total revenue
€3.63m
Profit before tax
2028
€10.0m
Total revenue
€7.85m
Profit before tax
- • Fees arrive early and evenly; carry arrives late, when fund assets are sold, but can be large.
- • 2026 is a start-up year with a small loss. The budget shows a profit from 2027.
- • The budget runs to 2036. Fees grow with the capital Wattly manages; first carry from 2030.
- • Carry: above an 8% hurdle, profit is split 80/20 between investors and the general partners; Wattly keeps 60% of the 20%.
Possible revenue outside the budget
- • Own co-investment: gains when Wattly co-invests in projects and sells.
- • Expert services: fees when Wattly's specialists support other companies or projects.
- • GreenBridge 360 commissions: on services brokered to projects (e.g. insurance) and on project and market data.
- • Wattly engine fee: an additional 0.5% of fund capital, included in the budget but set to zero.
Source: Wattly Budget 2026–2036, version 9.0 (company budget, unaudited). Total revenue and profit before tax per the budget summary, including ALMI/innovation grants of SEK 0.25m (2026) and SEK 1.0m (2027). A budget is a plan, not a guarantee.
E
Verified operating update & traction
Board & Management Verified Operating Data, shown separately from filed accounts.
Wattly BESS Fund I
Luxembourg SCSp-RAIF, SFDR Article 9, Wattly has signed Ocorian (Luxembourg) as AIFM and regulatory partner, providing the licences to build the RAIF structure; the new structure gives Wattly 80% of the management fee and 60% of carry for Fund I. Toteco has signed an LOI (~€100m equity, ~€150m debt capacity) and an investor group intending to commit €100m is close to finalising, making €200m secured a reasonable near-term target. A shortlisted “Hotlist” of projects has been selected for Fund I. Target €100–300m, 10–30 ready-to-build / ready-to-use battery projects (~30 MW average) in the Nordics, Baltics, Poland and Germany. Target 20% gross IRR (unlevered), 8% preferred return to investors, 80/20 profit split, 5-year term. Planned closing February 2027 or sooner. Pre-marketing to professional investors; terms subject to final documentation.
ConditionalBoard & Management Verified Operating Data
Further structures in 2027
Wattly is negotiating further partnerships with a structure and volume similar to Fund I. A large Swedish fund manager and one of the major battery manufacturers are expected to set up similar structures during 2027, with comparable amounts in equity and debt. Management expects three structures of this kind during 2027. Not signed; no agreement or outcome is guaranteed.
Under negotiationBoard & Management Verified Operating Data
Manager economics
Wattly receives 80% of the management fee and 60% of the carry. Fund terms: 2% annual management fee (refunded to investors at final distribution and deducted from GP carry), 8% hurdle, then 80/20 between investors and the general partners. Wattly keeps 60% of the general partners' 20% — 12% of fund profit above the hurdle.
ConditionalBoard & Management Verified Operating Data
Why the markets work
Annual free cash flow as a share of capex with grid balancing (arbitrage only in brackets): Estonia 85% (20%), Denmark DK2 60% (15%), Latvia 60% (22%), Poland 55% (19%), Sweden SE3 52% (9%), Romania 52% (20%), Denmark DK1 50% (12%), Germany 22% (13%). Fund case study, 50 MW in SE3 without debt: base case 21.6% IRR, 2.2x. Source: Clean Horizon, Energy Charts, Wattly analysis.
Latest reported pipelineBoard & Management Verified Operating Data
Data centres
Wattly has access to 11 data centres in 6 EU countries. Four opportunities are in final negotiation, with potential one-off revenue of up to ~SEK 70m across Q4 2026 / Q1 2027 if completed. The budget's minimum case assumes ~SEK 8m per deal: one deal in 2026 and three in 2027.
Under negotiationBoard & Management Verified Operating Data
GB360 pipeline
Wattly / GB360 pipeline: ~800 projects (810 currently live in GB360), ~29.3GW across 14 European markets, BESS-dominated with Solar/PV and hybrid projects included. This is pipeline/context only. It is not guaranteed capacity in operation and not a guaranteed value or return.
Latest reported pipelinePVW / Wattly internal project database
Wattly BESS Fund I
Fund documents signed / being finalised. Signed documents do not mean a fully subscribed or paid-in fund.
ConditionalBoard & Management Verified Operating Data
Data-centre contracts
Access to 11 data centres in 6 EU countries; four in final negotiation. Not backlog, not booked revenue.
Under negotiationBoard & Management Verified Operating Data
G
Financial engine
PVW analytical scenario — not company guidance.
1. Investment management fees
Gross fees / year
€1.60m
Wattly share / year
€1.28m
Before costs and tax
Fees are applied to fee-paying equity only unless fund documents state otherwise. 80% is Wattly's agreed share (Ocorian structure, Fund I) of the management fee, not of fund capital. Carry requires realised profit above hurdle and is not modelled as a share of fund size.
2. Data-centre revenue (under negotiation)
Probability-weighted one-off revenue
€3.10m
Of up to SEK 70m per management
3. Case study: 50 MW BESS, Sweden SE3
5-year hold · 0% debt · exit 8× EBITDA · Wattly BESS Fund I model. Absolute values calculated from provided model margins.
| Case | Revenue | EBITDA | EBIT | Net profit | Model multiple |
|---|---|---|---|---|---|
| P1 Base / Cautious | €9.18m | €7.76m (84.5%) | €5.72m (62.3%) | €4.54m (49.5%) | 3.6× |
| P2 / €230k flat | €10.66m | €9.15m (85.8%) | €7.11m (66.7%) | €5.65m (53.0%) | 4.9× |
| P3 / €200k flat | €9.27m | €7.75m (83.6%) | €5.71m (61.6%) | €4.53m (48.9%) | 4.2× |
← Swipe to see the full table →
I
Valuation & value creation
Reference equity value (100%)
€26.6m
PVW economic ownership
38.5%
PVW attributable equity value
€10.2m
Method
SOTP / Comparables / Forward
| Multiple of today | 1× | 2× | 3× | 5× | 10× | 20× |
|---|---|---|---|---|---|---|
| Company value | €26.6m | €53.1m | €79.7m | €133m | €266m | €531m |
| PVW attributable | €10.2m | €20.5m | €30.7m | €51.2m | €102m | €205m |
← Swipe to see the full table →
Illustrative valuation sensitivity — not a forecast or guarantee. Based on equity value, not enterprise value. Growth scenarios are not included in current NAV.
Value creation bridge
- Today
- Build: platform and pipeline
- Capital formation: Fund I
- Transaction and development revenue
- Recurring management fees
- Carry and co-investment
- Further vintages and data value
- Future enterprise value
Value today vs optionality
Current economic value
Operating platform, ~29.3 GW pipeline, early revenue, signed / near-final fund structure.
Future optionality (not in NAV)
Recurring fee earnings, carry, multiple fund vintages, data-centre revenue and direct asset exposure.
Reference cases
EQT AB (2025 year-end report)
Total AUM €270bn, fee-generating AUM €141bn, adjusted fee-related revenue €2.283bn, adjusted total revenue €2.732bn. Shows how AUM differs from fee-generating capital and from revenue.
Economics reference only. Wattly does not have EQT scale and the comparison does not imply a similar outcome.
L+
PVW independent analysis
PVW calculations on figures shown elsewhere in this portal (reference values, company budgets, draft accounts, option terms). Simplified and unaudited; targets and budgets are plans, not guarantees.
At the SEK 300m reference value, Wattly is priced on today's build-phase accounts, not on the fee engine that the signed Ocorian AIFM agreement, the Wattly BESS Fund I terms and the budget describe. Our model shows that one €100m fund alone could bring Wattly a substantial share of that value in fees and carry over its life — before transactions, GB360 and the further structures planned for 2027.
Value / budget profit before tax 2027
SEK 300m ÷ SEK 40.9m
7.3x
Value / budget profit before tax 2028
SEK 300m ÷ SEK 88.6m
3.4x
Wattly fee share, €100m commitments
€100m × 2% × 80% at SEK 11.2/EUR
SEK 17.9m / yr
Wattly fee share, €300m final close
Upper end of the €100–300m target fund size
SEK 53.8m / yr
Wattly carry, €100m fund (target case)
Fund model: €8.5m GP carry after fee refund (8% hurdle, 80/20 split) × 60%
SEK 57m
Wattly carry, €300m fund (target case)
€25.5m GP carry × 60%; fund target: 20% gross IRR, 2.29x gross MOIC
SEK 171m
Fees + carry to Wattly over 5 years, €100m fund
Fees are refunded to investors at exit and deducted from GP carry; carry shown is already net of that refund
SEK 147m
Three similar structures during 2027
3 × €100m × 2% × 80%: Fund I plus a large Swedish fund manager and a major battery manufacturer (in negotiation)
SEK 53.8m / yr
Option +20% at SEK 100m basis vs SEK 300m reference
Illustrative value gap, not booked NAV
SEK 20m → SEK 60m
If the fund closes with the €200m now in sight, Wattly moves from a project business to a recurring-fee asset manager. That re-rating is the core of PVW's conviction.
M
Ownership scorecard
PVW internal assessment. Conviction with discipline.
Market size19 / 20
Growth14 / 15
Margins8 / 10
Recurring revenue8 / 10
Competitive moat8 / 10
Customer quality8 / 10
Capital efficiency8 / 10
Management / founder5 / 5
Strategic optionality5 / 5
Exit potential4 / 5
87
/ 100
PVW conviction
Exceptional — flagship holding
Largest position and PVW's highest-conviction holding: a recurring-fee asset manager in the making, a signed AIFM partner, multi-layer platform economics and the clearest path to category leadership — and unicorn-scale potential — in European energy infrastructure.
Data basis: Medium–high — fund economics in final documentation.
Top strengths
- + Large, documented pipeline
- + Multi-layer revenue model
- + Signed option to increase PVW stake
Top risks
- − Historical losses in build phase
- − Fund close and paid-in capital not yet achieved
- − Fee basis not yet confirmed
N
What can go wrong?
Capital formation
Fund I may close later or smaller than targeted.
Execution
Pipeline conversion depends on grid access, permits and financing.
Market
BESS revenue (ancillary, arbitrage) can compress as capacity grows.
Dilution
Further growth capital may dilute existing owners.
What would invalidate the thesis?
- Fund I fails to reach a first close within a reasonable period.
- Wattly's share of manager economics is materially below the agreed 80% of fees / 60% of carry.
- No pipeline projects reach financial close.
O
12–36 month catalysts & what needs to happen next
Q4 2026
Fund I final documentation
Unlocks fee and carry economics.
Conditional
Q4 2026 – Q1 2027
Data-centre agreements
Up to ~SEK 70m one-off revenue if completed (budget minimum: ~SEK 8m per deal).
Under negotiation
2027
First BESS transactions
Transaction revenue and proof of deployment.
Commercial target
Five most important milestones
Q4 2026
Confirm Fund I legal structure and Wattly economics
Defines recurring fee value.
Conditional
Q4 2026
Confirm fee basis and AIFM economics
Determines whether fees apply to equity only.
In progress
2027
First close / paid-in capital
Converts documents into fee-paying capital.
Commercial target
2027
Execute first BESS transactions
Proves deployment capability.
Commercial target
Q1 2027
Convert data-centre negotiations
Signed revenue rather than pipeline.
Under negotiation
Q
Sources & documents
Confidential documents are released through the data room on request, never through public links.
Annual report (original)
Annual reports · Approved shareholder access
Valuation memo
Valuation memos · Confidential data room
Shareholder register extract
Shareholder agreements · Confidential data room
Option agreement / exercise documentation — status subject to final legal verification
Financing documents · Confidential data room
Fund I term sheet
Financing documents · Confidential data room
Request access: patrickvwallen@gmail.com · +46 70 491 44 43
R
Chairman’s memo — why PVW owns it
PVW co-founded Wattly because capital, not technology, is the bottleneck in Europe's storage build-out — and capital platforms compound. PVW contributes capital-markets structure, governance and network. The signed option to add 20% A-shares at a SEK 100m basis is the single most important use of new PVW capital. PVW would increase further on a confirmed Fund I first close; it would reconsider if fund economics fail to materialise.
Patrick Wallén · PVW Capital AB · 2026-10-26
The people behind the company
Management
Ted Jelenic
Founder · Business concept & platform
Over 30 years in systems development and business design, aligning platform capabilities and business models for long-term execution.
Sebastian Fejbäck
Energy & commercial execution
Over 10 years of hands-on experience across the energy value chain, making solutions technically sound and commercially viable.
Gabriel Hausmann
Platform & systems architecture
Over 30 years in enterprise systems and architecture; responsible for a scalable, secure GreenBridge 360™ platform.
Rasmus Palazzi
Market strategy & growth
Over 15 years in international marketing and data-driven growth.
Sara Ellsäter
Portfolio manager & sales
Expertise in sustainable finance, ESG regulation and institutional capital markets.
Jonas Nilsson
Energy project execution
Over 30 years in electrical engineering and energy project development.
Fredrik Pahlberg
Partnerships & project development
Over 30 years of leadership and operational experience in complex project environments.
Board of directors
Patrick Wallén
Founder · Chairman
Patrick brings over 20 years of experience in finance and capital structuring, ensuring that projects meet institutional requirements and are positioned for scalable investment.
Jonas Martin Löf
Board member
Former Credit Suisse and Nordea executive with 30+ years in capital markets and energy; has secured EUR 67m from Goldman Sachs for energy projects.
Ulrika Tornerefelt
Board member
Founder of Stella Futura. Deep expertise in battery energy storage (BESS), commercial strategy and scaling energy infrastructure platforms.
Ted Jelenic
Founder · Board member
Advisory board
Richard Falkenhäll
Bank & finance
Senior FX strategist at SEB, PhD in economics. Advises on macro, currency risk and capital markets.
Johan Wigh
Corporate & legal
Partner and head of capital markets at TM & Partners, ranked by Chambers; IPOs, M&A and green-tech capital raises.
Jonas Frank
Energy production & supply chain
General manager at AIKO Energy for the Nordics and CEE, in utility-scale solar.
John Andersson
Control systems & industrial tech
Expertise in embedded systems, IoT and software architecture.
Jan Hägglund
Construction & contracting
Experience from construction and large infrastructure projects; part of a major Nordic consortium.
Jörgen Bladh
Venture capital & private equity
Former Northzone GP and early investor in Spotify and Klarna.
David Sundén
Energy infrastructure & construction
Hands-on EPC experience in energy infrastructure; procurement and construction execution.
Joanna Wang
Energy solutions & supply chain
Entrepreneurial leadership and energy-market expertise, building industry partnerships across Europe.
Source: wattly.se (team, board and advisory board).
›Appendix: Original company background
01
Overview
An ecosystem and platform around energy transition assets, with a strong focus on battery energy storage systems and related infrastructure. Wattly / GB360 pipeline: ~800 projects, ~29.3GW across 14 European markets, BESS-dominated with Solar/PV and hybrid projects included. This is pipeline/context only. It is not guaranteed capacity in operation and not a guaranteed value or return.
02
Ownership
PVW ownership: 38.5%. Active ownership position. Company value €26.6m, of which €10.2m is attributable to PVW.
03
Business
Wattly builds and structures energy transition assets — with battery energy storage systems and the platform layer around them at the centre of the business.
04
Market
European electrification and grid flexibility. Storage is becoming a structural requirement rather than an optional addition to the grid.
05
Investment thesis
An ecosystem and platform around energy transition assets, with a strong focus on battery energy storage systems and related infrastructure. Wattly / GB360 pipeline: ~800 projects, ~29.3GW across 14 European markets, BESS-dominated with Solar/PV and hybrid projects included. This is pipeline/context only. It is not guaranteed capacity in operation and not a guaranteed value or return.
06
Value creation
Board-level involvement in strategy, capital structure, transactions and partnerships.
07
Management
Led by its own operating management team. Patrick Wallén is involved at board level on behalf of PVW, with focus on strategy, capital structure and partnerships. Individual mandates and titles are confirmed with the company before publication.
08
Milestones
The near-term agenda is project pipeline development, securing grid and site positions, structuring financing for storage assets, and building the partnership base required to move projects from development into operation.
09
Risks
Financing requirements, execution and timing risk, regulatory change, and the capital intensity inherent in infrastructure.
10
Future opportunities
The opportunity is to move from individual assets to a repeatable platform: a portfolio of storage assets with recurring revenue characteristics, supported by a structure that can attract institutional capital. This is a direction of travel, not a forecast.