Crown Point Equity

Structured capital for AI infrastructure.

Off-balance-sheet capacity for Independent AI Native operators. Institutional credit and infrastructure equity. Sites sourced through CBRE.

Explore HyperEdge The market thesis
HoldCo & SPV structuring Structured private credit Infrastructure equity Site sourcing via CBRE
The market

The AI infrastructure capital market has bifurcated.

Two structures finance the AI build-out today. Different sponsors. Different anchors. Different capital.

Hyperscaler-anchored deals clear at investment-grade pricing. The offtake is a take-or-pay contract from Meta, Microsoft, or Oracle. The rating underwrites the offtaker — not the operator — and prices the financing inside a bankruptcy-remote SPV.

Independent AI Native operators do not have that anchor. They have demand and customers, but no investment-grade name on the offtake. Pricing reflects the difference.

Crown Point finances that operator. We price capacity to the risk tier, against a HoldCo built for the tenor and credit of an independent sponsor.

Two capital models

Hyperscaler BackedOwn land · IG anchor
Independent AI NativeLease capacity · HoldCo
Anchor offtakeIG vs. sub-IG
Capital architectureDDTL vs. HoldCo + SPV
Balance sheetOn-book vs. off-book
Deployment cycle18–36 months vs. 9–12 months
The platform

How we structure capacity.

Crown Point structures the capital. CBRE sources the sites. The sponsor takes capacity — not the building, not the debt, not the lease.

— 01

Investor-owned HoldCo

An investor-owned HoldCo with per-site SPVs underneath. The sponsor signs a Master Services Agreement and individual Site Orders. ASC 810 deconsolidates the HoldCo. ASC 842 keeps lease accounting off the books until activation.

— 02

Structured capital base

Structured private credit at the senior layer. Infrastructure equity at the residual. Each tranche prices the risk tier it underwrites — not the sponsor's corporate balance sheet. That is what gives sub-investment-grade sponsors access to institutional capital.

— 03

Sites sourced through CBRE

CBRE delivers pre-permitted sites, utility procurement, and national transaction management. Site sourcing runs in parallel with capital arrangement, not after. Master Services Agreement to active capacity in nine to twelve months.

— THE PROGRAM

HyperEdge

Structured capacity for Independent AI Native operators. Capacity, not real estate. Off-balance-sheet. Built to bridge tenor.

— FOR THE OPERATOR

Capacity on demand. Off the books.

The sponsor commits through a Master Services Agreement, then draws against it site by site. No project debt. No pre-activation lease. Operating expense recognized only at Site Order activation.

— THE STRUCTURE

HoldCo, SPV, tenor bridge.

A 15-year HoldCo asset tenor against a 5-to-7-year sponsor anchor. The gap is bridged with reservation mechanics, re-tenanting rights, and capacity sequencing. Built to clear institutional underwriting from day one.

— THE CAPITAL

Structured credit. Infrastructure equity.

Structured private credit at the senior layer. Infrastructure equity at the residual position. Each tranche is priced and sized to the asset, not the sponsor's corporate balance sheet.

Master Services Agreement Per-site SPV Reservation mechanics Re-tenanting rights Off-balance-sheet
Underwriting

Institutional underwriting discipline.

Every Crown Point transaction is structured to pass three institutional tests. The framework is identical to how structured credit and infrastructure capital evaluate counterparty exposure.

I. Counterparty risk

Who sits on the other side of the offtake.

We underwrite the sponsor and the underlying enterprise customers — credit, demand, operating maturity. Concentration is diversified at the HoldCo level. Tail risk is structured against.

  • Sponsor credit and operating profile
  • Customer pipeline composition
  • Concentration and tail risk
  • Demand durability assessment
II. Contract quality

What the offtake actually says.

We evaluate the legal and economic substance of the contract — tenor, take-or-pay mechanics, change-of-control, performance standards, termination rights. The contract is the asset. Its enforceability defines the financing.

  • Tenor and renewal mechanics
  • Take-or-pay and performance terms
  • Change-of-control protection
  • Termination and assignment
III. Structure quality

How the deal is engineered to hold.

We test the HoldCo and SPV architecture against bankruptcy-remoteness, ring-fencing, reservation mechanics, and re-tenanting rights. The structure carries the credit when the sponsor cannot. It supports refinancing when conditions improve.

  • Bankruptcy-remote SPV ring-fencing
  • Reservation and step-in rights
  • Re-tenanting and capacity resale
  • Refinancing optionality
The partnership

Capital and real estate, in one motion.

Crown Point partners with CBRE to combine institutional capital arrangement with global real estate execution. The result is structured capacity an Independent AI Native operator cannot build alone.

CBRE
Site sourcing, utility procurement, transaction management
Crown Point
HoldCo and SPV structuring, capital arrangement, underwriting
Sponsor
Capacity offtake, customer pipeline, operating delivery

CBRE delivers pre-permitted sites, utility relationships, and transaction management — from Master Services Agreement to active capacity in nine to twelve months.

Crown Point arranges the capital, structures the entity stack, and underwrites the transaction. The two motions run in parallel. Sponsors take capacity site by site as it activates.

Independent AI Native is not a worse version of hyperscaler-backed. It is a different structure with a different anchor — and it deserves capital priced to its tier, not penalized for the tier it cannot reach.
— Crown Point Equity
The team

Leadership.

Crown Point's partners have led institutional capital across asset management, special situations, infrastructure finance, and sovereign programs.

Eileen Murray
— MANAGING PARTNER

Eileen Murray

40+ years in financial services representing premier companies and organizations globally.

  • Currently Chairwoman of HSBC Bank; board member at HSBC Holdings plc, Guardian Life Insurance, and Broadridge Financial Solutions; and advisor to Invisible Urban Charging.
  • Served as co-CEO of Bridgewater Associates — the longest-serving CEO next to Ray Dalio — and more than doubled AUM during her tenure.
  • Former Chair of the Financial Industry Regulatory Authority, the U.S. self-regulator overseeing broker-dealers.
  • Held senior roles at Morgan Stanley, including Global Head of Operations and Technology, COO of the investment bank, and Chief Accounting Officer and Controller during the Dean Witter merger; served on the Management Committee.
  • At CSFB, served as Head of Global Technology, Operations and Product Control on the Divisional Committee, and was the first woman to serve on the Executive Board.
Bridgewater Morgan Stanley HSBC Guardian Broadridge FINRA Compass Credit Suisse First Boston
Ivan Isakov
— FOUNDER & MANAGING PARTNER

Ivan Isakov

25-year private equity track record leading investments in more than 30 companies worldwide.

  • Founder of Crown Point Equity. Previously led Private Equity and Special Situations for Columbus Nova, a U.S. fund with $16.5B AUM.
  • Founder of QSI Infrastructure, an AI inference optimization platform.
  • Led investments in CIFC (U.S. private credit, sold to the Qatar Investment Authority), Octo Telematics, Sulzer, Oerlikon, Napster, Airports of Regions, Hevel, Rotek, Energoprom, and KORTROS, and ran an internet infrastructure roll-up in Russia — consolidating seven ISPs to create Akado (the #1 provider) and launching the first Russian data center.
  • Founder of two U.S. technology platforms in youth sports and interactive media, and former Co-Owner and Executive Chairman of a Paramount Global joint venture.
  • Began his career in technology buyouts at Advent International and technology M&A at Goldman Sachs.
Goldman Sachs Advent International Columbus Nova
Dr. Sultan Al-Ahbabi
— MANAGING PARTNER

Dr. Sultan Al-Ahbabi

16-year special situations investing track record on behalf of the UAE.

  • Began his career serving the founding father of the UAE, Sheikh Zayed.
  • Held senior positions in the Private Office of Sheikh Mansour, Vice President of the UAE, for over 16 years.
  • Currently focused on expanding the private sector in the UAE, holding board positions in key companies supported by the UAE royal family.
  • Chairman of the Board of Worldpay UAE and board member of Titan Lithium Industries.
  • Previously Vice Chairman of the Board of Dalma Mall.
Worldpay Titan Lithium United Arab Emirates
Kelly Marshall
— MANAGING PARTNER

Kelly Marshall

25-year track record leading investments in excess of US$100Bn in debt and equity transactions.

  • Currently an advisor to Onex Falcon and Willowdale Asset Management, trustee of Fax Capital, Chair of Pomerleau Capital, and Partner at Longhouse Infrastructure Capital Partners.
  • Served as Executive Vice President of Strategic Partnerships at the Ontario Municipal Employees Retirement System (OMERS), where he led the growth of the pension fund's strategic partnerships.
  • Prior to OMERS, served as Managing Partner, Corporate Finance at Brookfield Asset Management, responsible for global corporate finance activities and overseeing all financings across every core region and business line.
  • Those transactions spanned corporate and asset-level issuances across North and South America, Europe, the UK, Australia, and India for Brookfield's real estate, renewable power, and infrastructure businesses.
Brookfield OMERS Granite REIT Pomerleau Capital Falcon Power Sustainable
Brian Lisi
— ANALYST

Brian Lisi

23-year enterprise technology track record across cloud, AI, and media infrastructure.

  • Concurrently serves as Corporate AI Partner at Akamai, advising AI-native and Fortune 500 companies on AI inference and infrastructure strategy.
  • As Founder and CEO of IOIO, led a joint go-to-market motion with AWS Media Services serving the NFL, FloSports, Fenway Sports Group/NESN, Verizon Media & F1, Snapchat, and Uber Freight.
  • Founded Qello Concerts with Sony, Universal, Warner, and iHeartRadio, and exited twice — Qello Media Solutions to private equity and Qello Concerts to the publicly traded Stingray Group.
  • Began his career founding Azure Media in 2002, co-developing the Open Financial Exchange protocol with Intuit and serving Goldman Sachs, Merrill Lynch, Morgan Stanley, and Oppenheimer.
Akamai AWS Intuit
Contact

Build with us.

Sponsors, capital partners, and intermediaries — reach the team directly.

info@crownpointequity.com