SD-04.1 — Deal Origination & Sourcing

Business Domain: BD-04 Direct & Co-Investment (Front office) · Applies: PRIV

Purpose

Generates the pipeline of direct-investment opportunities — proprietary and intermediated deal flow, across the company, real-asset and direct-lending modes. Origination is the front of the deal chain and the capability that most sharply separates a lead-direct investor from a co-investment follower: an institution that originates owns this Service Domain; one that only co-invests leaves it dormant and consumes deal flow from a GP (SD-04.7). It produces a tracked pipeline of opportunities; it does not screen or diligence them. Each sourced opportunity is recorded as a first-class PM-15 Deal / Investment Opportunity — origination creates the deal record the rest of the deal chain works on; the deal’s stage history is E-12 classification, not an attribute of the record.

Service Operations

• Define the sourcing thesis — the investment criteria: sector, geography, asset type, deal-size band and return profile the institution is hunting.
• Generate proprietary deal flow — thesis-driven sector mapping, thematic origination, direct outreach to asset owners and management, relationship networks.
• Manage intermediated deal flow — relationships with investment banks, M&A advisers, brokers and, for direct lending, sponsor-coverage and intermediary networks.
• Originate through the existing portfolio — bolt-on and buy-and-build opportunities identified through held companies and assets.
• Capture co-investment deal flow — receive and log the co-investment opportunities GPs syndicate (handed to SD-04.7).
• Maintain the deal pipeline — log, tag and track every sourced opportunity through the funnel: create the PM-15 deal record at sourcing, and maintain its origination facts (thesis, team, channel, anticipated structure) through the deal’s life.

Inputs and outputs

• Inputs: the investment mandate and allocation envelope from BD-01; sector theses; market intelligence; intermediary and GP relationships.
• Outputs: a tracked, tagged deal pipeline of PM-15 deal records — consumed by SD-04.2 Deal Screening & Triage; co-investment opportunities are routed to SD-04.7.

Entities

• Consumes: Legal Entity (E-01) — target companies, asset owners and borrowers as roles of the party master; Direct Real Asset (RA-01) for sourced real assets.
• Owns: PM-15 Deal / Investment Opportunity — the first-class deal record, from sourcing to closed holding. Origination creates the record and is its authoritative source; the screening memos, diligence packs and term sheets the rest of the chain produces stay analytical artefacts attached to it. Stage history lives on Classification History rows against the deal, not on the record itself (see the entity file).

Standards

• No external standard governs origination. The proprietary-versus-intermediated deal-flow distinction and the deal-funnel discipline are the practitioner conventions.

Open extensions

• The dependency on BD-03 — for a co-investing institution, deal flow originates through the GP relationship, not this Service Domain.
• The pipeline-analytics surface — funnel conversion, source-channel productivity, cycle time — analytical views over the PM-15 record set and its stage history, not new entities.