Infra One Equity
A. Overview
| Attribute | Details |
|---|---|
| Issuer | Infra One GmbH (Austria) |
| Investment Type | Equity |
| Principal | 9% of investor's total commitment |
| Use of Proceeds | Platform operations, technology development, team expansion |
| Expected Return Profile | 2.5x cash-to-cash over 7–10 years |
B. What is Infra One?
Infra One is the operational backbone of the Allocator One platform. It provides:
Fund Administration:
- Entity formation (RAIF, SCSp, GmbH & Co. KG structures)
- Regulatory compliance and reporting
- Banking relationships and fund accounting
- Capital call and distribution processing
LP Services:
- Investor onboarding and KYC/AML
- Digital investor portal and document management
- Quarterly/annual reporting and tax documentation
- NAV calculations and fund valuation
Portfolio Services:
- Company data room management
- Portfolio monitoring and updates
- Secondary liquidity matching (buy/sell LP interests)
- Third-party data integration (PitchBook, Crunchbase, etc.)
Strategic Value:
- Used by 30+ Allocator One funds
- Expanding to third-party GP clients
- Recurring revenue model (SaaS fees + transaction fees)
- Natural scaling as private markets AUM grows
C. Institutional validation: Platform infrastructure
The platform infrastructure model is validated by industry research:
"The platform business model does not own the means of production, but rather creates and facilitates the means of connection." — Deloitte, "Platform Business Model Explained" Source: https://www.deloitte.com/ch/en/services/consulting/perspectives/platform-business-model-explained.html
"Platform businesses use digital infrastructure to scale exponentially with almost zero extra costs. These platforms don't own production means - they create connection points that unlock value. The top 15 public platform companies represent over USD 2.6 trillion in global market capitalization." — ForFirm, "How to Architect a Platform Business Model"
"According to a 2022 report by Bain & Company and Bain Capital, 65% of SMBs would consider switching to a software platform that includes embedded financial services, particularly if it improved efficiency or reduced costs. This underscores how vital embedded finance has become to product stickiness and retention." — Monite, "Top 5 Embedded Finance Features" Source: https://www.monite.com/blog/top-5-embedded-finance-features-every-vertical-saas-platform-should-offer
"As a result of this trend of the verticalization, that relationship between an SMB and the vertical operating system is extremely close and trusted, and that vertical operating system is also sitting on more and more data related to the business customer than anyone else in the value chain, including its bank in most cases." — Ian, Worldpay for Platforms Source: https://platforms.worldpay.com/resources/podcast/embedded-finance-and-what-it-means-for-vertical-software-episode-39/
"A VC platform is the infrastructure and resources a venture capital firm builds to support its portfolio companies beyond just providing capital. For emerging managers, building a platform isn't about matching the scale of mega-funds - it's about being strategic with resources to create disproportionate value." — GetProven, "What Is a VC Platform?" Source: https://www.getproven.com/blog/what-is-a-vc-platform
D. Unit economics
Current Infra One revenue:
- Annual recurring revenue (ARR): ~€3–5M (est.)
- Cost of goods sold: 20–25% of revenue
- SG&A: 40–50% of revenue
- Operating margin (target): 20–30% by 2027
Revenue drivers:
- 30+ existing Allocator One funds (fee revenue)
- New third-party GPs onboarding (platform licensing)
- Secondary liquidity transaction fees (0.5–1% per transaction)
E. Equity terms
| Term | Detail |
|---|---|
| Principal | 9% of investor's total commitment |
| Valuation Cap | €100 million (pre-money) |
| Conversion Trigger | Equity investment, acquisition, or IPO; automatic at Dec 31, 2025 |
| Interest Rate | 0% (non-accruing; benefit embedded in conversion discount) |
| Maturity | 7 years from close (auto-converts or repaid) |
| Dividend Policy | 75% of net income distributed annually until €10M treasury; thereafter 100% distributed |
| Security | Unsecured; subordinated to any senior indebtedness |
| Prepayment | No prepayment without investor consent |
F. Conversion scenarios
Scenario 1: Equity Investment by third-party VC/PE
- If Infra One raises equity at valuation >€100M cap, you convert at cap
- Example: €150M Series A → You convert at €100M valuation (20% discount)
Scenario 2: Acquisition
- If Infra One acquired for >€150M, you convert to equity and participate in deal proceeds
- Example: €300M acquisition → You convert to equity, receive pro-rata exit proceeds
Scenario 3: IPO
- If Infra One goes public, you convert to public equity at IPO price (subject to cap)
Scenario 4: Maturity without trigger
- If no conversion by Dec 31, 2025, loan converts to equity at €100M valuation cap
G. Return analysis (base case)
Assumption 1: Equity conversion at 2x valuation within 7 years
- Capital: €0.45M (example)
- Conversion at €200M valuation
- Your equity stake: ~0.225% of company
- Equity value at exit: €0.90M (assuming 2x valuation)
- Cash-to-cash MOIC: 2.0x
- IRR: ~10–11%
Assumption 2: Dividend yield stream (no conversion)
- Capital: €0.45M
- Annual dividend yield: 15% of net income (share of 75% distribution pool)
- Assuming €3M net income by Year 3, growing to €10M by Year 10
- Annual dividend Year 3–10: €450K–€1.5M
- Total cash returned: 2.5x–3.0x over 7 years
- IRR: ~15–20%
Assumption 3: Hybrid (dividends + equity upside)
- Dividends + conversion to equity on later trigger
- Expected blended return: 2.5x–3.5x
- Target IRR: 20%+
H. Risk factors
- Valuation Risk: €100M cap may be too low if Infra One achieves faster growth.
- Liquidity Risk: If no conversion occurs and loan matures, may be forced repayment in cash (if Infra One has liquidity) or conversion to illiquid equity.
- Technology Risk: If platform becomes obsolete or competitors emerge, valuation risk.
- Regulatory Risk: Changes to RAIF/SCSp regulations may reduce demand for Infra One services.
I. Investor documents
Access fund documents, due diligence materials, and supporting documentation below.
J. Ask questions about this investment
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