Grand Canal Capital Partners · Asset Manager
Confidential · 31 · 03 · 2026 · [AI-DRAFT]
Principal Briefing · Mandat SP SCI · Q1 2026

One mandate. An operating platform behind it.

€150m across 17 Irish assets and 79 tenancies. The visual behind this title is the mandate itself — every asset, every tenant, every sector, mapped as the knowledge graph that the GCCP platform runs on.
Mandate$200m · €150m deployed
Assets17 · Greater Dublin
Tenancies79 commercial + residential
Operating CycleMonthly + Quarterly
AudiencePrincipal-to-principal
§ 0 · The mandate, framed

Grand Canal Capital Partners is the operating asset manager of the Alderan SP SCI sub-fund's $200m Irish mandate.

This is not a deal sheet. It is the principal-to-principal briefing on the platform behind the mandate — what we run on, how we report, how the commercial structure compounds with you. Q1 2026 closes the first reporting quarter; this document is the institutional record of what we deliver, and how.

$200m
Mandate · Deployment
€150m
Deployed · 31.03.2026
17
Operating assets
79
Tenancies
§ 1 · The portfolio

Seventeen Irish operating assets, five sectors, weighted to office and mixed-use.

The cover graph maps the portfolio's structural relationships — assets ↔ sectors, tenancies ↔ assets. The same data underpins every report we generate. The table below is the canonical asset list; the per-asset deep-dives live in the appendix.

Asset Sector Location GAV (€m) Tenancies WAULT (y) Yield
Stage 1 Audit17 rows populate from Chris's portfolio-metadata domain · expected within 48h

Source: Grand Canal Capital Partners AM repo · independent valuation March 2026.

§ 2 · The operating platform

The infrastructure behind the mandate — data spine, reporting engine, decision rights.

GCCP runs the mandate from a single repository that integrates portfolio metadata, rent roll, valuation history, capex tracker, ESG register and lease-event schedule. The same data structure produces this report, the monthly partner brief, the LP committee export, and the live dashboard. One source of truth · three outputs · zero parallel models.

— 01 · Data spine

One repository, one schema.

Asset register, rent roll, valuation history, capex tracker and lease-event schedule live in a single AM repo maintained by Christopher Belton. Every reportable figure traces to a single source row · reconciliation is automatic, not manual.

Data domains10 canonical
ReconciliationAutomated
— 02 · Reporting engine

One source, three outputs.

The data spine feeds three institutional outputs: this quarterly committee report, the monthly partner brief, and the live dashboard. Each is generated from the same underlying figures · LP view and internal view differ only by section visibility, never by data.

CadenceMonthly + Quarterly
Outputs3 · co-generated
— 03 · Decision rights

Clear ownership, fast escalation.

Every asset has a named owner inside GCCP. Every risk has a named mitigation and a trigger condition. LP-visible decisions are flagged in the internal report and escalated to the SP SCI committee on a monthly cadence — never a calendar-quarterly surprise.

Asset ownershipNamed, 17/17
Escalation cadenceMonthly
§ 3 · Reporting cadence

Monthly operations · quarterly committee · ad-hoc on material events.

The reporting cadence is engineered around the SP SCI committee's decision cycle. Operational signal lands monthly · committee-grade rollup lands quarterly · material events surface within 5 business days of trigger. Nothing waits for calendar quarter-end if it shouldn't.

The cadence cycle
Monthly

Operational brief

  • Rent roll & arrears update
  • Lease-event log (0–6m window)
  • Capex programme spend vs phasing
  • ESG works-in-progress register
  • Material-events flag (5-day trigger)
Quarterly

Committee report

  • Full inventory rollup (this document)
  • Independent valuation re-anchor
  • NOI build · future-value basis
  • Lease-event horizon · next 24m
  • Risk register · LP-view summary
Ad-hoc

Material events

  • Top-tenant covenant event
  • Valuation movement > ±5% asset
  • Capex variance > ±10% project
  • Disposal · acquisition decision
  • LP-relevant regulatory change
Annual

Strategy review

  • Mandate alignment review
  • Forward 3-year underwriting refresh
  • Fee & alignment audit
  • External assurance · ESG
  • Independent valuer rotation check
§ 4 · Commercial framing

How the platform compounds — fees, alignment, governance.

The commercial structure of the mandate is laid out here in principal-to-principal terms. Fee headlines, alignment mechanics, and governance touchpoints — drawn from the underlying mandate documentation, restated for the committee's record. Detail and underlying contracts in the appendix.

— A · Fee structure

Asset management fee, performance overlay, hurdle alignment.

Headline AM fee on deployed capital · performance fee subject to net-of-fees hurdle aligned to the SP SCI sub-fund mandate · all figures detailed in the management agreement.

Base feePer mandate doc
Performance feeHurdle-linked
— B · Alignment

Co-investment, deferred fees, downside participation.

GCCP carries co-investment alongside the mandate · partner-level fee deferral applies on underperformance · downside participation calibrated to the agreed mandate range.

Co-investmentPer mandate
DeferralPerformance-linked
— C · Governance

Committee, partner touchpoints, escalation.

SP SCI committee meets quarterly with the GCCP partner team · monthly operational briefing between cycles · escalation channel direct to mandate sponsor on material events.

CommitteeQuarterly
Direct lineMandate sponsor

Commercial detail per the SP SCI mandate documentation · this section reproduces the headline structure for committee reference only.

§ 5 · Risk register · Internal partners only

Active watchlist — concentration, covenant, yield, capex.

Internal-mode visible. LP export suppresses this section.

RiskOwnerSeverityMitigation in flightTrigger
Geographic concentration · West DublinCBMedQ4 deployment diversification> 70% GAV W. Dublin
Top-tenant covenant shareCBPendingRe-leasing on next expirySingle tenant > 12% rent
Yield expansion · valuationASMedDuration matching on debt25bp expansion = €— m
Capex programme slippageCBPendingMonthly programme review> 10% variance / project
Avertissement · Statement of risk

Capital risk · liquidity · recommended holding period.

The present document is a principal briefing prepared by Grand Canal Capital Partners in its capacity as Asset Manager of the Mandat SP SCI sub-fund. It does not constitute investment advice, a solicitation, or an offer to subscribe.

Investment in the underlying assets carries a risk of capital loss, limited liquidity, and a recommended holding period commensurate with the nature of the assets. Past performance is not a reliable indicator of future performance.

Document confidential — SP SCI committee and GCCP partners only. [AI-DRAFT]

§ 6 · Closer

The mandate is built to compound. Principal-to-principal from here.

The platform is operational. The data spine is reconciled. The monthly and quarterly cadence is calibrated to the SP SCI committee. The mandate has $50m of remaining deployment capacity and an institutional infrastructure ready to absorb it. Direct line to the mandate sponsor below — committee questions, deployment proposals, governance items.

Asset Management LeadChristopher BeltonPartner · GCCP
christopher@gccapitalpartners.ie
Mandate SponsorAaron SherlockPartner · GCCP
aaron@gccapitalpartners.ie
Registered Office10 Duke StreetDublin 2 · D02 AD78
gccapitalpartners.ie