Design a three-tranche stack.
Einen Drei-Tranchen-Stack entwerfen.
Set the capital share and coupon of each tranche and a base-case portfolio return. The runner shows the implied first-loss IRR after senior + mezz are paid, the Mobilisation Multiplier, and how your structure compares to Convergence 2024 sector medians. Six archetype presets ground the defaults in disclosed deals. Stateless; nothing is stored.
Anteil und Coupon jeder Tranche und Base-Case-Portfolio-Rendite setzen. Der Runner zeigt die implizite First-Loss-IRR nach Senior + Mezz, den Mobilisation Multiplier und wie die Struktur sich zu den Convergence-2024-Sektor-Medianen verhält. Sechs Archetyp-Presets verankern die Defaults in offengelegten Deals. Client-side, nichts gespeichert.
↗ Methodology · waterfall · Mobilisation Multiplier · Convergence reference
The runner computes the simplest closed-form waterfall: portfolio return distributes to senior at coupon × share, then mezzanine at coupon × share, with the residual flowing to first-loss divided by FL share. This is the base case before stress (Stage 5) or replication (Stage 5b).
Implied first-loss IRR is therefore:
FL_IRR = (R_portfolio − s_coupon × s_share − m_coupon × m_share) ÷ FL_share
Mobilisation Multiplier follows the IFC working definition (private commercial mobilised per unit of catalytic): MM = (s_share + m_share) ÷ FL_share. The OECD DAC attributed-share methodology returns a different multiplier; switch the Mobilisation tool (Tool 03) for that comparison.
Sector preset benchmarks are calibrated to:
| Sector | FL % | Senior coupon | Mezz coupon | Source |
|---|---|---|---|---|
| EM renewables | 14% | 6.5% | 9.5% | Convergence 2024 · IFC SS-A energy |
| EU industrial decarb | 14% | 4.8% | 7.5% | KfW EUR 50bn 2024–26 |
| UK housing | 10% | 4.5% | 6.8% | Homes England · LGPS |
| EU dual-use VD | 18% | 8.5% | 11.0% | EDF EUR 7.9bn 2021–27 |
| Deep-tech credit | 20% | 7.5% | 10.5% | EIB Tech Capital |
| Social infra | 10% | 4.2% | 6.5% | LGPS Local Investment |
Intercreditor signal row triggers when (a) FL < 8% (typical institutional LP objection threshold per ILPA DDQ §IV) or (b) mezz coupon > 12% (suggests stress-pricing).
↗ Convergence (2024). State of Blended Finance. ↗ DFI Working Group (2017). Enhanced Principles for Blended Concessional Finance. ↗ IFC (annual). Mobilization of Private Finance Report. ↗ ILPA (2023). Due Diligence Questionnaire 2.0, §IV. ↗ Temmen, T. (2026). Working Paper 001, §4 (Tranche Architecture).
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APA
Temmen, T. (2026). Tranche-Stack Designer, Capital Architecture Framework · Stage 2 — Tranche Architecture. Capital Architecture Institute, Zürich. Reference: Working Paper 001 §4. Run —.
BibTeX
@misc{cai_02_2026,
author = {Temmen, Tobias},
title = {Tranche-Stack Designer, Capital Architecture Framework — Stage 2 — Tranche Architecture},
year = {2026},
institution = {Capital Architecture Institute},
address = {Zürich},
howpublished = {Working Paper 001 §4},
url = {https://capital-architecture.institute},
note = {CC BY-NC 4.0}
} Published under CC BY-NC 4.0. For awareness, not investment advice. Publiziert unter CC BY-NC 4.0. Awareness, keine Anlageberatung. Publicado bajo CC BY-NC 4.0. Para conocimiento, no asesoramiento de inversión. Publié sous CC BY-NC 4.0. À titre informatif, pas de conseil en investissement. Pubblicato sotto CC BY-NC 4.0. A scopo informativo, non consulenza di investimento.