Three ways in — and the right to move between them
Not three tranches of one security. Three genuinely different risk-return products built from the same operating platform — which only Engine B makes possible.
The Holding
a share of everything
- Every business, every project, the brand and the client book
- Blended returns, lowest concentration of risk
- Exits with the platform
One business
a share of one company
- Fee-like and capital-light, or development-like and capital-heavy
- Concentrated in one capability, insulated from the others
- Exits by sale, or by exchanging into Holding shares
One project
a share of one asset
- A single ring-fenced asset with a defined business plan
- Highest potential return, highest concentration
- Exits on sale or refinancing
Interests are designed to be exchangeable — at set windows, capped, on a pre-agreed valuation basis, on the same terms for everyone.
Three layers, each ring-fenced
The Holding owns the brand, the standards and the equity. Below it, each business runs its own profit and loss; below that, every asset sits in its own vehicle.
Soho Capital Group Holdings
owns the brand, the standards and the equity in each business
Development
own licences, staff and P&L
Construction
own licences, staff and P&L
Capital
own licences, staff and P&L
Asset Management
own licences, staff and P&L
Project SPV
one asset, ring-fenced
Co-invested SPV
outside investors at asset level
Client mandate
a contract only, no Group capital
A failure inside one project cannot reach another project, the business above it, or the Holding.
Autonomous on delivery
Each business runs its own people, standards and profit and loss.
Constrained on capital
Every commitment of Group capital goes to the Investment Committee, which can say no.
Conflicts governed, not assumed away
Internal work is priced at market and benchmarked; the client is always told when Soho is on both sides. Because the Group builds, it does not also sell itself as the owner’s independent supervisor — technical supervision, design review and lender’s monitoring are procured from unaffiliated consultancies.
Where Soho sits
Every player here earns only on its own projects. Soho also sells the same capability to outside clients. So Soho does not compete on residential volume. It competes on integration, institutional standards and the client fee model.
The axis this chart cannot draw
Every player here earns only on its own projects. Soho also sells the same capability to outside clients. Three things follow:
- 01It can enter a market on a fee mandate before committing any capital.
- 02Each business can be valued and invested in on its own.
- 03Revenue continues in years when no capital is deployed.
Tell us which entry point you would actually use, and at what scale.
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