What exactly is a club deal?
Neither an open fund nor a co-owned development: a restricted circle of qualified investors co-investing in an identified operation, alongside an operator committing its own capital. The asset is known in advance, the duration is bounded, the exit is written.
Why is the dedicated vehicle non-negotiable?
Because it makes the operation legible and watertight: one asset, one debt, one set of accounts, traceable distributions. The vehicle's form follows jurisdiction and use — in Luxembourg, the limited partnership (including the SCSp of the 1915 law) offers proven contractual freedom within a stable legal frame.
Who decides what, and how is it written?
Club deal governance is drafted before the first euro: what the operator decides alone (execution), what requires investors (structuring decisions — debt, disposal, extension), and what each party receives, in what order, on what dates. A well-structured club deal is one where nobody discovers anything along the way.