GCCP France Partner Dashboard — SEGAT + Natif / Tom Jelley | Internal

Dave meets Yannick Cabrol and Thomas Veller (SEGAT) with Alpha Real team. 6 candidate French projects presented. NDA initiated between Alpha Real and SEGAT. Marseille flagged as priority #1. Meeting debrief notes describe Yannick as part of the "Segat / Natif network" — flag for Tom-Yannick relationship check (see Lane B).

3 April 2026

GCCP sends 3 deep research notes + 13-target pipeline overview

Carrefour SA, Paris Habitat, Praemia Healthcare — full target research notes (public-source only) sent to Yannick. Follow-up email same day with the broader 13-target pipeline table and indicative facility size ranges. Yannick confirms receipt and starts gathering contacts.

13 April 2026

Alpha Real returns scope filter

Sean Pacey (Alpha Real) narrows interest to Euroméditerranée select opportunities + EPR2 employee housing. Confirms take-out / long-dated funding model only; no development risk. Requests anonymised indicative financial parameters for further structuring thinking.

20 April 2026

Yannick returns priority matrix with named contacts (6 HIGH / 7 MEDIUM)

SEGAT assigns HIGH priority to Praemia, CDC Habitat, 3F/Action Logement, In'li, TDF and Carrefour — specific named contacts for each. Offers to schedule meetings this week. Tables EMETAM (office→residential conversion fund) as first live opportunity. Proactively raises revenue-share contract between GCCP and SEGAT.

21 April 2026 — TODAY

GCCP drafts the engagement pack

Fee agreement, reply email, indicative-opportunity template, session design spec. EMETAM assessed as product misfit (equity LP + development risk) — diplomatic decline in the reply, monitor for take-out refinancing from 2029-2030.

EMETAM assessment First live opportunity from SEGAT — 20 Apr

Product misfit — diplomatic decline

EMETAM (Emerige Group subsidiary) is an equity LP vehicle for converting obsolete offices into residential/hotel/coliving assets. €212m deployment target over 3 years, €127m equity, 17% overall IRR / 25% holding IRR target, 18-24 month hold then resale to development SCCV (50% JV with Emerige). Explicitly development-risk by design.

EMETAM reality	Our capital partners need	Fit?
Equity LP	Senior / ground debt	NO
17-25% IRR target	250-350bps credit returns	NO
Development + demolition	Operational / near-op only	NO
€5-60m per asset	£50m+ (AR) / £200m+ (SONG)	NO
18-24 month hold then resale	Long-dated (20-50 years)	NO

Keep the door open — take-out angle

When EMETAM-held assets stabilise as operational hotels, managed residential, student or coliving (~3-4 years post-acquisition), they are exactly the profile our capital partners finance. Reply email positions GCCP as long-term take-out solution.

PDF

EMETAM Corporate Presentation — June 2025

13 pages · 2.3MB · received from Yannick 20 Apr 2026

Alpha Real scope filter Sean Pacey response, 13 April

Two anchor interests confirmed

Following review of the six SEGAT candidate projects, Alpha Real identified two areas warranting further exploratory discussion:

Select opportunities within the Euroméditerranée programme
Employee housing linked to the EPR2 projects

Parameter	Alpha Real requirement
Asset stage	Operational or approaching operational
Risk profile	NOT development risk · take-out / long-dated funding
First-pass data	Anonymised indicative financial parameters acceptable
Structure	Solvency II / Matching Adjustment focused · amortising 20-40 years
Ticket	£50m simple / £100-300m per insurer segregated mandate / £500m-1bn via club
GCCP fee with Alpha Real	NOT YET AGREED — chase in parallel

Implication for sequencing

The Euroméditerranée call (to be organised by Yannick) is the single highest-leverage meeting in this engagement right now — both Alpha Real anchor interests map to it. EPR2 vehicle is still internal SEGAT work; GCCP reserves first-look.

The 13-target SEGAT pipeline — full status GCCP internal view; all 13 become Qualifying Introductions on Fee Agreement signature

#	Target	Sector	Indicative facility	Yannick priority	Named contact	Material sent	Likely capital route	Meeting status / notes
1	Praemia Healthcare	Healthcare RE	€300-500m	HIGH	Charles Ragons (CEO RE, Praemia REIM) · Camille de Klopstein (Residential Transaction Mgr) · Filippo Monteleone (snr exec, ex-Careit)	Deep note v3	SONG / AR	Ready to schedule — weeks of 5 / 12 May
2	CDC Habitat	Social Housing	€300-500m	HIGH	Gildas Couturier (Director, Major Projects · Urban Development & Specialized Housing)	Overview only	AR	Ready to schedule — weeks of 5 / 12 May
3	Sonnedix France	Solar (CRE)	€200-400m	MEDIUM	TBD by SEGAT	Overview only	SONG	Awaiting contact
4	Akuo Energy	Solar / Wind	€200-400m	MEDIUM	TBD by SEGAT	Overview only	SONG	Awaiting contact
5	Elsan	Healthcare Ops	€300-500m	MEDIUM	TBD by SEGAT	Overview only	SONG / AR	Awaiting contact
6	3F / Action Logement	Social Housing	€300-500m	HIGH	Jérôme Nicot (Director, Urban Development & Major Projects)	Overview only	AR	Ready to schedule — following week
7	Argan SA	Logistics REIT	€200-500m	MEDIUM	TBD by SEGAT	Overview only	SONG / AR	Awaiting contact · PerpX notes €500m bond maturity Nov 2026
8	In'li	Social Housing	€300-500m	HIGH	Philippe Bamas (Deputy GM — Investment & Construction)	Overview only	AR	Ready to schedule — following week
9	TDF Group	Towers / Infrastructure	€300-500m	HIGH	Antoine-Paul Savelli (Deputy GM)	Overview only	SONG / AR	Ready to schedule — w/c 28 Apr · clearest near-term catalyst
10	Carrefour SA	Grocery	€500m-1bn	HIGH	Yohan Demasse (Director, Urban Transition)	Deep note v3	SONG	Ready to schedule — w/c 28 Apr · €1.25bn 2026 bond wall in PerpX
11	Boralex France	Onshore Wind	€200-400m	MEDIUM	TBD by SEGAT	Overview only	SONG	Awaiting contact
12	Paris Habitat	Social Housing	€300-500m	MEDIUM	TBD by SEGAT	Deep note v3	AR	Awaiting contact · research done, relationship pending
13	XpFibre	Fibre / Digital Infra	€200-500m	MEDIUM	TBD by SEGAT	Overview only	TBC	Awaiting contact · CLAUDE.md flags fibre with limited product fit until 2029 refi wall

Deep note GCCP-authored full target research note sent to Yannick 3 Apr

Overview only on the 13-target pipeline table sent 3 Apr, no deep note

HIGH named contact offered by SEGAT

MEDIUM contact TBD by SEGAT

SONG / AR / SONG / AR GCCP internal view of capital-partner fit

SEGAT introducer agreement — key terms Full draft in fee agreement file

Fee split	50/50 of GCCP arrangement fees actually received — gross, before GCCP internal costs, after withholding
Qualifying Introduction	SEGAT written submission: target + named contact + description of relationship access. All 13 targets in Schedule 1 deemed qualifying at signature.
Pre-existing relationships	No carve-out — Carrefour (GCCP PerpX data) and others get 50/50 via SEGAT's relationship access
Tail period	24 months from Qualifying Introduction
Non-circumvention	24 months, mutual
Exclusivity	Non-exclusive both ways
Term	12-month initial, rolling auto-renewal, 30-day termination
Governing law	Irish law, Irish courts
Key carve-out (§8a)	SEGAT-sponsored vehicles (EPR2, EMETAM-style) require separate commercial discussion — not covered by 50/50
Capital providers named?	No — agreement is GCCP ↔ SEGAT only. No affiliation with SONG, Alpha Real, or any specific provider.

Reply to Yannick — going out tomorrow 22 April 2026

Nature of investment clarification — long-dated senior debt for operational / near-op real assets, IG-equivalent counterparty, fixed rate, €100m+ preferred
Green-light the 6 HIGH-priority meetings subject to signed Introducer Agreement — sequence Carrefour + TDF → Praemia + CDC Habitat → 3F + In'li
EMETAM diplomatic decline as first-order fit; keep door open for take-out at stabilisation in 3-4 years
Euroméditerranée call — please organise, week of 28 Apr or 5 May
Information template — attached, for SEGAT to complete on new opportunities
EPR2 acknowledgement — please come to us first when structure is ready
Attachments: Introducer Agreement (.docx) · Indicative Opportunity Template (.docx)

Deliberate omissions

No mention of SONG or Alpha Real by name. No mention of fee economics with capital providers. No mention of scoring / internal routing / BPA / H-rules. Consistent "institutional debt capital partners" framing.

Who Tom Jelley / Natif is Paris-based · two entities · long GCCP history

Principal	Tom Jelley (spelling: Jelley, not Jelly) — Paris-based
Primary firm	Natif Asset Management (Paris) — Founder & President
Irish SPV	Natif Investments Limited · Dublin · CRO 727099 · contracting vehicle with GCCP
Prior career	Emerige (parent of EMETAM) · Bouygues Bâtiment International · Linkcity UK · Bouygues UK
Expertise	PFI, real estate transactions, real estate development, construction, contract negotiation
GCCP relationship owner	Chris Belton (lead) · Aaron Sherlock (signatory Nov 2025)
Meeting cadence	Meeting scheduled 22 April 2026 — tomorrow

Fee structure — two tiers Corrected 21 Apr 2026 — overrides old 50/50 repo entries

Tier	Scope	GCCP	Tom Jelley / Natif
Tier 1 Nov 2025 agreement	HPC / Eclairion + all HPC portfolio during term (hotels + DCs)	40%	40% Tom + 20% third entity
Tier 2 Future French intros	Auchan, LVMH, all other Natif-introduced French deals	25%	75%

Renewal calendar: Tier 1 HPC agreement expires 10 November 2026. Renewal negotiation calendared for September 2026. Clause 6.2 protects pre-expiry term-sheet deals post-expiry — Eclairion funded Aug 2026 is protected.

Agreement signed: 10 Nov 2025 · Song Capital Management LLP × Natif Investments Ltd × GCCP · 1% of facility introduction fee · Tom Jelley signed as Director of NIL · Aaron Sherlock signed as Director of GCCP.

The three Natif / Tom Jelley deals to date All fee tiers per agreement above

#	Deal	Sector	Status	Facility	Fee tier	GCCP net (1% gross)	Notes
1	HPC / Eclairion	Data centres (France)	ACTIVE	€700m+	Tier 1 — 40/40/20	~€2.8m	Live deal, legal close stage, Aug 2026 close expected. HPC founded by Patrice Cavalier — hospitality roots. Agreement also covers any future HPC-sponsored deals during term (hotels + DCs). Bruyères-le-Châtel + Besse sites.
2	Auchan Group	Grocery / retail	DORMANT	TBC	Tier 2 — 25/75	TBC	Initial conversation had. Borrower not looking for financing currently. NIH RE vehicle (Ceetrus + Nhood) has €415m debt plan by YE2025 + €1bn RE sales 2025-26 — monitor for catalyst. Research in `03_research/DF05_grocery/FR_Grocery_Knowledge_v1_26Mar2026.md`.
3	LVMH / Louis Vuitton Group	Luxury / retail RE	NO TRACTION	TBC	Tier 2 — 25/75	TBC	Introduced but has not progressed. No substantive research note in repo. Treat as cold.

🔗 Tom ↔ Yannick ↔ Emerige connection Identified 21 Apr 2026 from web research

The likely Paris overlap

Tom Jelley's prior career was at Emerige. Emerige is the parent group behind EMETAM — the office-to-residential conversion fund that Yannick Cabrol (SEGAT) tabled to GCCP on 20 April 2026 as SEGAT's first live opportunity.

Tom and Yannick almost certainly know each other — either directly as Emerige alumni or via the tight Paris French RE advisory ecosystem. This explains the phrase "Segat / Natif network" that appeared in the 25 March DM–Yannick meeting debrief.

Implication: The earlier plan to run the two introducer relationships behind Chinese walls may need revisiting. Posture for tomorrow: straight-question Tom early in the meeting — "Does your work overlap with SEGAT / Yannick Cabrol?" — and calibrate from there.

⚠ Open question — Tier 2 economics Decision needed before new Tom names are green-lit

Is 25% GCCP / 75% Tom defensible?

25/75 on future French deals is institutionally thin compared to SEGAT's 50/50. Before green-lighting new Tom-sourced names, the partner group should agree: what does Tom's 75% compensate for?

If it reflects direct principal relationships (he is the deal — introducing the sponsor personally, sitting in meetings, shaping terms): 25% is defensible.
If it's just "here's a contact name, go pitch them": 25% is unusually thin and should be renegotiated upward (toward 50/50 or better).

Ask Tom tomorrow: "On HPC/Eclairion, what role did you play beyond the introduction? Would you describe your role the same way on any new French names you bring us?"

SEGAT lane — open items

DMReview + countersign the Introducer Agreement before the reply email goes out.
ASSend the reply email to Yannick tomorrow (22 Apr), with the Fee Agreement and Opportunity Template as attachments.
DMChase Alpha Real on their fee-to-GCCP letter — still NOT AGREED. 50% of an unknown number is unknown.
DM/ASConfirm attendance on six Paris meetings between 28 Apr and mid-May. Sequence: Carrefour + TDF (w/c 28 Apr) → Praemia + CDC Habitat → 3F + In'li.
AS/DMEuroméditerranée call — Yannick can organise week of 28 Apr or 5 May.
ASEMETAM follow-up — position GCCP as long-term take-out solution for stabilised assets once operational (~2029-2030).
ASEPR2 vehicle monitor — Yannick + Benjamin drafting internally. First-look when structure is ready.
ASUpdate repo state post-signing: remove SEGAT from "BLOCK until fee signed" in CLAUDE.md; remove risk row from pipeline/live-deals-private.md; update memory.

Natif lane — open items

AS/DM/CBTom Jelley meeting 22 Apr: prep pursuit list (French targets outside SEGAT's 13), probe Tom-Yannick overlap directly, discuss HPC renewal, challenge Tier 2 25/75 economics.
CBBuild Natif / Tom Jelley relationship profile — flagged critical gap since Jan 2026, still missing. Add to Adviser Relationship Map as Tier 1 Active.
ASIdentify the "third entity" in the HPC 40/40/20 split — is it Natif Asset Management Paris vs NIL Dublin, or something else? Clarify with Tom tomorrow.
DMHPC agreement renewal — September 2026 calendar reminder. Cover renewal of Tier 1 terms + any amendment to Tier 2.