# Draft reply to Yannick Cabrol — SEGAT **Status:** [AI-DRAFT v1 — for AS and DM review before send] **Drafted:** 21 April 2026 **Sender:** Aaron Sherlock (with Dave Murray cc) **To:** Yannick Cabrol, yannick.cabrol@segat.fr **Cc:** Dave Murray, dave@gccapitalpartners.ie **Bcc (suggested):** Christopher Belton, Jonathan Hillyer (internal visibility) **Subject:** GCCP–SEGAT — commercial terms + response to your three emails **Attachments:** 1. `GCCP_SEGAT_Fee_Agreement_draft_v1_21Apr2026.docx` (converted from the .md in `06_relationship/`) 2. `GCCP_Indicative_Opportunity_Template_v1_21Apr2026.docx` (converted from the .md in `08_templates/`) --- ## Email body Yannick, Thank you for the three emails and the work behind them. Dave and I have been through each and our consolidated response is below. Two documents attached: - **Introducer Agreement (draft)** — the proposed commercial terms between GCCP and SEGAT. Short-form commercial letter rather than long-form contract at this stage; quickest route to something workable on both sides. Run it past your counsel alongside ours if helpful. - **Indicative Opportunity Template (one page)** — answers your question on what our capital partners typically want to see at first pass. Taking your points in order. **1. Nature of the investment.** What we arrange is long-dated senior institutional debt capital for operational or near-operational real assets, secured against the asset with a creditworthy counterparty. We do not take development or construction risk, and we do not deploy equity. In practice the product shapes most relevant are (i) ground debt and income strips, (ii) senior term loans, and (iii) refinancing or take-out facilities for sponsors coming off construction or bridge. Key design parameters: fixed rate (floating is a hard reject), long tenor (20–50 years typical), facility size €100m+ preferred and €200m+ ideal, investment-grade-equivalent counterparty underpinning the cash flow. **2. The six HIGH-priority contacts — please proceed to schedule.** Subject to the Introducer Agreement being signed, please go ahead and arrange the meetings. Preferred sequence: - *Week of 28 April:* Carrefour (Yohan Demasse) and TDF (Antoine-Paul Savelli) — these two have the clearest near-term refinancing catalysts. - *Weeks of 5 and 12 May:* Praemia Healthcare (Charles Ragons, Camille de Klopstein and Filippo Monteleone) and CDC Habitat (Gildas Couturier). - *Following week:* 3F / Action Logement (Jérôme Nicot) and In'li (Philippe Bamas). Dave and I will both attend each. Propose dates and we will work around your calendars. We are happy to travel to Paris for any of these. **3. EMETAM.** Thank you for sharing the deck — genuinely useful context on the Paris office-to-residential thesis and a very capable team around Laurent Dumas. On the specific EMETAM vehicle, however, we do not see a fit today. EMETAM is structured as an equity LP vehicle with a value-add thesis and a development component, whereas what we arrange is debt capital against operational assets with long-duration credit cash flows. Different products, different risk profiles. Where we *would* be very interested to re-engage is on the downstream. Once individual EMETAM-held assets are stabilised as operational hotels, managed residential, student or coliving assets — typically three to four years from acquisition — those are precisely the profile our capital partners finance on long-dated terms. We would very much like to be on the shortlist of long-term capital solutions for the EMETAM take-out phase as assets come online. Happy to communicate that directly to Laurent Dumas or Philippe Bellan if it would be useful. **4. Euroméditerranée.** Please do organise the call. Week of 28 April or 5 May would both work. Dave and I will both attend. Our framing will be long-dated senior debt against operational or near-operational assets within the programme — take-out rather than construction — consistent with the feedback you received from our capital partner on 13 April. **5. Information template for opportunities.** The attached one-page Indicative Opportunity Template distils what our capital partners need to see at first pass. The three GCCP-authored target notes we sent you on 3 April (Carrefour SA, Paris Habitat, Praemia Healthcare) remain the fuller worked-example format — but for SEGAT-originated opportunities surfacing to us, a completed version of the one-page template is plenty for first screening. Anonymised is fine at this stage; full identity at the call stage. **6. EPR2 vehicle.** Understood, and appreciated. Please come to us first when the structure is ready to discuss — we would be interested to see the shape before it is shown more widely. --- On process: our proposal is that Dave signs the Introducer Agreement this week, you countersign, and we operate under that framework on all thirteen names as well as Euroméditerranée and any future opportunities you surface. If anything in the letter needs discussion, pick up the phone — we would rather iterate on a call than exchange redlines. Thank you again for the work you have put into this over the last three weeks. Speak shortly. Kind regards, **Aaron Sherlock** Co-Founding Partner, Grand Canal Capital Partners 10 Duke Street, Dublin 2, D02 AD78, Ireland +353 (0)87 177 2865 | aaron@gccapitalpartners.ie | www.gccapitalpartners.ie --- ## Reviewer notes (strip before send) | # | Yannick's ask | Where addressed in the email | |---|---|---| | 1 | Nature of investment (direct vs vehicle) | §1 | | 2 | Green-light the 6 HIGH-priority meetings | §2 | | 3 | Revenue-share contract (his template vs ours) | Attachment 1 + opening paragraph | | 4 | EMETAM — interesting? | §3 | | 5 | What info do your clients need to see? | §5 + Attachment 2 | | 6 | Organise Euroméditerranée call | §4 | | 7 | EPR2 vehicle FYI | §6 | **Deliberate omissions:** - No capital-provider names (no SONG, no Alpha Real). Consistently "our capital partners" / "institutional capital partners." - No mention of fee economics, scoring, or internal routing. - No mention of hyperscalers, BPA, or the specific 60-point model. - No new information SEGAT wouldn't reasonably be expected to know. **Tone check:** - Warm but institutional throughout. - Leads with the fee agreement (addresses his most explicit recent ask). - Direct on EMETAM without closing the door on the relationship. - Clear asks at the close. **Before sending, Aaron / Dave to confirm:** 1. The Introducer Agreement draft is commercially acceptable — particularly §3 (50/50 gross), §4 (24-month tail), §8 (SEGAT-vehicle carve-out). 2. Preferred meeting sequence in §2 is correct (Carrefour + TDF week 1 → Praemia + CDC Habitat → 3F + In'li). 3. Meeting attendance — Dave confirmed on all six. 4. Whether to cc Christopher Belton / Jonathan Hillyer, or leave it tight to Aaron + Dave + Yannick + the SEGAT team on the existing thread. 5. Convert attachments to .docx before sending (current drafts are .md).