Strategic Capital
Non-dilutive capital, structured carefully — for companies that need the runway without giving up the equity.
Why We Engage
Equity is not always the right answer. For companies with revenue, predictable cash generation, or financeable assets, non-dilutive capital can extend runway, fund growth, or bridge to a stronger round — at materially lower cost to the cap table. The instruments are technical; the decision about which one fits is not.
The Strategic Capital practice works with companies on the full landscape of non-dilutive options — venture debt, revenue-based financing, asset-backed lending, structured equity, grants, and tax credits — and structures the financing to fit the company's specific economics. The practice is advisory; we work alongside the company through structure, negotiation, and close.
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How we engage
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Capital strategy assessment — a structured read on the company's situation and the non-dilutive options that actually fit, ranked by economics, terms, and operational fit.
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Venture debt — sourcing and structuring venture debt facilities, with the senior lender relationships and term-sheet experience to negotiate on the company's behalf.
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Revenue-based and recurring-revenue financing — for companies with predictable recurring revenue, structuring financing tied to the revenue stream rather than to equity.
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Asset-backed and structured products — for companies with financeable assets (inventory, receivables, IP), structuring debt against the assets at lower cost than equity.
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Grants, tax credits, and incentive capital — identifying and pursuing non-dilutive sources tied to the company's sector, geography, or R&D activity.
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Negotiation and closing support — working alongside counsel through the term sheet, definitive documents, and close.
Strategic Capital is the advisory complement to Advantary Capital Partners' Non-Dilutive Capital offering (see /debt). Companies engaging this practice may also work with ACP directly where the financing is one Advantary itself can provide.
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When this is the right work
If equity is not the right next instrument for the company's situation — or if the planned equity raise would dilute more than the business needs to dilute — this is the right conversation. Reach out and we will respond within a business day.
Olivier Leray has 18 years of experience originating and structuring debt and equity financings—including corporate, commodity, asset-backed, and project and export finance—across the Asia Pacific and Americas regions. He was previously a Managing Director at San Blas Securities arranging complex debt and equity structures across energy, natural resources, and infrastructure, and a Senior Director at HSBC, where he closed large project and export finance transactions over twelve years in Hong Kong and New York. Olivier holds a Master of Finance from EDHEC Business School and speaks French, English, and Spanish fluently.