An illustrative walk-through of the Belus Equity thesis, built around one hypothetical deal. It shows how raised capital acquires a business outright, and how its EBITDA is split each year between investors and the operator. Conceptual and educational only — not a specific offering.
A single hypothetical deal, sized to the thesis. Figures are illustrative only — not an offer, projection, or promise of any result.
The business is bought outright with raised capital. Investors (the "LPs") fund the entire purchase — there's no loan and no lender. That capital owns the whole business directly: the whole asset, its intellectual property, and every growth channel.
The black frame is the point: raised capital grants structural control over the entire business, owned free and clear — the whole asset, its intellectual property, and every growth channel. No lender, no debt.
Every year the business earns profit (called "EBITDA"). It's distributed in a set order: the operator's management fee first, then investors' preferred return, then a catch-up for the operator, and finally the remaining profit is split between investors and the operator. Each row below shows where the money goes.
Investor payments are marked in green; operator payments in grey. The totals at the bottom show what each side receives from the year's profit.
Investors make money two ways. First, steady cash payments each year the business is owned. Second, a larger payout when the business is eventually sold — ideally for more than it was bought for, because it was made stronger. The table shows how those stack up over 1, 3, and 5 years.
| What you'd see | Year 1 | Year 3 | Year 5 |
|---|---|---|---|
| Cash paid out so far | |||
| Extra value if sold now | |||
| Total value to investor | |||
| Total return on money in | |||
| Annualized return (IRR) | |||
| Average yearly cash yield |
"Total return on money in" is everything received divided by what was invested. "Annualized return (IRR)" expresses that as a yearly rate. All figures are illustrative and depend on actual performance — not a promise or projection.
The operator (Belus Equity) earns a modest management fee each year, a small one-time fee when a business is bought and when it's sold, and a share of the profit — but only after investors get their preferred return first. The idea is simple: the operator wins when investors win.