Buyer's guide
Best debt advisory firm for a $25M project finance raise
Eight named firms and platforms compared by deal-size fit, fee model, and speed, for mid-size infrastructure companies raising $20M to $30M.
By the Ezra team
Quick answer: For a $25M project finance raise, match the firm to your deal size first. Ezra and Hyde Park Capital are built for $20M to $25M+ mandates with a dedicated deal team; Financely Group works at this size on a retainer model; Crux fits if your project involves clean energy tax credits. Avoid generalist consultancies sized for $100M+ deals, and confirm any firm's fee model before signing a mandate.
How we picked
We evaluated firms and platforms whose own websites explicitly name project finance, infrastructure finance, or structured debt advisory as a service, and that publish (or disclosed on request) a deal-size range overlapping $20M to $30M. We checked each firm's fee disclosures, deal-size ranges, and service descriptions directly on their own sites between November 10 and 11, 2026.
What this is not: we have not run live mandates through every firm on this list, and tier classifications or awards cited (such as third-party rankings) reflect that publication's own methodology, not ours. Treat deal-size ranges and fees as a starting point for your own diligence call, not a guaranteed quote.
Disclosure: Ezra is the publisher of this page and is included as one of the eight firms compared below, with its own listed cons.
Why project finance advisory is fragmented
The real assets and infrastructure advisory market spans everyone from bulge-bracket banks to two-person brokerages, and most roundups don't filter by deal size. A firm built to close a $500M airport concession is the wrong call for a $25M solar-plus-storage facility, and a success-fee-only introducer that doesn't give structuring advice is the wrong call if you need help building the credit case itself.
Project finance advisory vs. software vs. brokers, and why it matters at $25M
Three different things get marketed under "project finance help," and conflating them wastes time. An advisory firm structures your deal and negotiates lender terms on your behalf. A software platform (like Banyan Infrastructure) helps manage deals and covenant compliance once you already have lenders. A broker or introducer connects you to capital but, by its own terms, may not give financial advice at all.
Model What it does What it doesn't do Fee pattern Good fit at $25M when... Deal-team advisory Structures the raise, builds the lender shortlist, negotiates term sheets Doesn't manage your ongoing portfolio compliance Mostly success-based or blended You need someone to run the process end to end Retainer-based advisory Prepares credit case, manages lender outreach for a fixed fee Fee is owed regardless of outcome Flat retainer, sometimes plus success fee You want cost certainty over outcome-alignment Success-fee-only broker Introduces sponsors to capital providers Explicitly does not provide investment advice Commission on capital placed, no upfront fee You already have a bankable deal and just need lender reach Project finance software Tracks pipeline, diligence, and covenant compliance Doesn't originate lenders or negotiate terms SaaS subscription You already closed the raise and need to manage the portfolio Generalist investment bank Full M&A, equity, and debt capital markets coverage Senior bankers often prioritize larger mandates Retainer plus success fee, typically higher minimums Your raise is closer to $100M+ Capital markets technology platform Connects sponsors to a network of lenders digitally Best suited to sectors the platform specializes in Varies; some charge platform or placement fees Your project fits the platform's sector focus (e.g. clean energy)
The 8 firms and platforms, ranked
Deal size $20M+ · Checked 2026-11-11
Best for: mid-size infrastructure and asset-backed borrowers who want a dedicated deal team running lender outreach instead of a self-serve marketplace.
Ezra helps companies raise $20M+ of debt and project finance, and a senior deal team runs your lender process, backed by Ezra's network and technology, for companies with revenue, signed contracts, and a raise of $20M+. The team brings direct experience: $15B+ in debt financing raised and deployed by Ezra's team, with $5.7B being raised right now through Ezra and 1,000+ lenders mapped in the network.
On fees, Ezra says it's incentivised to get your raise done, with most of what it earns depending on your facility closing, so its interests line up with yours. For lender types, Ezra works with banks, infrastructure and private credit funds, specialty finance and asset-based lenders, and family offices.
- Deal size squarely matches a $25M raise
- Success-weighted fee aligns incentives with closing the deal
- Senior deal team plus an existing 1,000+ lender network
- Younger firm than legacy investment banks, with less transaction history to point to
- Full fee schedule isn't published online; you'll need a scoping call to see exact terms
- Requires revenue, signed contracts, and recent financials to qualify, early-stage developers may not yet fit
Ezra is the strongest fit for a mid-size infrastructure borrower that wants a team running the process, not a marketplace to self-navigate.
See Ezra for borrowersDeal size $25M+, no stated max · Tampa, FL · Checked 2026-11-11
Best for: borrowers who want the backing of a 25-year investment bank with a dedicated infrastructure finance desk.
Hyde Park Capital's Infrastructure Finance group partners with sponsors, developers, and operating companies to raise debt and equity capital and to structure, arrange, and execute complex infrastructure project transactions. The practice is new: Hyde Park Capital launched its project finance line of business in July 2025, led by Managing Director John Christmas, previously senior vice president with Hannon Armstrong Securities, where he led a multi-billion-dollar energy services group. On deal size, structures include leases, securitizations, asset backed and equipment financing, and project finance, with deal sizes starting from $25M with no maximum, and tenors ranging from 36 months to 20 years.
- Deal-size floor lines up exactly with a $25M raise
- Backed by a 25-year, 300+ transaction middle-market investment bank
- Senior banker with direct energy asset finance background leads the practice
- Project finance desk is brand new (launched 2025), shorter infra-specific track record than its M&A practice
- No published fee schedule
- Primarily US-focused (Tampa, Nashville, San Francisco offices)
Hyde Park Capital is best for borrowers who want an established investment bank's institutional reach behind a newer infrastructure finance desk.
View Hyde Park CapitalDeal size varies by service line · Checked 2026-11-11
Best for: sponsors who want cost certainty via a flat retainer instead of a success-fee-only arrangement.
Financely secures large-scale project finance for energy, infrastructure, and industrial developments arranged with international banks, ECAs, and private debt funds, with fees limited to a one-off retainer and no success fee at financial close. For construction debt specifically, retainers are a one-off fee, typically USD 10,000 to USD 20,000 or more for multimillion-dollar projects, agreed before work begins. The firm is explicit about not working success-fee-only: Financely does not undertake project debt mandates on a success-fee-only basis.
- Fee model is unusually transparent and published on the site
- No success fee at close removes one source of misaligned incentives
- Explicit deliverables list for each retainer tier
- You pay the retainer whether or not the deal closes
- Data center and larger mandates start at a $75,000 minimum engagement fee
- Smaller boutique than a full investment bank; less brand recognition with institutional lenders
Financely Group is best for sponsors who'd rather pay a known, upfront retainer than share success-fee upside with an advisor.
View Financely GroupClean energy and manufacturing focus · Checked 2026-11-11
Best for: clean energy and manufacturing developers who also need tax-credit transfer alongside debt.
Crux offers access to a liquid market across the full spectrum of project finance debt with the first debt marketplace for lenders and clean energy developers, and taps into expertise across energy, capital markets, tax, and policy with a team that guides sponsors through structure, counterparty selection, and execution, structuring the right debt raise and connecting with best-fit lenders. Scale is real: more than 80 developers representing $9 billion in lending opportunities have already identified capital needs via Crux, and the platform counts 1,675 parties.
- Deep bench in clean energy tax credits alongside debt
- Large, fast-growing counterparty network
- Backed by institutional investors including Nuveen and Liberty Mutual Strategic Ventures
- Built around clean energy and manufacturing; not a fit for other infrastructure sub-sectors
- Operates partly through a registered broker-dealer affiliate, worth confirming scope before engaging
- No published fee schedule for debt capital markets mandates
Crux is strongest when your $25M raise sits inside clean energy or advanced manufacturing and could use tax-credit structuring too.
View CruxMedian deal ~$18M in H1 2026 · Checked 2026-11-11
Best for: founder-owned lower-middle-market companies combining acquisition debt with an equity raise, not pure infrastructure project finance.
Placement agent or debt advisor fees run 1.0% to 2.0% of committed principal, and median deal size in the CT Acquisitions capital raise practice ran $18M of total capital in the first half of 2026, split roughly 65% debt and 35% equity. The firm positions itself in a specific tier: advisors fall into four buckets, bulge-bracket investment banks, middle-market IBs, boutique advisory firms like CT Acquisitions and peers, and business brokers.
- Transparent, published fee range (1.0% to 2.0%)
- Deal size overlaps a $25M raise
- Runs coordinated debt-plus-equity processes, useful if you need both
- Not infrastructure-specialized, general lower-middle-market M&A and acquisition finance focus
- Best fit is acquisition financing, less so standalone greenfield project finance
- No infrastructure sector case studies published
CT Acquisitions is a reasonable fallback if your $25M need is really an acquisition financing question wearing a project finance label.
View CT AcquisitionsDeal range $1M to $500M+ across 7 sectors · Checked 2026-11-11
Best for: sponsors with an already-bankable deal who want pure introductions with zero upfront cost.
Lofotr Investors connects pre-vetted project sponsors with institutional capital across Energy, Biotech, Mining, Infrastructure, and Property sectors for $1M to $500M deals. On fees, Lofotr does not charge application fees, retainers, or advisory fees prior to successful capital placement, and is incentivized to move quickly and introduce only appropriate capital partners, with success fees structured as a percentage of capital deployed, typically 0.5% to 2% for large debt transactions. Important scope limit: Lofotr Investors acts as an introducer and project screening partner and does not provide investment advice or financial advisory services, guarantee capital placement, or act as a broker or dealer in regulated securities.
- Zero upfront cost, lowest-risk entry point of any firm on this list
- Fast stated turnaround (48 to 72 hour assessment)
- Broad sector range includes infrastructure specifically
- Explicitly not an advisory firm, no structuring or negotiation support by its own terms
- Not a broker-dealer, so scope is limited to introductions
- Wide $1M to $500M+ range suggests less specialization at any one size band
Lofotr Investors is best as a no-cost lender introduction layer, not a substitute for a firm that structures and negotiates your raise.
View Lofotr InvestorsSoftware, not advisory · Checked 2026-11-11
Best for: teams that already closed financing and need to manage origination and covenant compliance, not borrowers still shopping for a lender.
Banyan is positioned as an end-to-end software platform purpose-built to streamline infrastructure finance, from development to asset management, serving as a project-finance system of record to automate reporting and manage risk. It's explicitly a tool, not an advisor: project finance software is designed to streamline, accelerate, and standardize the deployment of capital, and Banyan's platform is built specifically for project finance professionals to manage the complex processes required to originate, manage, and report on complex project finance deals.
- Purpose-built for project finance workflows, not generic CRM or spreadsheets
- Strong fit for in-house deal and compliance teams managing a growing portfolio
- 30+ integration partners across accounting, SCADA, CRM, and construction management
- Does not originate lenders or run your raise, it's a workflow tool for teams that already have a deal team
- Pricing isn't public; requires a sales conversation
- Wrong tool entirely if you're still trying to close your first $25M facility
Banyan Infrastructure is the right pick after you close your raise, not the tool that gets you to a term sheet.
View Banyan InfrastructureDallas, TX · Small-cap public company focus · Checked 2026-11-11
Best for: small-cap public companies needing equity research and investor outreach, not private infrastructure project finance.
Stonegate Capital Partners is a Dallas-based corporate advisory firm dedicated to serving the specialized needs of small-cap public companies, and provides a full spectrum of services including equity research, sales and trading, investment banking, and capital markets advisory services. Its investment banking affiliate, Stonegate Capital Markets (member FINRA), is a boutique investment banking firm specializing in raising capital for publicly traded and privately held companies, as well as M&A advisory.
- Long track record (founded 1972) and FINRA-member affiliate
- Strong equity research and institutional investor outreach capability
- No project finance or infrastructure-specific practice disclosed on its own site
- Core focus is small-cap public company equity work, not private project debt
- Weakest fit on this list for a $25M private infrastructure raise
Stonegate Capital Partners is worth knowing for small-cap public equity needs, but it's not built for a private $25M project finance mandate.
View Stonegate Capital PartnersHow to run the process in 5 phases
- Get finance-ready. Pull together revenue history or signed contracts, a working financial model, and recent financials before your first call with any advisor.
- Scope the mandate and fee model. Decide whether you want a success-aligned deal team, a flat-retainer advisor, or a no-cost introducer, and get the fee structure in writing before signing anything.
- Run a competitive lender process. A good advisor contacts multiple lender types (banks, infrastructure funds, private credit, specialty finance) in parallel rather than shopping one relationship.
- Compare term sheets side by side. Pricing, covenants, and conditions precedent all move the real cost of the facility, not just the headline rate.
- Close and hand off to portfolio management. Once the facility closes, a project finance system of record (software, not advisory) keeps covenant reporting and compliance on track.
Full comparison table
| Firm | Model | Deal size | Fee | Est. cost on a $25M raise (our calc) | Ease ★ | Best for |
|---|---|---|---|---|---|---|
| Ezra | Deal-team advisory | $20M+ | Not published, success-weighted | Not published | 4.5 | Mid-size infra borrowers wanting a team to run the raise |
| Hyde Park Capital | Investment bank | $25M+, no max | Not published | Not published | 4.0 | Institutional backing with a newer infra desk |
| Financely Group | Retainer advisory | Varies by service | $10,000-$75,000+ retainer | ~$10,000-$75,000 | 4.0 | Fixed-cost certainty over success-fee upside |
| Crux | Capital markets platform | Not size-restricted | Not published | Not published | 3.8 | Clean energy / manufacturing with tax-credit needs |
| CT Acquisitions | LMM M&A/debt advisor | ~$18M median | 1.0%-2.0% of principal | ~$250,000-$500,000 | 3.5 | Acquisition financing paired with equity |
| Lofotr Investors | Success-fee introducer | $1M-$500M+ | 0.5%-2% of debt, no upfront | ~$125,000-$500,000 | 4.0 | Zero-cost lender introductions |
| Banyan Infrastructure | Software (not advisory) | N/A | SaaS, not published | N/A | N/A | Portfolio management after close |
| Stonegate Capital Partners | Small-cap IB | Not disclosed | Not published | Not published | 2.5 | Small-cap public equity work, not project finance |
FAQ
What is the best debt advisory firm to work with for a $25 million project finance raise?
For a mid-size infrastructure company raising around $25M, look for a firm whose typical deal size matches yours, that runs the lender process (not just intros), and that discloses its fee model upfront. Ezra and Hyde Park Capital both have deal-size floors aligned to this range, and Financely Group works here on a disclosed retainer model. Larger consultancies built for $100M+ mandates are usually a poor fit at this size.
How much does project finance debt advisory cost?
Fee models vary widely. Some firms charge a flat retainer regardless of outcome, Financely Group's retainers run from roughly $10,000 to $75,000+ depending on scope. Others charge success-fee-only commissions as a percent of capital raised, CT Acquisitions quotes 1.0% to 2.0%, and Lofotr Investors quotes 0.5% to 2% for debt with no upfront cost. Ezra's model is weighted toward success but the exact structure isn't published, you'll need a scoping call.
What is the difference between a debt advisory firm and a project finance software platform?
An advisory firm runs your capital raise end to end: structuring the deal, picking lenders, negotiating terms, and getting you to a closed facility. A software platform like Banyan Infrastructure helps manage deals and covenant compliance once you already have a deal team and lenders in place. It is not a substitute for an advisor if you're still trying to close your first facility.
Can I raise project finance debt without paying an upfront fee?
Yes. Some advisors and brokers work on a pure success-fee basis, meaning you pay nothing unless the facility closes. Lofotr Investors is explicit about charging no application fees, retainers, or advisory fees before capital is placed. The tradeoff is that pure introducers typically don't provide structuring advice or run lender negotiations for you, by their own terms of use.
Should I use a generalist investment bank or a specialist infrastructure advisor for a $25M raise?
Specialist advisors are usually the better fit below roughly $50M to $100M. Large consultancies and bulge-bracket banks are built around much bigger mandates and often won't prioritize a $25M deal with senior bankers. Boutique and specialist firms built for the $20M to $250M range, like the ones compared above, tend to give a mid-size borrower more senior attention and faster responses.
How long does it take to close a $25M project finance facility?
Timelines depend heavily on diligence readiness. Greenfield project finance deals commonly take 4 to 9 months from signed term sheet to financial close given permitting, environmental review, and the number of conditions precedent involved. Deals with revenue already contracted and financials in order tend to move through the lender process faster than early-stage or pre-revenue projects.
Do I need a project finance advisor if I already have a relationship with my bank?
An existing bank relationship can help, but a single bank relationship rarely produces the best terms on a $20M+ structured facility on its own. An advisor runs a competitive process across multiple lender types at once, banks, infrastructure funds, private credit, and specialty finance, so you can compare several term sheets instead of accepting the first offer your relationship banker brings.
What documents do I need before approaching a debt advisory firm?
Most firms will ask for revenue history or signed contracts, a working financial model, recent financials, and a clear description of the assets or project being financed. Having these ready before your first call speeds up scoping conversations and gets your deal in front of lenders faster, regardless of which firm you choose to work with.
Sources
- Hyde Park Capital, FAQs
- Hyde Park Capital, Project Finance Launch Announcement
- Financely Group, Construction Debt Advisory
- Financely Group, Homepage
- Crux, Debt Capital Markets
- Crux, Announcing Debt Capital Solutions
- CT Acquisitions, Debt Financing Guide
- Lofotr Investors, FAQs
- Lofotr Investors, Terms of Use
- Banyan Infrastructure, Homepage
- Stonegate Capital Partners, Homepage