Expert-grade financial datasets and sandboxes from investment bankers, hedge fund analysts, and VC investors. Higher quality and lower cost than generalist marketplaces.
Purpose-built datasets at frontier lab
and hedge fund quality.
End-to-End Expert Workflows
Multi-hour financial research with full process data. DCF models, LBO analyses, due diligence memos — the work that separates real expertise from pattern matching.
Sandboxed Gyms with Verifiable Rewards
Production-grade environments with tools, rubrics, and reward signals built by ex-frontier lab researchers. Plug directly into your GRPO/PPO training loop.
Deep Bench Across Every Domain
A curated network of financial experts spanning IB, PE, hedge funds, and equity research. Analysts, associates, and PMs who've done the work for real.
We're a team of ex-frontier lab staff and former hedge fund investors. Our expert data captures the process and judgement of top industry practitioners. Our research team aligns with you so that you get exactly the data you want.
M&A advisory, capital markets, and deal execution
Model accretion/dilution across synergy scenarios, financing structures, and purchase price allocations. Identify EPS crossover points and rating agency thresholds.
Build DCF, LBO, precedent transaction, and trading comps analyses to support a fairness opinion. Defend valuation range assumptions under cross-examination.
Screen and normalize M&A deal multiples across EV/EBITDA, EV/Revenue, and premium-to-unaffected price. Adjust for deal structure, synergy disclosures, and market conditions.
Structure a sponsor acquisition with senior/mezzanine/equity tranches, PIK toggle, DSCR covenants, and exit multiple sensitivity. Solve for IRR/MOIC at target leverage.
Derive IPO price range from comparable company analysis and DCF. Draft S-1 risk factor language and Q&A responses for institutional investor objections.
Analyze fulcrum security positioning, recovery waterfall by creditor class, and plan of reorganization economics. Model DIP financing sizing and exit structure.
Buyouts, portfolio operations, and value creation
Model exit scenarios across valuation outcomes. Calculate proceeds by share class through liquidation preferences, participation, and cap structures.
Parse preferences, participation, anti-dilution, pro-rata, covenants. Identify economically meaningful clauses and negotiation leverage points.
Build a platform roll-up model with add-on acquisitions, purchase price allocation, covenant breach scenarios, and cure period cash flow analysis.
Construct ratchet thresholds tied to IRR/MOIC hurdles with vesting waterfall, equity rollover alignment, and promote crystallization mechanics.
Identify EBITDA bridge components across revenue growth, margin expansion, and working capital improvements. Prioritize initiatives by effort-to-impact ratio.
Compare operating KPIs (gross margin, CAC/LTV, churn, EBITDA margin) across portfolio companies and sector peers. Flag outliers and flag strategic resets.
Long/short equity, macro, and quantitative strategies
Build differentiated long and short investment theses with variant perception, variant view catalysts, and position sizing rationale against a factor risk model.
Identify consensus estimate error in revenue, margin, and EPS. Model the stock price reaction under bull/base/bear scenarios with implied P&L sensitivity.
Evaluate short interest, days-to-cover, borrow cost, and crowdedness metrics. Identify technical setups that increase squeeze probability and position unwind risk.
Map PDUFA dates, data readouts, regulatory decisions, earnings, and investor days for a coverage universe. Assign probability and magnitude scores to each event.
Decompose portfolio returns across Barra risk factors (value, momentum, quality, beta, sector). Identify unintended factor tilts and propose hedges.
Model Reg T vs. portfolio margin requirements across a gross/net book. Stress-test margin calls under correlation regime shifts and VIX spikes.
Fundamental analysis, model builds, and note writing
Write a full initiation note with thesis, industry context, financial model, valuation, catalysts, risks, and price target. Replicate sell-side structure and analytical rigor.
Assign segment-level multiples to a conglomerate or diversified business. Reconcile the SOTP to market cap and quantify the conglomerate discount/premium.
Synthesize primary research from distributor, customer, and competitor interviews into variant view signal. Distinguish data noise from consensus-moving insights.
Roll forward estimates post-earnings with segment revenue, gross margin, opex, and EPS revisions. Reconcile management guidance against historical beat/miss patterns.
Construct multi-turn comps tables normalizing for non-recurring items, accounting policy differences, and capital structure. Explain dispersion in multiples across the group.
Draft a rating change memo with clear thesis pivot, estimate revision bridge, new price target derivation, and risk/reward framing for institutional clients.
Acquisitions, development, and portfolio analytics
Build a property-level acquisition model with in-place rent roll, lease-up assumptions, NOI build, debt sizing, and unlevered/levered IRR at various exit caps.
Model ground-up development from land acquisition through stabilization. Incorporate hard/soft costs, construction draws, interest reserves, and lease-up absorption.
Derive market cap rates from comparable sales, adjust for asset quality differentials, and defend assumptions against sensitivity to discount rates and rent growth.
Test DSCR and LTV covenant compliance across rent decline, vacancy increase, and cap rate expansion scenarios. Identify cure mechanisms and recourse triggers.
Aggregate asset-level NAV estimates to portfolio level. Reconcile to public REIT pricing and compute NAV premium/discount with attribution by property type.
Extract key economic and legal terms from complex commercial leases. Flag above/below market rents, co-tenancy clauses, termination rights, and TI obligations.
Venture investing, growth equity, and startup evaluation
Calculate payback period, LTV/CAC, net revenue retention, and contribution margin by cohort. Identify the inflection point at which the business becomes self-funding.
Build bottom-up and top-down TAM estimates with penetration assumptions. Defend serviceable market boundaries and growth rate assumptions against skeptical LP questions.
Assess founder-market fit, reference quality, equity ownership, and team completeness. Construct structured scoring rubric across domain expertise, execution velocity, and resilience.
Evaluate investor-friendly vs. founder-friendly provisions across valuation cap, pro-rata rights, information rights, board composition, and protective provisions.
Model revenue ramp, burn rate, ARR bridge, and runway under multiple growth and margin scenarios. Project to Series C/D milestones with dilution sensitivity.
Map incumbent vs. startup competitive positioning across product surface, GTM motion, defensibility, and funding. Identify white space and displacement risk vectors.
Credit analysis, rates, and structured products
Compare CDS spreads, bond yields, and implied default probabilities across issuer and sector peers. Identify mispricing relative to fundamentals and technicals.
Evaluate covenant erosion in leveraged loan documentation. Quantify incremental basket capacity, EBITDA addback flexibility, and restricted payment leakage.
Calculate modified duration, DV01, and convexity for a fixed income portfolio. Construct hedges using Treasury futures and swaps given a rate view and risk budget.
Model a CLO or CMBS waterfall with tranche subordination, interest diversion triggers, OC/IC test mechanics, and recovery assumptions under default scenarios.
Estimate secured and unsecured creditor recoveries under liquidation, going-concern, and reorganization scenarios. Map fulcrum security and junior tranche optionality.
Analyze a GO or revenue bond issuer's fiscal health, debt service coverage, pension liability exposure, and reserve fund adequacy against peer municipalities.
Capital structure, treasury, and FP&A
Evaluate the trade-offs between organic capex, M&A, share buybacks, and dividends given WACC, ROIC, FCF yield, and leverage targets. Recommend an optimal capital return policy.
Decompose DSO, DIO, and DPO trends. Identify receivables factoring, supply chain financing, and payables extension opportunities. Quantify cash release potential.
Build an integrated income statement, balance sheet, and cash flow statement with dynamic revenue drivers, operating leverage, debt schedule, and equity rollforward.
Derive WACC from CAPM beta, equity risk premium, credit spread, and capital structure targets. Sensitize to leverage, tax rate, and peer unlevered beta assumptions.
Model EPS accretion, leverage impact, and float reduction from a buyback program. Recommend timing, structure (open market vs. ASR), and authorization sizing.
Condense a complex financial plan into a concise board presentation with variance analysis, scenario bridging, and strategic implication narrative.
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