Our services
We make any asset investable
Blackbull specializes in converting private equity and alternative assets into bankable, transferable Certificate Notes with their own ISIN, accessible to qualified investors in the regulated capital markets.
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Turn your asset or opportunity
into an investable proposition.
Services
From asset to ISIN
We financial engineer any traditional or alternative asset to make it investable, specializing in converting private equity, illiquid, and non-bankable assets into Certificate Notes - bankable, transferable instruments with their own ISIN, held directly in an investor's bank account.
Core service
Certificate Notes
We make any asset investable
A Certificate Note is a bankable, transferable security issued against your asset or strategy. It carries its own ISIN, settles through the regulated international clearing and settlement system that banks already use, and can be deposited directly into an investor's bank account like any other holding.
This is how a company's private equity is made investable. How a Ferrari collection becomes a portfolio line. How a music catalogue becomes subscribable. How a superyacht's charter income becomes a cashflow-backed instrument. How a sports team raises capital. How art and luxury collections can be leveraged. The underlying assets change; the mechanism does not.
At a glance
- InstrumentAMC / CLN / Tracker
- IdentifierISIN
- Held viaInvestor bank account
- TransferableYes
- ValuationIndependent
- UnderlyingAny asset of value
- InvestorsAsset managers & qualified
- EnvironmentFully regulated
Selected mandates
Certificate Notes we have engineered
Also available
Further services
Meeting global funding sources
Meet qualified capital sources in person, one-on-one, to discuss the funding of your company. Every introduction is drawn from a global network of private and institutional investors.
That network spans Europe, USA, and Asia, with combined managed assets above USD $100bn, and we guarantee the sources you meet are both qualified and interested.
- Europe · USA · Asia
- $100bn+ network
- One-on-one
- Qualified sources
Getting listed cost-effectively
A pay-as-you-go route to a capital market listing. We begin by matching your company's qualifications against the listing suitability of targeted exchanges, so you only pursue venues that fit.
You then select your preferred venue from those that matched, and Blackbull processes and executes the listing on it, keeping the cost to what the outcome genuinely requires.
- Pay-as-you-go
- Suitability match
- Venue selection
- Processed & executed
Feasibility
Not sure your asset can be wrapped
into a certificate note?
Ecosystem
Licensed and Regulated
Operating within a licensed and regulated ecosystem, Blackbull facilitates the advisory, financial engineering, asset management, issuance, and distribution of its investment products, providing confidence and security to both clients and investors.
The platform
The Structured Capital Platform
Blackbull is an official partner of the Structured Capital Platform, the layer that connects asset management, financial engineering, product issuance, and product distribution across a group of specialist member entities, each handling one part of a transaction so that the whole remains institutional-grade end to end.
Affiliated Institutions
Capital markets & Financing Institutions
Blackbull instruments are admitted, listed, traded, and financed across a network of traditional exchanges, OTC markets, digital venues, and financial institutions. Our affiliations include institutions such as SIX SIS, Euroclear, Swissquote Bank, Incore Bank, ISP Securities, Kraken, and more, so each mandate can be placed where it genuinely belongs.
The Circle
Private Capital Network
About
Who we are
Blackbull is a boutique capital advisory and financial engineering firm turning private, illiquid and non-bankable assets into investable instruments. Leveraging our private capital markets network, backed by a team of senior executives with a footprint across six continents and more than twenty years of transactions engineered, Blackbull specializes in making any assets investable.
People
The team
A 30-year track record in investments, capital markets and policy across 30+ countries. Co-founded The Maestro Group, advised U.S. Senator Max Baucus, and spent thirteen years at UBS.
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Focused on structured products, digital-asset listings and securitisation across the certificate programmes. A 2018 World Blockchain Summit speaker and an Edinburgh engineering graduate.
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A valued member of the advisory board for Asia, instrumental in building the firm's relationships across the region and a fixture at its early engagements. Remembered with deep gratitude.
Advisor for Asia with decades of chief-of-staff experience to senior executives and board members across finance, transportation, mining and technology, and Asian-European market transactions.
Advisor for North America in international trade and government relations. Chairman of Jinboast E-Commerce Tianjin, former CEO of the Global Trade & Technology Center, and an NYU MPA.
Global footprint
Where we have been active
Status: 2026
Cities with more than one entry are outlined in gold — click one to zoom in. Click a category above to filter the map.
In their words
References
News
Issuances & announcements
Selected mandates, launches, listings, and completed transactions engineered by Blackbull. This is a running record of corporate news, investment instruments, and capital market admissions delivered for clients across Europe, the Americas, Africa, and Asia.
Guides · The basics
AMC, CLN or Tracker Certificate?
Three wrappers, one mechanism. Each turns an asset or a strategy into a bankable security with its own ISIN, but they pay investors in different ways and suit different goals. Here they are side by side.
Start with the goal
The right wrapper follows from one question: what should investors receive? If they should share in the value of a portfolio that someone actively manages, the answer is an AMC. If they should share in a fixed basket or an index, it is a tracker. If they should receive a fixed coupon from a loan, while the owner keeps the asset, it is a CLN.
The three compared
Actively Managed Certificate
AMC- Underlying
- A manager's discretionary strategy
- Investors receive
- Performance of the portfolio
- Active management
- Yes, within guidelines
- Term
- Open, or set by the terms
- Typical use
- Managers, asset owners sharing value
- Key counterparties
- Manager and issuer
- Subscriptions
- Usually ongoing subscriptions
- Main credit risk
- Issuer and manager
Tracker Certificate
Tracker- Underlying
- A fixed basket or an index
- Investors receive
- Performance of the basket
- Active management
- No, rules only
- Term
- Open, or set by the terms
- Typical use
- Themes, indices, baskets
- Key counterparties
- Issuer
- Subscriptions
- Usually ongoing subscriptions
- Main credit risk
- Issuer and market
Credit-Linked Note
CLN- Underlying
- A loan to a borrower
- Investors receive
- Fixed coupon and principal
- Active management
- No
- Term
- Fixed maturity
- Typical use
- Owners borrowing against assets
- Key counterparties
- Borrower and issuer
- Subscriptions
- Usually a set subscription period
- Main credit risk
- Issuer and borrower
How to choose
- A manager with a strategy who wants a vehicle without setting up a fund: AMC.
- A theme or an index that should be held as it is: Tracker.
- An owner who wants to borrow against an asset or a business, without selling it: CLN.
- An owner who wants investors in the asset's value, such as a collection, a catalogue or private company shares: AMC, with an issuer that can hold the asset.
Example of our structuring work · Live issuancePAM Diversified Index AMC, designed by Blackbull, goes liveThe PAM Diversified Index AMC is officially live. Read the release →
What all three share
All three are securities issued by an issuer, so all three carry issuer risk. All three settle through the clearing systems and sit in a bank custody account. And all three depend on the same preparation: documentation, compliance onboarding with the issuer, an ISIN and a paying agent. Which wrapper you choose changes the economics, not the plumbing.
General information only. This is not financial advice. See the important information at the foot of this page.
Blackbull in practice
One of each, from our own mandates
Examples of Blackbull’s structuring work, shown for illustration only. They are not an offer, a recommendation or an invitation to invest in any of these instruments.
PAM Diversified Index AMC, designed by Blackbull, goes live
The PAM Diversified Index AMC is officially live.
Read the announcement →
Blackbull engineers CLN for luxury superyacht
Blackbull Equities has been mandated to engineer and launch a tailored Credit Linked Note as the financial instrument for a luxury superyacht.
Read the announcement →
Sanders Real Estate Tracker Certificate (AMC), designed by Blackbull, goes live
The Sanders Real Estate Tracker Certificate is live.
Read the announcement →Can one asset use more than one wrapper?
Yes. A collection could support a CLN for borrowing and, separately, an AMC that gives investors exposure to its value. The structures and documentation are kept separate.
Which is cheapest to run?
A tracker usually has the lowest running cost because nobody manages it. A CLN's cost depends on the loan administration. An AMC adds the manager's fee.
Which do private banks prefer?
Banks buy all three. What matters to them is the issuer, the documentation, clean settlement and a valuation they can rely on.
Sources
- Swiss Structured Products Association (SSPA), Swiss Derivative Map: product categories.
- ISO 6166, International Securities Identification Number (ISIN).
Important information. This guide is not financial advice. It is general information about how certain financial instruments work. It is not investment, legal or tax advice, and it is not an offer or a solicitation to buy or sell any security. Certificate Notes are complex instruments: their value can fall as well as rise, investors can lose some or all of the amount invested, and they are exposed to the credit risk of the issuer. Many are available only to professional or qualified investors, and the rules differ by country. References to Blackbull mandates and launches illustrate our structuring work, are shown for illustration only, and are not an indication of future results. Blackbull Equities provides advisory and structuring services; it does not itself issue securities, accept deposits or manage client assets. This website is not directed at persons in any jurisdiction where its content would be unlawful, including the United States. Seek independent professional advice before making any investment decision.