Mezzanine in North America is run through 2 jurisdictions in the Reuben AI registry: United States and Cayman Islands. Each carries its own regulator, vehicle wrappers and primary source citations, and Reuben AI scores, documents and reports mezzanine deals on one rubric across all of them.
Subordinated debt or preferred equity used to complete leveraged transactions, blending interest, PIK, and equity participation.
North American private capital is anchored by SEC-supervised managers running Delaware limited partnerships, often with Cayman feeders for non-US LPs.
US private funds are commonly Delaware limited partnerships, LLCs or Series LLCs, most often relying on the Section 3(c)(1) or 3(c)(7) exclusions from the Investment Company Act of 1940. Managers are registered with the SEC as Investment Advisers or file as Exempt Reporting Advisers under the Investment Advisers Act of 1940, with SBICs licensed separately by the SBA.
Cayman closed-ended private funds are typically Exempted Limited Partnerships registered under the Private Funds Act, with SPCs, LLCs and unit trusts also used for segregated or hybrid structures. All are supervised by CIMA with mandatory annual audit, AML officer appointments and FATCA/CRS reporting.
The investment case for mezzanine does not change by geography. Subordinated debt or preferred equity used to complete leveraged transactions, blending interest, PIK, and equity participation.
What changes is the wrapper and the supervision around it. In North America the vehicles in use are Delaware Limited Partnership under the Delaware Revised Uniform Limited Partnership Act (DRULPA), Delaware Limited Liability Company under the Delaware LLC Act, Delaware Series LLC under the Delaware LLC Act, Section 3(c)(1) Exempt Fund under the Investment Company Act of 1940, Section 3(c)(7) Qualified Purchaser Fund under the Investment Company Act of 1940, Registered Investment Company under the Investment Company Act of 1940, Qualified Opportunity Zone Fund under IRC Section 1400Z-2, Small Business Investment Company (SBIC) licensed by the SBA, Exempted Limited Partnership (ELP) under the Exempted Limited Partnership Act and Segregated Portfolio Company (SPC) under the Companies Act, among 12 wrappers in total, supervised by SEC (Securities and Exchange Commission) and CIMA (Cayman Islands Monetary Authority). North American private capital is anchored by SEC-supervised managers running Delaware limited partnerships, often with Cayman feeders for non-US LPs.
Those differences land in fund operations rather than in the deal thesis: the disclosure a regulator expects, the reporting cadence an LP is used to, the currency a capital account is denominated in (USD and KYD), and which documents must exist before a commitment can be drawn. Reuben AI holds those requirements per jurisdiction, so a mezzanine deal is scored on the shared rubric while the jurisdiction-specific checks run alongside it.
A manager holding mezzanine in more than one North America jurisdiction usually ends up with more than one process: a different checklist per vehicle, a different reporting pack per LP base, and no single ranking of the portfolio. That is the problem the platform removes.
Deals are scored on the mezzanine rubric regardless of where the vehicle sits. Key terms are extracted with a clause-level source reference. Jurisdiction-specific flags are raised against the framework that applies to that vehicle, with the regulator and the primary source recorded on the deal. The investment committee pack and the LP report are generated from that same stored record.
The result is that a mezzanine position in one North America jurisdiction is directly comparable to a position in another, and to positions in every other asset class the fund holds, without a reconciliation step.
United States and Cayman Islands. Each is held in the jurisdictional registry with its regulator, common fund structures and primary source citations, all listed on this page.
SEC (Securities and Exchange Commission) and CIMA (Cayman Islands Monetary Authority). Regulator links and the underlying statutes are cited on this page so any claim can be checked against the primary source.
Delaware Limited Partnership under the Delaware Revised Uniform Limited Partnership Act (DRULPA), Delaware Limited Liability Company under the Delaware LLC Act, Delaware Series LLC under the Delaware LLC Act, Section 3(c)(1) Exempt Fund under the Investment Company Act of 1940, Section 3(c)(7) Qualified Purchaser Fund under the Investment Company Act of 1940, Registered Investment Company under the Investment Company Act of 1940, Qualified Opportunity Zone Fund under IRC Section 1400Z-2, Small Business Investment Company (SBIC) licensed by the SBA, Exempted Limited Partnership (ELP) under the Exempted Limited Partnership Act, Segregated Portfolio Company (SPC) under the Companies Act, Cayman Limited Liability Company under the Limited Liability Companies Act and Unit Trust under the Trusts Act. The structure determines the disclosure and reporting requirements the platform applies, not the rubric the deal is scored on.
Mezzanine in LatAm
Latin American private capital spans Brazilian FIPs under CVM Resolução 175
Mezzanine in UK & Ireland
UK and Ireland private capital combines English and Scottish limited partnerships under the Limited Partnerships Act 1907 (FCA-regulated managers) with Irish ILP and ICAV structures supervised by the Central Bank of Ireland.
Mezzanine in Continental Europe
Continental European private capital spans Luxembourg RAIF and SCSp structures
Mezzanine in APAC
APAC private capital covers Singapore VCCs
Mezzanine in Global
Reuben AI supports fund structuring
Venture Capital in North America
Minority equity investment in early- and growth-stage private companies
Private Equity in North America
Direct equity investment in privately held companies through closed-end funds
Buyout in North America
Control or majority transactions in mature companies
Growth Equity in North America
Minority equity in scaled
Private Credit in North America
Non-bank lending to private companies
Private Debt in North America
Privately originated debt instruments
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