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Deal origination Deal flow from companies not running a process.

spectup is mandated by the investor. For growth equity and private equity funds we turn your criteria into a company universe, approach each company directly and introduce the ones that fit.

  • Mandated by a growth equity or PE fund
  • Tickets from about $30M
  • Cost to the company nothing
Discuss an origination mandate See how a mandate narrows
4.9 / 5 Top Capital Market Consulting Company 2026
17 verified Clutch reviews Niclas Schlopsna, Managing Partner at spectup
30-minute call on fit Niclas Schlopsna · Managing Partner
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What deal origination is

Deal origination and deal sourcing name the same work. On a spectup mandate it is one job, run by the same two partners from the written criteria to the introduction.

deal origination

/diːl əˌrɪdʒɪˈneɪʃn/noun

also deal sourcing

  1. In private equityFinding companies an investor can back before they run a funding round or a sale.
  2. On a spectup mandateThe investor writes the criteria and pays for the work, a spectup partner approaches the companies directly, and the ones that clear the criteria and agree to talk are introduced.

Private equity firms tend to say origination for the relationships that lead to a deal, and deal sourcing for the search itself. A deal sourcing platform sells the database; an origination mandate delivers the introduction.

On a spectup mandate

Mandated and paid by
The investor: a growth equity fund, a private equity fund or a family office with a direct programme
Approached
Companies that are not running a sale or a fundraising process
Delivered
A consented introduction, with the company’s profile attached

See also

  • Proprietary deal flowCompanies that reach an investor outside a banked process: no auction and no seller’s timetable.
  • Private equity deal sourcingThe same search run for a buyout or growth fund, on its own investment criteria.
  • M&A deal sourcingThe search for a corporate acquirer, run on spectup’s buy-side M&A mandates.
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How a deal origination mandate narrows the market

Six stages, every one run by a spectup partner, each ending in something you hold. Each dot is a company, and a company that stops at a stage stays where it stopped.

  1. 01 / 06

    Thesis

    Ticket, stage, revenue, geography, sectors and what rules a company out, written down with you before any company is contacted.

    Written criteria, signed off
  2. 02 / 06

    Long list

    Every company that matches on size and geography first, then narrowed by sector, so a company outside your usual sectors still reaches the list.

    A company universe, with a reason per name
  3. 03 / 06

    Qualified

    Each name checked against the full criteria and what rules a company out, before anyone is contacted.

    A shortlist, ranked against your criteria
  4. 04 / 06

    Approached

    A partner contacts each company directly with one question: are you raising, or open to an acquisition?

    An approach log, every answer recorded
  5. 05 / 06

    Conversations

    Before a name reaches you, we speak to the company about what it wants, at what size and on what timing, and whether it will meet an investor.

    A profile of every company that took the call
  6. 06 / 06

    Introductions

    Made with the company’s consent and the profile attached, early enough to build the relationship before a round is priced.

    A consented introduction

Illustrative proportions, not a forecast. Each dot is one company.

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Build an example criteria sheet

The first thing a mandate produces is the thesis, written down. Pick an instrument, a ticket, a region and a sector, and the sheet shows how it is filtered: size first, geography second, sector third.

AInstrument
BTicket per company
CRegion
DSector

We take origination mandates from growth equity funds, private equity funds and family offices investing committed capital, with tickets from about $30M. Real criteria are written with you on the first call.

Origination criteria

Mandate draft · prepared by spectup for the investor

Illustrative
 The investor
01Mandating investorA growth equity fundNamed to the company once both sides agree to meet
02InstrumentMinority growth equity, primary capital
1Filter one: size
03Ticket per company$30M to $50M
04Implied equity value$90M to $330MArithmetic on the ticket at a 15% to 35% stake, not a valuation
2Filter two: geography
05RegionGermany, Austria and SwitzerlandHeadquarters and most of the revenue in the region
3Filter three: sector
06Sector focusB2B software with recurring contract revenue
07Rules a company outAlready running a banked sale or round; services-led revenue
 The approach
08The first message asksAre you raising, or open to an acquisition?
09Introductions go toA named person at the fund, who also takes the monthly review
Size and geography first, sector secondSigned off before any company is contacted
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What the company receives in the first message

Every approach comes from a spectup partner and says who is behind it, what it costs the company and what happens next. Illustrative message, annotated; the bracketed fields are filled per company.

FromA spectup partner
ToThe CEO, [Company]
SubjectA growth equity investor and [Company]

Dear [First name],

I am a partner at spectup, a private capital advisory firm in Munich. A growth equity fund has mandated us1 to find companies it could invest in, and [Company] matches what it looks for: [size], [region], [sector].2

One question: are you raising, or would you consider an acquisition?3

The approach costs [Company] nothing; the fund pays spectup4, and on this transaction we act for the fund5.

If there is interest, we speak first. You learn the fund’s name once both sides agree to meet6.

[Partner name]Partner, spectup · Munich
Illustrative. No real names.

  1. The investor type, in line one

    The company hears what kind of investor is behind the approach in the first message.

  2. Why this company

    The criteria it matched, stated, so the company can see the approach is not a mail merge.

  3. One question

    Raising, or open to a sale. That is everything the first message asks.

  4. What it costs the company

    Nothing. The investor that mandated the approach pays spectup.

  5. Whose side spectup is on

    The investor’s, on this transaction, and the company is told so before it answers.

  6. When the name is given

    The investor’s name once both sides agree to meet, and not before.

If spectup contacted your company

An investor whose criteria your company meets asked us to call. Taking the call commits the company to nothing.

What it costs you

Nothing. spectup is paid by the investor that mandated the approach and does not represent your company on that transaction.

An advisor on your own side

A company that wants one for its raise appoints one for that transaction. For a separate mandate, see private placement.

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The network behind every approach

Out of spectup’s capital raising and M&A mandates since 2022: the relationships and the record every approach is made from.

  1. 440+Direct investor and LP relationshipsout of closed transactions
  2. 2,500+Investors and LPs metfor mandates
  3. $760M+Raised, placed and advisedsince 2022
  4. 150+Mandatescapital raising and M&A
  5. 30+Partner firmsadvisors, banks and funds we run mandates alongside
  6. 4.9 / 5On Clutch17 verified reviews
Network

440+ relationships from closed transactions, across North America, Europe and the Middle East.

Technology

Valicon.ai, spectup’s own investor platform, and a separate in-house signal engine. Both built by spectup, neither licensed.

Media

The Raise or Die Letter reaches 2,000 B2B financial decision makers every two weeks, with the spectup podcast beside it.

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Three rules written into every origination mandate

Agreed with the investor before the first approach, and told to every company we contact.

Rule 01 fee approach Investor spectup Company pays nothing

One side of the table

spectup is mandated and paid by the investor. The company pays nothing and is never our client on the same transaction.

Rule 02 1 2 Mandate signed first Signed second, next in line Company

One investor at a time

If two investors want the same company, they are introduced one at a time, in the order the mandates were signed.

Rule 03 Type Growth equity fund Name [Fund name] Given once both agree Investor Company

The name comes with the meeting

The company hears the type of investor in the first message, and the investor’s name once both sides agree to meet.

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spectup, a deal sourcing platform or an outsourced calling team

Three ways a fund gets proprietary deal flow. Each row shows who does each of the six steps, what the company hears, and what you pay for it.

spectup partner Vendor or softwareYour own team
  01 Build the list 02 Research each company 03 Write the approach 04 Contact the company 05 Qualify the answer 06 Introduce What you pay
spectup mandateThe company hears who mandated the approach, that it costs nothing, and what happens after a yes.
01Build the listPartner
02Research each companyPartner
03Write the approachPartner
04Contact the companyPartner, by name
05Qualify the answerPartner
06IntroducePartner, with consent
You payA monthly retainer, plus a success fee on a completed investment
Deal sourcing platformThe company hears whatever your team writes.
01Build the listDatabase
02Research each companyYour associates
03Write the approachYour associates
04Contact the companyYour associates
05Qualify the answerYour team
06IntroduceYour team
You payA licence fee, whether you invest or not
Outsourced calling teamThe company hears the script you approved.
01Build the listVendor list
02Research each companyVendor
03Write the approachYour script
04Contact the companyCallers on a sequence
05Qualify the answerYou, in the meeting
06IntroduceBooked meeting
You payA monthly campaign fee, whether you invest or not
04 Contact

On a spectup mandate a partner contacts the company, by name. On a platform it is your own associates, alongside everything else they own. A calling team uses callers on a sequence, often in your name.

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A typical origination mandate, month by month

The same two partners from the written criteria to the last introduction. Illustrative timing: the order holds on every mandate, the pace depends on the criteria and the regions covered.

Niclas Schlopsna, Managing Partner at spectup
Niclas SchlopsnaManaging Partner

Decides which mandates the firm takes and writes the criteria with you before the first company is contacted. LinkedIn

Edwin Mik, Partner and Head of IR at spectup
Edwin MikPartner & Head of IR

Builds the company universe, makes the approaches and runs the monthly review with you. LinkedIn

  M1M2 M3M4 M5M6 M7M8 M9Close CriteriaNiclas, with you Signed off Company universeEdwin Size, geography, sector ApproachesEdwin, by name One question to each company: raising, or open to an acquisition? Qualifying callsEdwin What the company wants, at what size, on what timing Introductionswith consent Profile attached, before a round is priced Monthly reviewEdwin, with you, every month You payretainer, then success fee
Month 1

The criteria are written with you and signed off, and the company universe is built by size and geography first.

Monthly retainer+success fee

Discuss an origination mandate
The retainer
Covers the criteria, the universe, every approach, the qualifying calls and the monthly review. Flat for the term, agreed before we start.
The success fee
On a completed investment in a company we introduced, capped in the mandate before any work starts.
The rate card
There is none. Both figures are set against ticket size and the regions covered, and you have them in writing after the first call.
/ 09

Deal origination questions we answer on every first call

Asked by funds before the criteria are written down, and by the companies we approach.

01What is deal origination?

Deal origination is finding companies an investor can back before they run a funding round or a sale. On a spectup mandate the investor sets the criteria and pays for the work. We build the company universe, a partner approaches each company directly, and we introduce the ones that clear your criteria and have agreed to talk.

02Is deal origination the same as deal sourcing?

The same work under two names. Private equity firms tend to say origination for the relationships that lead to a deal and deal sourcing for the search itself. A deal sourcing platform sells the database; an origination mandate delivers the introduction, and on a spectup mandate one partner runs it from the written criteria to that introduction.

03What is proprietary deal flow?

Companies that reach an investor outside a banked process: no auction, and no timetable set by a seller’s advisor. Every company on an origination mandate is approached directly by spectup, before it has hired a banker for the transaction.

04Which investors do you originate for, and from what ticket size?

Growth equity funds, private equity funds and family offices investing committed capital, with tickets from about $30M. A corporate buying a company outright is a buy-side M&A mandate, where the search runs through diligence to signing.

05Who at spectup works on the mandate?

Two partners, start to finish. Niclas Schlopsna, Managing Partner, writes the criteria with you. Edwin Mik, Partner and Head of IR, builds the company universe, makes the approaches and runs the monthly review. Nothing is handed to an analyst.

06Does the company pay spectup anything?

No. The investor that mandated the approach pays spectup, and the company is told so in the first message. We do not represent the company on that transaction.

07When does the company learn who the investor is?

The company hears the type of investor in the first message, for example a growth equity fund, and the investor’s name once both sides agree to meet.

08What happens when two of your investors want the same company?

One investor at a time, in the order the mandates were signed. The rule is written into every mandate before the first approach and told to the company.

09Can spectup also run the company’s raise?

Not on the same transaction. We act for the investor who mandated the approach, so a company that wants its own advisor for that round appoints one. A company can mandate spectup for a different transaction where nothing overlaps.

10How is deal origination priced?

A monthly retainer while the mandate runs, plus a success fee on a completed investment in a company we introduced. There is no rate card: both figures are set against ticket size and the regions covered, capped in the mandate, and in writing after the first call.

11What if no introduction leads to an investment?

You have paid the retainer and no success fee, and you keep what the mandate produced: the written criteria, the company universe, the approach log and a profile of every company that took the call.

Deal origination

Discuss an origination mandate

One call with a partner covers your criteria, the companies that would be on the list and what the mandate costs. spectup is mandated by the investor and paid by that side only.

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