Operating businesses
Growth debt and equity for revenue-generating local companies.
For investors and allocators
LCM sources, models, and documents place-based opportunities. You retain full discretion over every investment decision.
Request investor accessAccess is reviewed by the LCM team. Some materials are limited to verified accredited investors.
The record
Coverage
Growth debt and equity for revenue-generating local companies.
Mixed-use, workforce housing, and adaptive reuse projects.
Community solar, energy retrofits, and place-based infrastructure.
Locally focused managers and vehicles for diversified exposure.
Annual cadence
| Window | Phase | Record |
|---|---|---|
| Jan – Mar | Winter Intake | Company applications open. Readiness reviews and pro forma builds begin. |
| Apr – May | Spring Diligence | Underwriting, memos, and site visits. Investor briefings on upcoming slate. |
| Jun | Spring slate | Cleared opportunities open to verified investors through permissioned data rooms. |
| Jul – Sep | Fall Intake & Diligence | Second cohort enters the pipeline. Parallel diligence on fall opportunities. |
| Oct | Fall slate | Second annual slate opens with company briefings. |
| Nov – Dec | Decision and monitoring | Investors retain discretion; LCM records status and quarterly reporting. |
Process
Structured intake captures the company, sector, raise size, geography, and supporting documents. A record is created and routed to the right intermediary.
Process noteFlight plan received. Routing to intermediary.
Sector, raise size, and geography captured. 4 documents attached.
First-touch diligence call. The intermediary validates fit, confirms raise parameters, and documents the conversation in the timeline.
Process notePreflight incomplete.
Financial model and use-of-funds outstanding.
The financial model is built or stress-tested. Use of funds, repayment capacity, and capital structure are formalized inside the data room.
Process noteModel validated. 3 assumptions flagged for review.
Repayment capacity modeled across 3 scenarios.
Investment memo drafted from financials, market context, outcome thesis, and risk factors. Scorecard populated against the LCM rubric.
Process noteMemo drafted. 14 open diligence items.
Two are material. Both flagged to the diligence team.
The investment committee reviews the memo, scorecard, and data room. Decisions: clear, request more diligence, or decline.
Process noteScheduled for committee, Thursday.
Memo, scorecard, and data room complete.
The opportunity has completed the LCM process and is ready for permissioned review. Self-listed opportunities skip this stage and are labeled distinctly.
Process noteCleared. Ready for distribution.
Process complete. Merit is not warranted; diligence is disclosed.
Published to the slate and matched to investor and allocator mandates. Verified investors access the data room and submit indications of interest.
Process noteEight opportunities in the pattern. Three cleared this week.
Three investors reviewing. None have committed.
Commitment confirmed. LCM records the path to close. Capital movement and execution happen off-platform between the parties.
Process noteLanded. Round reconciled.
Capital movement occurs off-platform between the parties.
Ongoing reporting. Quarterly updates formatted for client portfolio reviews, with overdue updates surfaced to the team.
Process noteQ3 update overdue by 6 days.
Two committed investors awaiting. Founder notified.
Keystone reports process state. It does not give investment, legal, or tax advice.
Process status is not investment advice. Decisions belong to the reader, and activity within permissioned materials may be logged.
Get the latest updates and opportunities delivered to your inbox.