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BLACKHILLCAPITAL
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07 — Complementary capability

Servicing & Recovery

A portfolio's price is a hypothesis; recovery is the outcome. Post-closing monitoring exists to test the hypothesis against reality and correct the operation while there is still time.

01The problem

After closing, a portfolio's outcome depends on whoever operates collection. The gap between the projected and the realised curve only surfaces in time to be corrected where monitoring is structured and independent.

02Why it is complex

  1. 01

    The servicer's operational capacity drives the effective recovery curve — often more than the quality of the stock.

  2. 02

    Divergence between projected and realised curves must be measured monthly, not at the end of the cycle.

  3. 03

    Collection cost per unit recovered defines the operation's real margin.

  4. 04

    Personal data processing in collection is fully subject to the LGPD.

03Who can engage us

We act under mandate. Fit is assessed case by case, before any commitment.

  • Investors that acquired portfolios and need independent oversight

  • Funds with portfolios managed by third-party servicers

  • Sellers retaining a subordinated tranche in the transaction

  • Receivables fund structures with mandatory periodic reporting

04How we work

Advisor, structurer and intermediary. We do not acquire the asset we advise on.

  1. 01

    Selection and technical assessment of qualified servicers.

  2. 02

    Definition of the collection workflow and per-segment portfolio strategy.

  3. 03

    Monitoring of the recovery curve against the base case and periodic investor reporting.

  4. 04

    Strategy revision where observed divergence requires correction.

Conduct

Senior and direct conduct. Blackhill assesses the servicer and its collection workflow; operational and LGPD compliance audits are engaged where the portfolio requires them.

How Blackhill executes

05Framework and references

Indicators
WARR · cumulative recovery · cost/revenue
Frequency
Monthly reporting
Compliance
LGPD
Blackhill's role
Coordination and monitoring

This material does not constitute: (i) a public offering of securities; (ii) a legal opinion; (iii) an investment recommendation; (iv) a promise of returns; nor (v) a guarantee of any nature. Investment decisions rest exclusively with the investor, based on their own analysis and independent due diligence.

06How to start

Start a confidential conversation.

A first approach requires no documents, counterparty names or transaction data. The context in broad terms is enough for us to assess whether there is mandate fit.

  1. 01

    Preliminary contact

    You describe the context in general terms. We assess fit and come back with an initial reading.

  2. 02

    Confidentiality

    Where there is fit, an NDA is executed before any sensitive information is shared.

  3. 03

    Analysis and mandate

    With documentation available, we define the scope of work and the terms of the mandate.

Discuss a Transaction

Preliminary contact does not constitute a mandate, a binding proposal, a commitment to structure or any guarantee of execution. Accepting any engagement depends on prior analysis and a formal agreement between the parties.

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