As financial markets increasingly adopt digital infrastructure, the mechanisms for structuring capital are undergoing significant technical changes. At the center of this shift is Kolyo Boichev, Managing Director at CGPH Banque d’affaires, a corporate finance advisory firm headquartered in Paris La Défense. Boichev and his team focus on applying digital infrastructure to transactions that already have a defined financial and legal structure: private debt, bond issuances, private equity and real-economy club deals. Through Altherum, the group is also developing the infrastructure to tokenize selected third-party financial products, including bonds and, where the regulatory framework allows, ETF products.
CGPH Banque d’affaires operates across corporate finance, capital raising, and private debt, advising companies, entrepreneurs, and professional investors. Alongside its traditional corporate finance and advisory activity, CGPH works on transactions where the capital structure is defined deal by deal: the amount to be raised, the instrument used, investor rights, repayment terms, collateral and exit mechanisms. Blockchain is introduced only where it can simplify the administration and traceability of those already-defined rights.
Structuring Bonds and Club Deals Through Blockchain
The private debt market has historically relied on extensive manual processes, complex legal coordination, and prolonged settlement periods. Boichev advocates for a modernized approach, utilizing distributed ledger technology to execute proprietary bond programs and private-debt situations.In practice, a transaction may start with a company seeking, for example, €5 million to €10 million in growth or acquisition financing. CGPH assesses the borrower or target company, defines the maturity, pricing, security package, covenants and repayment structure, and identifies the appropriate group of professional investors. Altherum can then be used to digitally represent and administer the resulting participations.”
By applying blockchain to these instruments, CGPH Banque d’affaires aims to improve the coordination of club deals, where multiple professional investors pool capital for specific opportunities. Digital infrastructure can provide eligible participants with a verifiable record of subscriptions, ownership interests, distributions and permitted transfers. It can also reduce the manual reconciliation of investor records, legal documentation and payment events across the life of a transaction. Legal agreements, KYC and AML requirements, corporate records and investor rights remain governed by the underlying transaction documentation and applicable law.
For institutional investors and family offices, the benefit is primarily operational: clearer records of participation, more standardized reporting and less manual administration across transactions involving multiple investors and jurisdictions. The firm documents, structures, and executes every mandate to institutional standards, ensuring that the integration of digital assets aligns with strict legal and regulatory frameworks.
Tokenizing Third-Party Financial Products
Beyond proprietary debt issuance, Boichev directs the firm’s capabilities toward the tokenization of third-party financial products. Converting fractional ownership of private equity, growth capital, and real estate debt into digital tokens allows asset managers to distribute their offerings to a broader base of qualified investors.
Tokenization can reduce some of the operational barriers associated with fractional ownership and permitted transfers in private markets, but it does not create liquidity by itself. Any secondary transfer still depends on the legal structure of the instrument, regulatory requirements, transfer restrictions and the availability of a willing counterparty. While traditional real estate financing and venture capital require long lock-up periods and high minimum investments, tokenized structures can technically allow for fractionalized ownership and easier transferability on secondary digital markets. Boichev and his team advise clients on how to map these traditional assets onto digital networks, working with licensed lenders, funds, and issuers to ensure the tokenized securities meet the required compliance standards under applicable law.
Through Altherum, its digital investment and tokenization infrastructure, CGPH Banque d’affaires combines financial structuring with the technology required to represent and administer selected investments digitally. A bond issuer, for example, may use the infrastructure to digitally represent investor participations while retaining the original maturity, coupon, repayment obligations and investor protections defined in the bond documentation. A private equity or real estate transaction can follow the same principle: the underlying economics remain unchanged, while the participation is administered through a digital infrastructure.
A Disciplined Institutional Framework
Operating within the wider CGPH Group ecosystem, CGPH Banque d’affaires maintains a presence across Europe, Asia, and North America. Boichev emphasizes that the adoption of blockchain must not compromise the rigor required by high-net-worth individuals, institutional funds, and corporate groups.
The firm applies a strict four-step methodology to every transaction: understanding the business fundamentals, structuring the capital, positioning the asset for investors, and executing the mandate. The technology serves as a tool to execute these steps more effectively rather than a replacement for fundamental financial analysis. “We do not start with a token,” Boichev says. “We start with a company, a bond, an asset or a financing requirement. Once the transaction makes sense financially and legally, we determine whether tokenization can make its distribution and administration more efficient.”
For CGPH Banque d’affaires, the next stage is therefore less about issuing more tokens and more about expanding the range of transactions that can be managed through this infrastructure: CGPH-originated club deals, private debt and bonds, selected real-world assets and, progressively, third-party financial products. The common principle is that the quality and structure of the underlying investment remain the starting point.
To learn more, visit https://cgphbanquedaffaires.com/