Petar Ristic
I run Silk Road. The origination, the models and the notes are my own.
I started the firm because infrastructure is the last corner of finance where the asset is a physical fact — a substation, a berth, a tunnel portal — and the money has to follow it. Assets you can stand next to are worth being expert in.
So the coverage is deliberately narrow: six subsectors, Australia and New Zealand, live market situations rather than case studies. I am the only person here, which makes every view on this site attributable to one name.
How we work
Six subsectors swept to a candidate floor. Nothing enters the roster without a named counterparty and a dated catalyst — a determination, a commissioning, a continuation fund at the end of its life, a halted process.
Every idea is cut to its axis — ownership, capital or perimeter. The axis sets the product: M&A, project and acquisition finance, or debt capital markets.
A band off the public record, not a number. The point estimate arrives with the model, inside the band.
One note: conclusion on page one, the working behind it, every figure dated. Sound, improved or flagged — a flag is adjudicated before anything goes out.
Contact
Silk Road is not a real firm. It has no clients, no fees and no mandates, the transactions on this site are invented, and nothing here has been executed. The companies, assets and market conditions are real and publicly reported; the origination, the models and the writing are my own.
We find the deal, and we show the working.
Buy and sell-side, capital markets and project financing, we’re full service to ANZ infrastructure assets and the companies that hold them. The route, the model, the note, the close.
Mandate in focus
June 2026Four batteries, each bankable alone, none of them financeable that way
CIS underwriting made each battery bankable on its own, but funding them one by one meant four processes, four security packages and four sets of lender diligence against a developer of twenty-seven people. We took the portfolio out as a platform: one equity cheque across all four builds, one facility over the portfolio, and the Commonwealth floor doing identical work in each.
Four products, six subsectors, one desk.
A situation arrives as a problem, not as a product. Deciding which of the four it becomes is the first call we make, and usually the one that sets the price. Most mandates begin as somebody’s problem, be it a regulatory reset, a stranded asset, or a sponsor who has run out of balance sheet. We structure the transaction it calls for, build the model ourselves, and publish it with the transaction note.
Where we are looking
If you are holding an asset, a platform or a problem without a clear path, we’ll find the route.
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Commentary
Six subsectors, one piece each, written from announced terms and public filings.
Selected transactions
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Each battery in the Tender 8 portfolio was bankable on its own CIS terms. The constraint was concurrency: four builds drawing sponsor equity at once, against a funding plan written project by project.
A single platform cheque against the portfolio, sized on the bid's revenue floor, carrying all four builds through construction concurrently. The raise prices the platform, not the projects.
The floor is given; the solve is ours. Lender coverage alone would require c. A$218,000 per MW per year weighted; the bid's floor sits thirty-nine per cent above it, and the equity is sized against that spread (exhibit 1).
Concurrency is the risk the structure retires. Sequenced builds would push the last energisation past the CIS window; the platform cheque buys the right to build all four at once and carry the timing (exhibit 2).
Silk Road is a fiction. The firm does not exist and the transactions described here were never executed. The companies, assets, financials and market conditions inside them are real, current and cited to their sources. Only the transaction itself is invented. The work is published so it can be checked.
Wrong pass.
There’s no crossing here. Back to the silk road.