Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Evan Campbell, CFA, is a senior buy-side investor with 20+ years across private markets, real assets, and credit. He led portfolio management for a +€3bn European platform at Kennedy Wilson, with earlier front-office roles at Ontario Teachers’ Pension Plan, a listed North American REIT, and a pan-European private equity real estate platform. He is leading voice in private markets and special situations, with broad depth of experience across real assets, portfolio strategy, and risk management. Credentials include the CFA charter and the CFA Institute Climate Risk, Valuation & Investing Certificate, with additional training in credit analysis and advanced LBO and M&A modelling through Moody’s and a leading financial-modelling platform. Coverage spans Europe and the Americas.

Managing Director

Fermi Inc. (FRMI): Base Deal Upsized, IPO Investors Eye Owning a Piece of Future AI Infrastructure

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
Private debt terms signal stress. The primary lender’s 1YR term facility implies a 50%+ IRR via a MOIC option. This is under-covered and signals constrained alternatives.</li>
<li>
 Calendar precedes cash. Fixed obligations hit before revenue, so equity value is driven by sequencing rather than AI demand narratives.</li>
<li>
 Underwriting focus. Binding large-scale lease, funded bridge through fuel and logistics, and a credible take-out or refinance of the short-tenor facility.</li>
</ul>



Private debt terms signal stress. The primary lender’s 1YR term facility implies a 50%+ IRR via a MOIC option. This is under-covered and signals constrained alternatives.

 Calendar precedes cash. Fixed obligations hit before revenue, so equity value is driven by sequencing rather than AI demand narratives.

 Underwriting focus. Binding large-scale lease, funded bridge through fuel and logistics, and a credible take-out or refinance of the short-tenor facility.


Fermi (FRMI): The Devil Is In The Footnotes, Hidden Risk Triggers