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Treasury advisory for private equity firms and portfolio companies

Private equity treasury advisory turns banking, FX and cash management into a measurable value creation lever. Operating partners and portfolio CFOs hire FIRMA Advisory to run a banking review in the first 100 days and repeat it across holdings. The outcome is documented savings, cash visibility and stronger bank terms.

When companies bring us in

Sponsors bring us in when treasury and banking sit outside the value creation plan, or when portfolio companies still bank on legacy terms. These are the usual moments.

  • A new acquisition closes and the 100 day plan has no banking or treasury workstream.
  • Portfolio companies still run on banking terms negotiated before the deal.
  • FX cost is material in a portfolio company but has never been measured.
  • The deal team wants treasury and banking findings during due diligence.
  • Several portfolio companies bank with the same institutions on very different terms.
  • An exit is approaching, and buyers will scrutinize cash, banking and controls.

What we deliver

Each engagement produces a sized savings case your model can use and a plan the portfolio company can execute. The table shows the deliverables and when they land.

DeliverableWhat it containsTypical timing
Banking and FX cost baselineFees, FX margins and interest on balances for the portfolio company, priced on an annual run-rate.End of phase 1
Value creation caseSavings and cash opportunities sized from data, with timing, ready for the value creation plan.End of phase 1
100 day banking planBank mandates, cash visibility, fee and FX actions, with owners and dates.Phase 2
Negotiation supportRequests for each bank, supported conversations and verification of new terms.Phase 3
Portfolio playbookA repeatable diagnostic, templates and benchmarks for the next holdings.Phase 4

How an engagement runs

A typical engagement runs in four phases aligned with the value creation timeline. The first phase can start before close when the deal team wants findings in diligence.

  1. Diagnostic, weeks 1 to 3. We baseline fees, FX, balances and bank structure from statements and trade data. Findings are sized for the value creation plan.
  2. 100 day plan, weeks 3 to 5. We agree priorities with the operating partner and the portfolio CFO. Bank mandates, signatories and cash visibility come first.
  3. Execution, weeks 5 to 12. We support negotiations with each bank and the implementation of new structures. New terms are verified on statements and trade records.
  4. Portfolio rollout, from week 12. The method is repeated at other portfolio companies with the same templates. Each new diagnostic starts faster than the last.

What changes for the client

Outcomes are measured on statements and trade data, so they hold up in a model and in an exit data room. These are the outcome types we report.

  • Run-rate bank fee savings per portfolio company, verified on statements.
  • FX cost in basis points against mid-market, before and after.
  • Days to consolidated cash visibility after close.
  • Interest earned or borrowing avoided through better use of cash.
  • Banks and accounts rationalized across the group.
  • Treasury and banking documentation ready for the exit data room.

Why an independent former banker

Banks price portfolio companies one by one, even when the sponsor brings them many relationships. Federico Lleonart worked in cash management at J.P. Morgan and Barclays, so the review reflects how banks actually price corporate clients.

Why are banking and FX cost a modellable value creation lever?

Bank fees, FX margins and interest on idle cash are recurring costs with clear data behind them. They can be baselined, renegotiated and verified within the holding period.

Unlike many operational levers, the result shows up on bank statements. That makes it easy to evidence in the value creation plan and at exit.

What belongs in a 100 day plan banking review?

The first priority is control: bank mandates, signatories and payment approvals that reflect the new owner. Cash visibility across every account comes next.

Fees, FX and facility terms follow once control is in place. Each action has an owner and a date in the plan.

How is the review replicated across a portfolio?

The same diagnostic, templates and benchmarks are reused for each holding. Every company adds data, so the comparison gets sharper over time.

Where several holdings use the same banks, the sponsor can coordinate the conversations. Banks respond differently when the wider relationship is visible.

FIRMA Advisory sells no banking products and takes no commissions from banks. A senior former banker leads every diagnostic personally.

For consulting firms and private equity teams

Consulting firms bring us in as the treasury and banking specialist inside operational due diligence or value creation work. Private equity teams can engage us directly or through their advisers, and our partner model explains both routes.

Frequently asked questions

These are the questions operating partners and portfolio CFOs ask first. Each answer is direct.

Do you work with the sponsor or the portfolio company?

Usually both. The operating partner sets priorities and the portfolio CFO owns execution, so we work with each of them. As an independent treasury consultant, we report findings to the people you choose. The company team stays involved because it runs the bank relationships after we leave.

How much does it cost, and how is it structured?

Pricing depends on the number of entities, banks and currencies in each holding. Sponsors often start with a fixed scope diagnostic for one company, then extend it as a project or a portfolio program. Part of the fee can be linked to verified savings where that fits the plan. See engagement models and fees.

How long does it take per portfolio company?

A diagnostic for one portfolio company typically takes 2 to 3 weeks, and the full program 10 to 12 weeks. Later holdings move faster because the templates and benchmarks already exist. Bank approval times set the pace of the execution phase.

Is the work remote or on site?

Most of the diagnostic runs remotely on statements, trade data and calls. Kick-off meetings with management and key bank meetings can be held in person. On site days are planned into the scope where they help. Travel is billed at cost and approved in advance.

Which regions and languages do you cover?

We work with sponsors and portfolio companies in the United States, Europe and Latin America. Federico Lleonart works in English, Spanish, Portuguese, Italian and French. That lets us work directly with local finance teams and local banks in those languages.

How do you handle deal and portfolio confidentiality?

Deal and portfolio information stays confidential. Data is used only for the engagement and is never shared with banks or other clients without approval. Client names, portfolio companies and results are never published without explicit consent. Data can be exchanged through your deal data room.
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Related insight: The 100 day banking review sets out what the first 100 days should deliver.

Engage

Add banking to the value creation plan.

Book a short call with an independent treasury consultant who knows how banks price corporate clients. We will outline a diagnostic for your next holding.

Book a 30 minute call [email protected]