JV / strategic alliance structuring using the Ankura JV Alchemist five essentials: (1) strategic rationale, (2) governance, (3) financing (capital calls, IRR waterfall, preferred return), (4) operating model, (5) exit. Equity-style JV: capital → preferred + common with waterfall. Commercial-style: revenue share, MFN, exclusivity, exit clauses. 2026 trend: alliance contagion across CEOs per EY-Parthenon.
