B1 · Module 03 · Class 10 — The Room in London

Vantage Capital Partners — Boardroom, Canary Wharf

The room is on the 22nd floor. Claire Beaumont sits at the head of the table. David Park is to her left, Ingrid Solvang to her right. Two other partners Santiago has not met before are at the far end.

Santiago connects his laptop. The title slide appears: "Latin American Infrastructure Strategy — Altius Consulting Group." He stands, looks at the room, and begins.

"Thank you for the time today. What I'm going to present has been prepared over six months and is based on approximately 40 hours of primary interviews and proprietary data analysis. The structure is simple: what was found, why it matters, and what is recommended."

Twenty minutes in, David Park raises his hand. "You said returns are projected to reach 16%. By whom? On what assumptions?"

Santiago nods. "Good question. Let me take you through the methodology." He had prepared for exactly this.

Modal passive

Meaning

Example

must be considered

obligation / strong recommendation

"This risk must be considered before any capital is committed."

should be noted

draws attention

"It should be noted that this figure excludes contingency reserves."

can be attributed to

explains a cause

"The improvement can be attributed to the new regulatory framework."

may be required

possibility/uncertainty

"Additional due diligence may be required in the Chilean market."

could be interpreted as

hedged interpretation

"This data could be interpreted as a signal of market consolidation."

would be expected to

reasonable assumption

"Returns would be expected to stabilise within three to five years."

Structure

Example

X appears to be [past participle]

The market appears to be underserved by current fund activity.

X seems to have been [past participle]

This risk seems to have been underestimated in the original assessment.

X is expected to be [past participle]

The agreement is expected to be finalised before end of Q2.

X is considered to be [past participle]

The Colombian market is considered to be the strongest candidate.

X is believed to be [past participle]

The regulatory window is believed to be open for the next 18 months.

X is known to be [past participle]

Currency risk is known to be the primary concern for foreign investors.

Pattern

Usage

Example

It is said that…

general belief / common knowledge

"It is said that infrastructure assets outperform in inflationary cycles."

It is believed that…

widely held view, not proven

"It is believed that regulatory reform will continue into 2027."

It is expected that…

strong likelihood

"It is expected that deal volume will increase by at least 20%."

It is projected that…

based on modelling or data

"It is projected that returns will reach 14% by the end of the period."

It is estimated that…

approximate calculation

"It is estimated that over $2 billion in deals are currently in the pipeline."

It is widely acknowledged that…

consensus view in the field

"It is widely acknowledged that LatAm infrastructure is entering a new cycle."

It has been found that…

result of research or analysis

"It has been found that phased entry reduces initial exposure by up to 30%."

It has been noted that…

an observation, often cautionary

"It has been noted that Q4 data may not reflect full-year trends."

"get + past participle" is a passive used in spoken language to describe processes or events. It is more dynamic and less formal than "be + past participle." Use it in informal Q&A or verbal explanation — NOT in written reports.

  "The timeline got pushed back due to regulatory delays."

  "Three deals got approved in Q3 alone."

  "The methodology got challenged — which is why we ran a second model."

In formal presentation slides and written sections, always prefer "be + past participle."

Combining Passives with Module 2 and Module 3 Tools

Passive + hedge:  "Returns are projected to reach approximately 14%."

Passive + cause-effect:  "A significant cost reduction was achieved, resulting in improved net returns."

Passive + discourse marker:  "Three markets were prioritised. Furthermore, it is expected that a fourth will be added in Phase Two."

Full sentence:  "It is widely acknowledged that infrastructure returns in this region may be underestimated — consequently, our projections are considered conservative."

Phrasal Verbs

follow up on  —  to take further action on something already discussed

"I'll follow up on the currency hedging question after the session — I want to pull the right data."

put forward  —  to suggest or propose something formally

"Three options were put forward by the risk team, each with a different return profile."

take on board  —  to accept and consider new information or a suggestion

"I've taken David's point on board — we'll adjust the Q4 projection in the final report."