Investment strategy 03

Private Credit and Structured Investments

Capital structures built for the underlying situation.

We consider negotiated credit and structured investments where careful documentation, security, covenants and repayment analysis can shape risk as meaningfully as headline yield.

Direct lending
Asset-backed credit
Structured and preferred capital

Investment perspective

How we assess the opportunity.

Private credit can provide companies and asset owners with certainty, flexibility and speed where conventional financing is unavailable or insufficient. For investors, it requires disciplined underwriting because positions are often illiquid and lender protections matter most when performance weakens.

We examine the complete capital structure, sources and uses, cash-flow resilience, collateral value, intercreditor position and refinancing dependence under base and downside cases.

Structures may be originated directly or accessed through specialist managers, funds and listed vehicles where mandate, liquidity and suitability permit.

Capabilities

A detailed investment toolkit.

Senior and unitranche lending

First-lien and blended debt for acquisitions, refinancing, growth and ownership transitions.

Junior and subordinated capital

Mezzanine, second-lien and holdco instruments positioned below senior claims.

Asset-backed finance

Credit supported by receivables, equipment, contracted revenues, property or other identifiable collateral.

Structured and preferred capital

Hybrid instruments with negotiated payment, conversion, participation and governance features.

Acquisition finance

Financing analysis for buy-side transactions, including leverage capacity, covenant headroom and refinancing risk.

Portfolio and fund finance

NAV, subscription, continuation and other fund-level structures assessed with look-through discipline.

Underwriting priorities

Questions before capital is committed.

Cash-flow durability and debt service

Collateral and recovery value

Covenants and documentation

Seniority and intercreditor rights

Sponsor support and alignment

Repayment and refinancing pathways

Portfolio considerations

Potential portfolio role

Potential contractual income and capital-structure diversification with terms negotiated for a specific borrower or asset pool.

Liquidity

Usually limited. Secondary markets may be shallow and transfer may require consent.

Principal risks

Default, loss severity, weak documentation, leverage, interest-rate sensitivity, refinancing, valuation uncertainty and illiquidity.

Related strategies

Alternative Investments

Selective private-market and real-asset exposure across differentiated sources of risk and return.

Explore 02

Private Equity

Growth, minority and control investments in companies from proven scale-up through mature market leadership.

Explore 04

Special Situations

Capital for dislocation, complexity, transition and time-sensitive corporate or asset-level needs.

Explore

Discuss how this strategy may fit a broader investment mandate.

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For informational purposes only. This material does not constitute an offer, solicitation, recommendation or commitment to provide investment services or capital. Availability, vehicle structure and investor eligibility vary by mandate and jurisdiction. Investments involve risk, including possible loss of capital. Private investments may be illiquid and valuation may be uncertain. Past performance is not a reliable indicator of future results.