Our approach

With capabilities in Western Europe including the UK, we focus on senior debt from issuers that may be too small to access capital markets or those that prefer club deals with a few institutional investors. Opportunities are sourced across a diverse investment universe including investment-grade or crossover small and mid-cap firms from a variety of sectors, with maturities ranging between five and 10 years, typically for buy-and-hold investments.

We mitigate risk by avoiding subordination and structural leverage as well as through strong covenants, coupled with regular monitoring and reporting. The strength and depth of our independent credit research team provides robust governance and our disciplined investment process incorporates, but is not bound by, environmental, social and governance (ESG) criteria throughout the life of the asset.

Benefits

Senior private corporate debt can help investors diversify exposures while delivering attractive risk-adjusted returns.

Risk-adjusted return potential

Carefully sourced and structured senior debt can generate higher yields without unduly increasing risk, helping investors improve their overall risk-adjusted returns.

Diversification

Historic performance shows diversification benefits versus liquid market opportunities.

Illiquidity premium

The illiquid nature of the assets typically commands a premium being paid over comparable listed credit.

Key risks

Investment risk

The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.

Illiquidity risk

Certain assets held in the fund could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.

Complexity risk

Assessing risk implications of multi-layered transactions is challenging.

Real assets in focus

  • The case for private debt

    8 Oct 2020

    Private debt proved its worth to institutional investors during a sustained period of benign market conditions. But what does the outlook look like in an altogether more challenging environment?

  • Fibre broadband: The need for speed

    9 Sep 2020

    Lockdown measures imposed during the COVID-19 pandemic have highlighted the importance of digital connectivity. Tim Perry looks at the investment opportunities and challenges associated with European economies transitioning from copper to faster fibre broadband networks.

  • Defined Benefit pensions de-risking: A covenant and investment view

    23 Jun 2020

    In the midst of the COVID-19 shock, Felix Mantz from Lincoln Pensions and Joachim Sudre from Aviva Investors explore how defined benefit pension schemes should plan their journey towards an end game and adopt a more holistic approach to risk.

  • 'Mastering the real estate cycle'

    17 Apr 2020

    The cyclicality of real estate creates opportunities for well-informed investors. However, determining where a market is in the cycle can be difficult, so we have developed a tool that can help investors overcome this challenge.

  • Urban regeneration: How a secure income strategy can help revive city centres

    6 Jan 2020

    Like other major cities, London scores highly across a range of economic metrics. But while London’s continued capacity for renewal and attracting investment is undeniably impressive, it is often in stark contrast to other UK cities. Chris Urwin, Luke Layfield and Stanley Kwong explain what can be done to make those cities more attractive, and the respective roles investors and the public sector should play in that process.

Private corporate debt team

  • Munawer Shafi

    Head of Structured Finance & Private Debt

  • Nick Tune

    Private Placements Credit Analyst

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    Explore our real assets range

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