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.


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.


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

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Real assets and net zero: Ambition vs action

Nearly half of global institutional investors expect to increase investments in real assets over the next 12 months. Our Real Assets Study 2021 delves into the reasons why infrastructure, real estate and private debt asset classes remain in favour and pressing issues like the accelerating race to net zero and advancements within ESG.

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