Our strategy is built around corners of the credit market characterised by pricing and market inefficiencies, where capital deployment is structurally underweight relative to demand. This creates opportunities for enhanced risk-adjusted returns and diversification through exposure to niche credit.
We deploy capital within asset-based lending, principally across two sub-strategies: specialty finance and debt purchase. Each vertical carries its own return drivers, underwriting discipline and risk profile.
Specialty finance is lending outside the traditional banking system, typically to businesses and consumers that banks serve poorly or not at all. Loans are secured against specific assets such as consumer, SME or real estate receivables, and the lender earns a contractual return on that collateral.
Large-cap direct lending holds roughly 58% of institutional AUM and mid-market 36%, leaving this segment structurally underweight.
The IMF put the European SME funding gap at approximately €930bn as of mid-2024, and bank retrenchment is widening it.
Most managers are built around sponsor-backed, syndicated deal flow and cannot replicate the direct-relationship origination this segment requires. That is what keeps the premium in place.
Read Our Full Analysis: The Financing Gap & the Mispricing of SME CreditWhere institutional private credit capital flows vs where SME financing demand sits (estimated, 2025)
Sources: Preqin, ECB, BIS, World Bank SME Finance. Figures are illustrative of structural proportions.
We provide senior, asset-backed credit lines to non-bank lenders in consumer, SME and real estate credit. The loans they originate become the collateral securing the facility.
Each facility is underwritten on the originator’s track record and repayment capacity, with covenants and concentration limits agreed at the outset and monitored throughout. The investment team co-invests alongside clients.
Co-investors access the exposure through a Credit Linked Note issued from a ring-fenced Compartment of our Luxembourg securitisation vehicle. The coupon is funded by the loan cash flows, and facilities run for 12 to 36 months.
Selected financings completed under this strategy. Each is held as a single Credit Linked Note over a ring-fenced pool of receivables.
Fintech SME lender financing and acquiring invoice receivables from SMEs across the United Arab Emirates, closed in 2026.
Figures are shown as at closing. Past transactions are not an indication of future performance.
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Important Information
This website is for professional investors only and is not intended for retail investors. Nothing on it is an offer or solicitation to buy or sell any security, or advice of any kind. Investments are made only on the basis of the relevant offering documents. Private credit investments are illiquid, target returns are not guaranteed, and past performance is not a reliable indicator of future results. Capital is at risk.
