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.
Debt purchase is the buying of portfolios of non-performing or reperforming loans from banks and lenders, usually at a discount to face value. The buyer then collects on the loans, restructures them or sells them on, earning a return from the difference between the purchase price and what is recovered.
NPL investments offer attractive returns through pricing inefficiencies.
Banks sell non-performing loans, typically those where the borrower is 90 days or more past due, to meet regulatory capital requirements and free up balance sheet capacity. This creates a steady supply of receivables that is largely independent of the broader credit cycle.
Pricing and servicing them well requires specialised infrastructure that most generalist credit managers have not built, which keeps competition for well-underwritten portfolios limited.
Returns are driven by the following:
Indicative price at which non-performing loan portfolios are acquired, by asset class (% of face value)
Source: Kingsbury & Partners. Indicative pricing only. Prices depend on collateral quality, vintage and jurisdiction, and real estate secured portfolios are priced case by case. The ranges are illustrative and are not a forecast.
Selected portfolio acquisitions completed under this strategy. Each is held as a single Credit Linked Note over a ring-fenced pool of receivables.
Specialist education finance operator acquiring distressed, delinquent and defaulted US Private Student Loans, closed in 2026.
Facility:
$15,000,000
Region:
North America
HQ:
Scottsdale, Arizona, United States
Year:
2026
Website:
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.
