Private debt

 

We have been navigating private debt markets for clients for over 20 years and are recognised as the second-largest private credit investor in Europe and sixth largest in the world*.

Superior access to assets

The depth and breadth of our market knowledge and sector specialisms enables us to invest across the full spectrum of private debt, to build portfolios that can help clients meet their long-term investment objectives and evolving needs. We have a history of innovation, using our strength in origination of unusual or complex assets, to find value in less competed areas of private markets.

As long-term partners to our clients, we offer strong alignment of interests and a focus on the outcomes offered by private debt assets, rather than a label or definition. We combine a bottom up, active approach to investing based on fundamentals to identify value. Our scale, extensive credit research platform and expertise, together with a consistent market presence over the long term, creates superior access to assets, enabling us to take advantage of new opportunities as they emerge. 

ESG factors are integrated throughout our investment processes and embedded in our fundamental analysis. As a private lender, closer interaction with our borrowers allows us to engage with them to address material ESG issues and influence positive change. We offer strategies across a broad range of private and illiquid assets from bank loans to real estate debt finance, direct lending, and distressed debt.

*Based on figures quoted in Private Debt Investor as at 1 December 2019 based on inflows over the past five years.

Leveraged finance

This strategy invests predominantly in senior secured loans issued by global sub-investment-grade companies from a variety of sectors, with a bias towards defensive industries.

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Asset backed securities (ABS)

We offer a range of strategies investing in the ABS market managed for different risk appetites, from AAA and high-grade portfolios and mandates to high yield and illiquid options.

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Illiquid multi-asset credit

This strategy combines a diverse range of private and illiquid debt assets, carefully selected to target steady, reliable income and return premia, typically in excess of comparably-rated public securities.

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Inflation linked multi-asset credit

This actively managed strategy invests in a range of sterling-denominated public and private securities that offer returns which are contractually linked to the UK retail price index (RPI). 

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Long-dated illiquid multi-asset credit

This strategy invests in a diverse range of private and illiquid assets with long-term maturities. These assets have the potential to generate stable, long-dated cashflows to match the needs of institutional investors.

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Senior real estate debt

This strategy invests in commercial mortgages secured against global real estate assets, with interest typically paid by rental income from the underlying properties.

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Junior real estate debt

This strategy invests in commercial mortgages secured against global real estate assets, with interest typically paid by rental income from the underlying properties.

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Consumer finance

We selectively acquire and originate high-quality pools of consumer loans, to offer investors compelling risk-adjusted returns compared to more established areas of private debt.

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Private placements

We offer these unlisted securities, typically offered by larger companies with strong financial profiles, directly to a limited group of institutional investors, rather than via the public market. 

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Debt opportunities

This capability invests in distressed debt and special situation opportunities. Using specialist legal and accounting skills within the investment team, we aim to realise full value from these investments.

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Infrastructure finance

This private debt asset class finances the development and maintenance of essential services and structures in the public and private sector.

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Impact financing

This approach to impact investing targets investment in projects and companies that make a positive contribution across a range of environmental and social issues.

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European secured property income

This long-term investment approach, which blends traditional fixed income and real estate investment, involves acquiring a property with a long-dated lease of 15 years or more linked to local or core European inflation measures.

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UK secured property income

This long-term strategy blends traditional fixed income and real estate investment. It involves acquiring a property with a long-dated lease of 20 years or more, usually linked to UK inflation.

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UK secured lease income

A long-term investment strategy that aims to deliver regular inflation-linked income from investment grade rental cashflows in the UK.

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