Safety & Capital Preservation
Focus on senior secured debt investments, primarily first lien, supported by meaningful covenant protections,1 strong collateral coverage, and conservative transaction structures designed to mitigate downside risk.
Alternatives
Private Credit Direct Lending
Middle market direct lending strategy grounded in conservative underwriting, rigorous credit discipline and a focus on capital preservation.
AUM 1
$5.6B
Private Credit Direct Lending
A U.S.-focused direct lending strategy providing primarily senior secured financing to private equity sponsor-backed lower and core middle market companies.
Through direct origination and disciplined underwriting, we target attractive risk-adjusted returns while supporting acquisitions, buyouts, refinancings, recapitalizations, and growth.
Our investment philosophy
We believe attractive risk-adjusted returns are achieved through disciplined underwriting, conservative transaction structuring and deep relationships with private equity sponsors. By selectively investing in directly originated, privately negotiated transactions with meaningful covenant protections and strong collateral coverage, we seek to preserve capital, generate attractive current income and provide downside protection across market cycles.
What defines our approach
Income
Floating-rate direct lending strategy focused on generating attractive risk-adjusted returns and strong current income, supported by negotiated transaction economics and an illiquidity premium relative to broadly syndicated markets.2
Origination
Longstanding relationships with private equity sponsors and intermediaries provide proprietary access to a broad pipeline of investment opportunities, enabling disciplined selectivity and direct influence over transaction structure and terms.
Target investment criteria
Borrower EBITDA
$7.5 million-$50 million
Hold sizes
$20 million-$125 million
Underwriting and syndication
Up to $200 million
Ownership
Private equity sponsor
Potential roles
Lead arranger, admin agent, club participant
Loan types
First-lien debt, second-lien debt, last-out debt, unitranche debt