85%
Senior Secured
Priority position in the capital structure, with first-lien exposure representing the majority of the portfolio.
Alternative Strategy
Private Credit Fund.
Direct lending to middle-market companies, focused on senior secured positions, covenant protection, and capital preservation.
All Strategies Strategy Architecture
Private lending governed before capital is committed.
The strategy addresses a structural gap in middle-market lending by pairing direct origination with lender protections, cash-flow diligence, and ongoing covenant review.
9.6%
5-Year Net IRR
1.40
Sharpe Ratio
$10M
Minimum
2015
Inception
Investment Discipline
The mandate, in plain terms.
Our Private Credit Fund addresses a structural gap in the market: direct loans to middle-market companies that are underserved by traditional banks due to regulatory constraints.
By originating loans directly, we can negotiate disciplined lender protections including first-lien security, floating rates, and financial covenants that protect principal.
Origination Standard
Protection before yield.
Floating Rate
Loans are typically priced at SOFR plus spread, providing an inherent hedge against rising interest rates.
Due Diligence
Cash flow, collateral value, management quality, and downside recovery analysis are reviewed before commitment.
Active Monitoring
Quarterly covenant testing and direct dialogue with management continue throughout the loan lifecycle.
Portfolio Composition
Senior secured income profile
The allocation emphasizes first-lien senior secured exposure and controlled leverage.
| Segment | Allocation | Role | Review Focus |
|---|---|---|---|
| First Lien Senior Secured | 85% | Priority income | Collateral and covenant strength |
| Unitranche | 10% | Structured yield | Sponsor quality and cash flow durability |
| Equity Co-Invest | 5% | Upside participation | Alignment with senior credit exposure |
Operating Standard
Credit discipline comes before deployment.
The mandate is intentionally selective. Sponsor quality, cash-flow coverage, collateral, and documentation standards determine whether a loan enters the portfolio.
- Direct sourcing through sponsor, intermediary, and advisor networks
- First-lien and covenant discipline reviewed at investment committee
- Quarterly monitoring for covenant compliance and liquidity pressure
IMPORTANT DISCLOSURES: Private credit investments involve a high degree of risk, including the loss of principal. These investments are not suitable for all investors. The loans are generally illiquid and there is no secondary market. Performance targets are hypothetical and not guaranteed.