TOOLS
Login to access your documents and resources.
At-a-glance
| INVESTS ACROSS |
|
Overview
The strategy seeks to deliver compelling risk-adjusted returns by originating and underwriting a diversified portfolio of bespoke senior and subordinated European loans to mid-to upper-mid-sized companies in non-cyclical and defensive sectors.
Strategy highlights
- Targets stable businesses by supporting M&A, LBO, and refinancing activity in the upper-mid market and concentrating on an EBITDA profile of €20 million - €200 million.
- Emphasizes defensive, non-cyclical sectors and growing businesses with strong cash flows.
- Focuses on European deals with a bias to Northern Europe and origination benefitting from local networks.
We believe that investing in private credit with those leading managers that can demonstrate cycle-tested processes and returns, with a track record of returning capital to investors, remains an attractive and stable investment as the macro environment continues to evolve.
INCREASED DEAL VOLUMES
Reduced bank lending and liquid markets issuance
TYPICALLY LOWER LEVERAGE
More conservative capital structures due to higher interest costs
HIGH QUALITY BORROWERS
Highly selective targeting large, stable, non-cyclical businesses
Related articles
Trace the rise of European direct lending from its origins in Michael Milken's 1980s junk bond revolution to today's record-breaking market. Discover how a handful of pioneering firms—Ares, ICG, Hayfin, and Arcmont—transformed from private equity's "last resort" into their "first port of call," now dominating nearly half the market they helped create in the aftermath of the 2008 financial crisis.
Navigating tomorrow's investment landscape with confidence: Discover the four transformative trends reshaping alternatives investing in 2026 and beyond. From the explosive growth of AI and digital infrastructure to the evolving dynamics between public and private markets, this outlook reveals how institutional investors can capitalize on emerging opportunities while managing complex structural risks. Learn how the convergence of geopolitical shifts, fiscal challenges, and the energy transition are creating new pathways for diversified, inflation-protected returns. Drawing on insights from Nuveen's nPOWERED25 conference, this analysis equips forward-thinking investors with the strategic vision needed to build resilient portfolios in an era of unprecedented change.
Private capital in 2026: Discipline over prediction / Foundations for a changing market
Investors should be aware that alternative investments including private equity and private debt are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.
