Our Opportunistic Credit platform targets complex, dislocated, and mispriced credit situations across market cycles, through deep underwriting discipline. We target opportunities across the capital structure with a focus on bespoke, event-driven, and special situation credit opportunities, leveraging structural complexity, liquidity premiums, and market inefficiencies. Our strategy combines fundamental credit analysis with rigorous risk management to unlock value where conventional capital is constrained.

The following section outlines a research framework used to analyse event-driven and credit-related opportunities from an internal, conceptual perspective. The approach examines a broad range of instruments—including distressed debt, debtor-in-possession financing, non-performing loans, mezzanine, and structured credit tranches—to understand how idiosyncratic risk, cyclical dislocations, and structural features can influence outcomes. Observations are made to support internal analysis of market dynamics and capital structures, and are not intended as a solicitation, financial advice, or an offer of investment products.

Within this framework, particular attention is given to companies or assets undergoing operational or capital structure transitions, such as restructurings, asset sales, or liquidity events. Analysis focuses on how non-standard deal structures, private-market sourcing, and complex contractual features interact with macroeconomic and regulatory conditions. The research considers sector- and asset-class diversity—including corporate, real estate, and asset-backed credit—as well as the implications of different structural protections, covenants, and seniority arrangements, strictly for the purpose of internal assessment and insight.

Finally, the framework examines potential outcomes and dynamics that arise from structured creditor protections, collateral arrangements, and active engagement in hypothetical workouts or restructurings. It also considers characteristics such as upside participation, complexity, and the potential for diversification effects under varying market conditions. All observations remain purely analytical and illustrative, with no intention of promoting investment, soliciting capital, or suggesting any action for clients or third parties.

Investment Approach

• Flexible Mandate Across Instruments
  Focusing on a broad range of instruments—including distressed debt, DIP financing, non-performing loans (NPLs), mezzanine, and structured credit tranches—reviewing idiosyncratic risk and cyclical dislocations.

• Event-Driven & Transitional Capital
  Targeting companies undergoing operational or capital structure transformation (e.g., restructurings, asset sales, M&A, liquidity events) where traditional lending is unavailable or mispriced.

• Liquidity & Complexity Premiums
  By evaluating non-standard deal structures and sourcing directly in private markets, we consider opportunities that may offer higher risk-adjusted characteristics due to execution or structuring complexity. 

• Sector & Asset-Class Agnosticism
  Scope spanning corporate, real estate, and asset-backed credit—the most attractive relative-value opportunities.

Risk & Structuring Discipline

• Downside Protection Focus
  Evaluating opportunities with attention to covenants, collateral, and seniority considerations.

• Collateral & Security
  Considering structural protections such as contractual rights, cash flows, equity pledges, and other safeguards when evaluating opportunities.

• Active Engagement
  Assessment involving reviewing potential workouts or restructurings, drawing on legal, operational, and credit considerations.

• Market Dislocation Targeting
  Monitoring macro and market conditions, including rate changes, regulatory shifts, and liquidity events.

Characteristics

• Observed potential effects under different structural or contractual scenarios.

• Review of characteristics relative to other market segments.

• Analysing complex or privately structured opportunities to understand their characteristics and potential behaviour.