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Trade finance and working capital

PROVIDING A REAL SERVICE TO THE ECONOMY

Generating consistent and idiosyncratic yield from private markets with a focus on principal protection

ALTERNATIVE FIXED-INCOME STRATEGY

Trade and specialty finance provides a range of financing programs to help companies release working capital to fuel their growth by implementing a process-driven approach from sourcing to repayment through an integrated investment platform.

WELL-BALANCED STRATEGY FOR A BALANCED PORTFOLIO

We help investors seeking a simplified alternative fixed-income solution that is an institutional, actively managed strategy.

Increasingly volatile and correlated equity and fixed-income markets have made meaningful portfolio allocations to alternative investments more important.

​The trade and specialty finance strategy aims to provide the following attributes:

Yield / Returns

Generate risk-adjusted returns through idiosyncratic risk.

Self-Liquidating

Structured transactions that are self-liquidating versus relying on capital markets for exit.

Short Duration Financing

Short duration reduces risk and provides liquidity to investors.

Transparency

Transparent management and reporting.

 

Collateralization

Collateralization of investments and  credit enhancement.

Uncorrelated

Performance often tied to the underlying transactions rather than broader market movements.

LARGE OPPORTUNITY SET

Trade & Specialty Finance Serves A Real Need

Trade and Specialty Finance provides capital to well-established small and medium-sized enterprises (SMEs) that are typically underserved by traditional lenders. SMEs represent a large and inefficient universe, and lenders can help provide financing solutions that meet their specific needs while generating attractive risk-adjusted returns.

% Companies Financed

Large

  • Highly competitive market

  • Investment grade

  • Access to traditional banking

  • Larger transaction size

  • Access to financing

  • Efficient

  • Lower to Moderate risk premium

Small and Medium Sized Enterprises (SMEs)

  • Large and underserved

  • Limited access to capital and inefficient: existing lines capped, deemed too small by banks, or cannot access capital markets.

  • Attractive risk premium vs. higher fees

Large (+$3B Revenue)

Middle Market ($100M - $3B)

SMEs ($10M - $100M)

Micro (Sub $10M)

​Micro

  • Inefficient

  • Higher risk premium

  • Lower volume & smaller transaction size

# Companies by Revenue

PROCESS DIFFERENTIATION

Disciplined and methodological approach across investment life-cycle from deal origination to repayment

Disciplined and methodological approach across the investment life-cycle

Independent and multi-dimensional credit underwriting and selection 

Generate value through operational workflow management

Focus on building effective diversification with active engagement

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