Private Credit

Private Credit ist eine rasch wachsende Anlageklasse, die Anlegern das Potenzial für attraktive, sichere Renditen und Engagements mit einzigartigen Performancefaktoren bietet.

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Zahlreiche Vorteile

Die private und alternative Kreditvergabe bietet Anlegern die Möglichkeit, höhere Renditen mit geringerem Risiko zu erzielen als mit Unternehmensanleihen ähnlicher Ratingkategorien. Darüber hinaus können Wachstumstreiber, die an den öffentlichen Kreditmärkten in der Regel nicht verfügbar sind, erhebliche Vorteile bei der Diversifizierung bieten.

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Unterschiedliche Rollen im Portfolio

Die private Kreditlandschaft umfasst das gesamte Spektrum an Risiko-Ertrags- und Durationsmerkmalen. Angesichts der Vielfalt der Rollen, die verschiedene Private-Credit-Segmente in Anlegerportfolios übernehmen können, dürfte sich das Wachstum im Private-Credit-Bereich fortsetzen.

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Unsere Kompetenzen

ASI bietet Kunden Zugang zu allen maßgeblichen Private-Credit-Bereichen in Europa. Dazu zählen unter anderem Gewerbeimmobilien- und Infrastrukturfinanzierungen, Privatplatzierungen von Unternehmensanleihen, die direkte Kreditvergabe (Mid-Market) und syndizierte Kredite. Derzeit weisen diese Strategien ein verwaltetes Vermögen von über GBP 6 Mrd. auf (Stand: 31. Dezember 2019).

Was wir unseren Kunden bieten

commercial-real-estate

Gewerbeimmobilien-finanzierungen

Mit Gewerbeimmobilienfinanzierungen werden Immobilien in verschiedenen Sektoren finanziert, darunter Büro-, Industrie- und Einzelhandelsimmobilien, wobei die finanzierten Objekte als Sicherheit dienen.

infastructure-debt

Infrastrukturanleihen

Infrastrukturanleihen dienen der Finanzierung sozialer und wirtschaftlicher Projekte. Sie weisen oft monopolähnliche Merkmale auf und bieten Anlegern erstklassige, unkorrelierte Cashflows.

corporate-debt

Unternehmens-finanzierungen

Unternehmensfinanzierungen an den Private Markets können viele Formen annehmen. Großunternehmen bevorzugen mitunter eine Kapitalaufnahme an den privaten Märkten, um die Einschränkungen einer öffentlichen Platzierung zu umgehen; zudem umfasst das Segment Kredite an mittelständische Unternehmen.

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Finanzierungen über Private Markets-Funds – unterstützt durch Limited Partner

Wir stellen Private-Equity-Fonds Kreditfazilitäten zur Verfügung, damit sie ihren Investitionsbedarf vorübergehend decken können, ohne Kapital von ihren Investoren abrufen zu müssen. Dies bietet den beteiligten Akteuren verschiedene Vorteile, darunter eine größere operative Effizienz, ein verbesserter interner Zinsfuß (IRR) und somit geringere negative Erträge in den ersten Jahren eines Investments.

Warum bieten wir Investoren Fondsfinanzierungen an?

  • Wir verfügen über ein gutes kurzfristiges Liquiditätsprofil und streben sowohl Kredite im Investment-Grade-Segment als auch in niedrigeren Ratingsegmenten an
  • Die Strategie gilt als risikoarm, da sie den Rückgriff auf ein breites Spektrum institutioneller Investoren erlaubt, bei denen in der Vergangenheit keine Ausfälle verzeichnet wurden
  • Die Strategie hat in der Vergangenheit hohe risikobereinigte Erträge erzielt
finance-and-hark-capital

Finanzierungen über Private Markets-Funds – NAV-basiert

NAV-basierte Kredite zur Unterstützung der in den Portfolios von Finanzsponsoren enthaltenen Unternehmen

Hark Capital ist ein innovativer Anbieter von Finanzlösungen für Finanzsponsoren und deren Portfoliounternehmen. Er stellt den Portfoliounternehmen von Sponsoren in Situationen, in denen sie in der Regel Eigenkapital benötigen würden, Kredite ohne Verwässerungseffekt zur Verfügung.

Die Kredite basieren auf dem NAV des Sponsors und nicht auf dem Kreditprofil der einzelnen Portfoliounternehmen. Die Bereitstellung von nicht eingefordertem Kapital ist nicht notwendig. Seit 2013 haben wir gemeinsam mit Private-Equity-Fonds, Distressed-Private-Equity-Fonds und Growth-Equity-/Venture-Capital-Unternehmen mehr als 30 Investments getätigt.

www.harkcap.com
  • Gewerbeimmobilien-finanzierungen

    Mit Gewerbeimmobilienfinanzierungen werden Immobilien in verschiedenen Sektoren finanziert, darunter Büro-, Industrie- und Einzelhandelsimmobilien, wobei die finanzierten Objekte als Sicherheit dienen.

  • Infrastrukturanleihen

    Infrastrukturanleihen dienen der Finanzierung sozialer und wirtschaftlicher Projekte. Sie weisen oft monopolähnliche Merkmale auf und bieten Anlegern erstklassige, unkorrelierte Cashflows.

  • Unternehmens-finanzierungen

    Unternehmensfinanzierungen an den Private Markets können viele Formen annehmen. Großunternehmen bevorzugen mitunter eine Kapitalaufnahme an den privaten Märkten, um die Einschränkungen einer öffentlichen Platzierung zu umgehen; zudem umfasst das Segment Kredite an mittelständische Unternehmen.

  • Finanzierungen über Private Markets-Funds – unterstützt durch Limited Partner

    Wir stellen Private-Equity-Fonds Kreditfazilitäten zur Verfügung, damit sie ihren Investitionsbedarf vorübergehend decken können, ohne Kapital von ihren Investoren abrufen zu müssen. Dies bietet den beteiligten Akteuren verschiedene Vorteile, darunter eine größere operative Effizienz, ein verbesserter interner Zinsfuß (IRR) und somit geringere negative Erträge in den ersten Jahren eines Investments.

    Warum bieten wir Investoren Fondsfinanzierungen an?

    • Wir verfügen über ein gutes kurzfristiges Liquiditätsprofil und streben sowohl Kredite im Investment-Grade-Segment als auch in niedrigeren Ratingsegmenten an
    • Die Strategie gilt als risikoarm, da sie den Rückgriff auf ein breites Spektrum institutioneller Investoren erlaubt, bei denen in der Vergangenheit keine Ausfälle verzeichnet wurden
    • Die Strategie hat in der Vergangenheit hohe risikobereinigte Erträge erzielt
  • Finanzierungen über Private Markets-Funds – NAV-basiert

    NAV-basierte Kredite zur Unterstützung der in den Portfolios von Finanzsponsoren enthaltenen Unternehmen

    Hark Capital ist ein innovativer Anbieter von Finanzlösungen für Finanzsponsoren und deren Portfoliounternehmen. Er stellt den Portfoliounternehmen von Sponsoren in Situationen, in denen sie in der Regel Eigenkapital benötigen würden, Kredite ohne Verwässerungseffekt zur Verfügung.

    Die Kredite basieren auf dem NAV des Sponsors und nicht auf dem Kreditprofil der einzelnen Portfoliounternehmen. Die Bereitstellung von nicht eingefordertem Kapital ist nicht notwendig. Seit 2013 haben wir gemeinsam mit Private-Equity-Fonds, Distressed-Private-Equity-Fonds und Growth-Equity-/Venture-Capital-Unternehmen mehr als 30 Investments getätigt.

    www.harkcap.com

Empfohlenes Video

 
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Doug Cruikshank

Head of Fund Financing Hark Capital (NAV based solutions)

Doug Cruikshank is Head of Fund Financing and Hark Capital, running the NAV based solutions strategy at Aberdeen Standard Investments. He is a member of the U.S. Regional Investment Committee. He co-founded Hark Capital in 2012 providing non-dilutive loans to the portfolio companies of sponsors in situations that would typically require equity. The loans are based on the sponsor’s NAV, not the credit profile of the individual portfolio company.

Doug joined Enhanced Capital, which incubated Hark Capital prior to selling it to Aberdeen Standard Investments. Prior to this he was a Managing Director at Barclays and Lehman Brothers covering financial sponsor clients. He also worked at Credit Suisse and JP Morgan doing leveraged finance, bank lending and private placements.

Doug has an A.B. from Princeton University and a M.B.A. from the Kellogg School of Management at Northwestern University.

Jeremy Allcock

Jeremy Allcock

Head of Infrastructure Debt

Jeremy is the Head of the Infrastructure Debt Team with responsibility for sourcing, analysing and managing illiquid debt opportunities within agreed policy and mandate frameworks.

Prior to joining Standard Life Investments in September 2014, Jeremy was Head of the Public Sector Team at Nationwide Building Society. Whilst at Nationwide, his primary areas of focus had been in Infrastructure (primarily PFI) and Social Housing where he has over 20 years of experience. Jeremy has four years’ investment experience at Aberdeen Standard Investments and 36 years’ experience in banking & finance.

At Nationwide Building Society, Jeremy was personally involved in writing in excess of £1bn loans and led the Infrastructure team from inception to a book approaching £3bn at its peak. Deals sourced included some of the first PFI hospitals; the first gearing of an infrastructure fund; the first PFI Housing transaction and the first multi-authority procured street lighting project. 36 years in industry; 4 years at Aberdeen Standard Investments. Jeremy is also an associate at the Associate of the Institute of Bankers.

Neil-Odom-Haslett

Neil Odom-Haslett

Head of Commercial Real Estate Debt

Neil joined Standard Life Investments in 2013 and has worked in the industry for more than 30 years. He started his career with NatWest and subsequently worked for a number of international banks, including Fortis, Eurohypo, RBS and Deutsche Pfandbrief Bank, where he was the only non-German domiciled person to be given the powers of a voting member of the credit committee.

Neil has extensive experience in both originating and restructuring in the UK and Europe. This has provided ample opportunity to both initiate new relationships with borrowers and maintain good working relationships in more challenging restructuring situations. Neil is also President of the Association of Property Lenders (the UK lending representative body) and has four years’ investment experience at Aberdeen Standard Investments, and over 30 years’ in the industry. Neil is also an associate at the Associate of the Institute of Bankers.

250x350_Albane-Poulin

Albane Poulin

Investment Director, Private Placement Debt

Albane has been the lead fund manager of the Secure Income and Cash Flow Fund since its inception in 2017, investing in a range of private credit asset classes including Private Placement, Infrastructure Debt and Commercial Real Estate Debt. Her responsibilities also include the origination of private placement on behalf of ASI clients. She has credit research responsibilities on the public market covering peripheral utilities, and transport / infrastructure. She also manages a Credit Fund for a large insurance client where the objective is to take advantage of opportunities to collect illiquidity premium on the credit markets.

Albane joined Standard Life Investments as an Investment Director in 2015 following the acquisition of Ignis Asset Management. Prior to this, she was credit analyst at Insight Asset Management where she was covering primarily Utilities, Energy and Transport. Albane has six years’ investment experience at Aberdeen Standard Investments and 11 years’ experience in the industry. Albane holds degree in MA Economics & Finance and MA Bank, Finance & International Trade.

Shelly Morisson

Shelly Morrison

Senior Investment Director

Shelley Morrison is a Senior Investment Director in Fund Financing at Aberdeen Standard Investments with extensive experience in the origination, structuring and execution of fund level debt facilities. She has been with ASI since 2019. Before joining ASI Shelley was a Relationship Director in the Fund Finance team at RBS for 6 years where she managed a portfolio of subscription loans, NAV loans and GP finance to global funds across Private Equity, Private Debt, Infrastructure and Real estate. Prior to that, she worked in structured asset finance at RBS and Lloyds for 10 years, with a focus on commercial ship finance. Shelley received a first class honours degree in Geography and an MSc in Social and Political Theory, both from the University of Edinburgh.

  • Doug Cruikshank

    Head of Fund Financing Hark Capital (NAV based solutions)

    Doug Cruikshank is Head of Fund Financing and Hark Capital, running the NAV based solutions strategy at Aberdeen Standard Investments. He is a member of the U.S. Regional Investment Committee. He co-founded Hark Capital in 2012 providing non-dilutive loans to the portfolio companies of sponsors in situations that would typically require equity. The loans are based on the sponsor’s NAV, not the credit profile of the individual portfolio company.

    Doug joined Enhanced Capital, which incubated Hark Capital prior to selling it to Aberdeen Standard Investments. Prior to this he was a Managing Director at Barclays and Lehman Brothers covering financial sponsor clients. He also worked at Credit Suisse and JP Morgan doing leveraged finance, bank lending and private placements.

    Doug has an A.B. from Princeton University and a M.B.A. from the Kellogg School of Management at Northwestern University.

  • Jeremy Allcock

    Head of Infrastructure Debt

    Jeremy is the Head of the Infrastructure Debt Team with responsibility for sourcing, analysing and managing illiquid debt opportunities within agreed policy and mandate frameworks.

    Prior to joining Standard Life Investments in September 2014, Jeremy was Head of the Public Sector Team at Nationwide Building Society. Whilst at Nationwide, his primary areas of focus had been in Infrastructure (primarily PFI) and Social Housing where he has over 20 years of experience. Jeremy has four years’ investment experience at Aberdeen Standard Investments and 36 years’ experience in banking & finance.

    At Nationwide Building Society, Jeremy was personally involved in writing in excess of £1bn loans and led the Infrastructure team from inception to a book approaching £3bn at its peak. Deals sourced included some of the first PFI hospitals; the first gearing of an infrastructure fund; the first PFI Housing transaction and the first multi-authority procured street lighting project. 36 years in industry; 4 years at Aberdeen Standard Investments. Jeremy is also an associate at the Associate of the Institute of Bankers.

  • Neil Odom-Haslett

    Head of Commercial Real Estate Debt

    Neil joined Standard Life Investments in 2013 and has worked in the industry for more than 30 years. He started his career with NatWest and subsequently worked for a number of international banks, including Fortis, Eurohypo, RBS and Deutsche Pfandbrief Bank, where he was the only non-German domiciled person to be given the powers of a voting member of the credit committee.

    Neil has extensive experience in both originating and restructuring in the UK and Europe. This has provided ample opportunity to both initiate new relationships with borrowers and maintain good working relationships in more challenging restructuring situations. Neil is also President of the Association of Property Lenders (the UK lending representative body) and has four years’ investment experience at Aberdeen Standard Investments, and over 30 years’ in the industry. Neil is also an associate at the Associate of the Institute of Bankers.

  • Albane Poulin

    Investment Director, Private Placement Debt

    Albane has been the lead fund manager of the Secure Income and Cash Flow Fund since its inception in 2017, investing in a range of private credit asset classes including Private Placement, Infrastructure Debt and Commercial Real Estate Debt. Her responsibilities also include the origination of private placement on behalf of ASI clients. She has credit research responsibilities on the public market covering peripheral utilities, and transport / infrastructure. She also manages a Credit Fund for a large insurance client where the objective is to take advantage of opportunities to collect illiquidity premium on the credit markets.

    Albane joined Standard Life Investments as an Investment Director in 2015 following the acquisition of Ignis Asset Management. Prior to this, she was credit analyst at Insight Asset Management where she was covering primarily Utilities, Energy and Transport. Albane has six years’ investment experience at Aberdeen Standard Investments and 11 years’ experience in the industry. Albane holds degree in MA Economics & Finance and MA Bank, Finance & International Trade.

  • Shelly Morrison

    Senior Investment Director

    Shelley Morrison is a Senior Investment Director in Fund Financing at Aberdeen Standard Investments with extensive experience in the origination, structuring and execution of fund level debt facilities. She has been with ASI since 2019. Before joining ASI Shelley was a Relationship Director in the Fund Finance team at RBS for 6 years where she managed a portfolio of subscription loans, NAV loans and GP finance to global funds across Private Equity, Private Debt, Infrastructure and Real estate. Prior to that, she worked in structured asset finance at RBS and Lloyds for 10 years, with a focus on commercial ship finance. Shelley received a first class honours degree in Geography and an MSc in Social and Political Theory, both from the University of Edinburgh.