Private Credit

Private credit is a rapidly expanding asset class, offering investors attractive, secure yield potential and exposure to unique performance drivers.

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A range of advantages

Private and alternative credit offer investors the potential for higher yield and lower risk, relative to similarly rated public corporate bonds. Furthermore, exposure to economic drivers generally not available in the public credit markets can result in significant diversification benefits.

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Different portfolio roles

The private credit landscape spans the spectrum of risk-return and duration characteristics. Given the variety of roles the different areas of private credit can play in investors’ portfolios, we expect the growth of private credit to continue.

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Our capabilities

ASI offer clients access to all major areas of private credit in Europe, including commercial real estate debt, infrastructure debt, corporate private placement debt, direct (mid-market) lending and syndicated loans, among other areas. We currently manage over £6bn of capital across these strategies (as at 31.12.2019).

What we offer our clients

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Commercial Real Estate Debt

Commercial real estate debt finances property across a range of sectors including office, industrial and retail, with security provided by the property itself.

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Infrastructure Debt

Infrastructure debt finances social and economic projects which often have monopoly-like characteristics, providing investors with uncorrelated, high quality cash flows.

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Corporate Debt

Private corporate lending can take many forms. Large corporates sometimes prefer to borrow privately to circumvent the constraints of public market issuance, and loans to mid-size corporates.

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Private Markets Fund Finance – NAV-based

NAV-Based Loans to Support Sponsor Portfolio Companies

Hark Capital is an innovative provider of financial solutions for sponsors and their portfolio companies 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. No uncalled capital is required. Since 2013, we have completed over 30 investments working with private equity funds, distressed PE and growth equity / VC firms.

www.harkcap.com
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Private Markets Fund Finance – LP backed

We provide credit facilities to private equity funds so that they can bridge investment requirements without having to draw capital from their investors. The benefits across stakeholders include operational efficiency, enhanced internal-rate-of-returns (IRRs) and, in turn, less negative returns in the early years of an investment.

Why are we offering fund financing to investors:

  • We have a good short-term liquidity profile, targeting both investment grade and credit-rated facilities
  • This is deemed a low risk strategy given recourse against a diversified base of institutional investors, with no evidence of historic defaults
  • We have a history of delivering strong risk-adjusted returns
  • Commercial Real Estate Debt

    Commercial real estate debt finances property across a range of sectors including office, industrial and retail, with security provided by the property itself.

  • Infrastructure Debt

    Infrastructure debt finances social and economic projects which often have monopoly-like characteristics, providing investors with uncorrelated, high quality cash flows.

  • Corporate Debt

    Private corporate lending can take many forms. Large corporates sometimes prefer to borrow privately to circumvent the constraints of public market issuance, and loans to mid-size corporates.

  • Private Markets Fund Finance – NAV-based

    NAV-Based Loans to Support Sponsor Portfolio Companies

    Hark Capital is an innovative provider of financial solutions for sponsors and their portfolio companies 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. No uncalled capital is required. Since 2013, we have completed over 30 investments working with private equity funds, distressed PE and growth equity / VC firms.

    www.harkcap.com
  • Private Markets Fund Finance – LP backed

    We provide credit facilities to private equity funds so that they can bridge investment requirements without having to draw capital from their investors. The benefits across stakeholders include operational efficiency, enhanced internal-rate-of-returns (IRRs) and, in turn, less negative returns in the early years of an investment.

    Why are we offering fund financing to investors:

    • We have a good short-term liquidity profile, targeting both investment grade and credit-rated facilities
    • This is deemed a low risk strategy given recourse against a diversified base of institutional investors, with no evidence of historic defaults
    • We have a history of delivering strong risk-adjusted returns

Featured 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.

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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.

Risk warning
Risk warning - Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.