Private Credit

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

Regulatory and balance sheet constraints have curtailed the amount that banks have been able to lend to businesses and projects, leading to substantial opportunities for institutional investors.

Aberdeen Standard Investments offers clients access to all major areas of private credit, including commercial real estate debt, infrastructure debt and various types of private corporate debt.

Key Benefits

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.

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.

Our capabilities

Aberdeen Standard Investments offers 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

commercial-real-estate

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.

infastructure-debt

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

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.

finance-and-hark-capital

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.

https://harkcap.com
asi_7_concession-infrastructure_4_social

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.

    https://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

Our Team - Private Credit

Barry Fricke

Barry Fricke

Global Head of Private Credit Product Strategy & Solutions

Barry Fricke is Global Head of Private Credit, Product & Client Solutions at Aberdeen Standard Investments. He represents the private credit capabilities of the firm, developing new and customised investment solutions for clients globally.

Prior to joining Aberdeen Standard Investments in April 2017 he was an Executive Director at Goldman Sachs for eight years, based at various stages out of London and New York, advising on and managing private credit and alternative investment portfolios. He started his career at JP Morgan, working on investment strategy and portfolio construction.

Barry holds an MA in Philosophy from the University of London, Birkbeck, an MSc in Electrical Engineering from the University of the Witwatersrand (Johannesburg), and a BEng in Electronic Engineering from the University of Pretoria. He is a CFA charterholder and holds the Certificate in Quantitative Finance. Barry is a Fellow of the Royal Society of the Arts.

250x350_Doug_Cruikshank

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.

250x350_ian_shanks

Ian Shanks

Head of Fund Financing (LP backed subscription lines)

Ian Shanks is Head of Fund Financing (LP backed subscription lines) at Aberdeen Standard Investments. He has spent over 20 years in private equity as both a debt lender and equity provider. Ian started his career in Bank of Scotland and was involved in leverage finance and then established the banks private equity business.

During the early 2000’s the private equity book grew to £3billion investing across primary, secondary and co-investment activity. As part of this, Ian established the banks fund financing business lending to private equity funds, completing over 50 deals with a book of £10billion across LP backed subscription lines, GP co-investments and asset backed lending.

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.

250x350Ingrid_Neitsch

Ingrid Neitsch

Head of Strategic Credit

Ingrid Neitsch is Head of Strategic Credit at Aberdeen Standard Investments, where she manages dedicated private credit portfolios. Previously, she worked at Financial Risk Management, an institutional fund of hedge funds manager, where she was Managing Director responsible for allocation to credit strategies and management of credit portfolios.

Prior to this, she held investment management and trading positions at firms including HSBC, Credit Suisse, Goldman Sachs and Barclays. Ingrid has a Bachelor of Commerce from the University of Alberta.

  • Barry Fricke

    Global Head of Private Credit Product Strategy & Solutions

    Barry Fricke is Global Head of Private Credit, Product & Client Solutions at Aberdeen Standard Investments. He represents the private credit capabilities of the firm, developing new and customised investment solutions for clients globally.

    Prior to joining Aberdeen Standard Investments in April 2017 he was an Executive Director at Goldman Sachs for eight years, based at various stages out of London and New York, advising on and managing private credit and alternative investment portfolios. He started his career at JP Morgan, working on investment strategy and portfolio construction.

    Barry holds an MA in Philosophy from the University of London, Birkbeck, an MSc in Electrical Engineering from the University of the Witwatersrand (Johannesburg), and a BEng in Electronic Engineering from the University of Pretoria. He is a CFA charterholder and holds the Certificate in Quantitative Finance. Barry is a Fellow of the Royal Society of the Arts.

  • 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.

  • Ian Shanks

    Head of Fund Financing (LP backed subscription lines)

    Ian Shanks is Head of Fund Financing (LP backed subscription lines) at Aberdeen Standard Investments. He has spent over 20 years in private equity as both a debt lender and equity provider. Ian started his career in Bank of Scotland and was involved in leverage finance and then established the banks private equity business.

    During the early 2000’s the private equity book grew to £3billion investing across primary, secondary and co-investment activity. As part of this, Ian established the banks fund financing business lending to private equity funds, completing over 50 deals with a book of £10billion across LP backed subscription lines, GP co-investments and asset backed lending.

  • 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.

  • Ingrid Neitsch

    Head of Strategic Credit

    Ingrid Neitsch is Head of Strategic Credit at Aberdeen Standard Investments, where she manages dedicated private credit portfolios. Previously, she worked at Financial Risk Management, an institutional fund of hedge funds manager, where she was Managing Director responsible for allocation to credit strategies and management of credit portfolios.

    Prior to this, she held investment management and trading positions at firms including HSBC, Credit Suisse, Goldman Sachs and Barclays. Ingrid has a Bachelor of Commerce from the University of Alberta.