Private Credit

Zogeheten Private Credits is een snelgroeiende activa klasse die beleggers een aantrekkelijk, veilig rendementspotentieel en blootstelling aan unieke rendementsfactoren bieden.

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Volop voordelen

Private Credits bieden beleggers mogelijk hogere opbrengsten en een lager risico in verhouding tot vergelijkbaar beoordeelde openbare bedrijfsobligaties. Verder kan de blootstelling aan economische stuurfactoren die meestal niet beschikbaar zijn op openbare kredietmarkten resulteren in aanzienlijke spreidingsvoordelen.

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Verschillende rollen in een portefeuille context

Het private financieringslandschap omvat het hele spectrum aan risico-rendements- en looptijdkenmerken. Gezien de uiteenlopende rollen die de verschillende sectoren van private financieringen in de portefeuille van beleggers kunnen spelen, verwachten we dat private kredieten zullen blijven groeien.

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Onze capaciteiten

ASI biedt klanten toegang tot alle grote sectoren van private kredieten in Europa, zoals onder meer commerciële vastgoedschulden, infrastructuurschulden, onderhands geplaatste zakelijke leningen, directe (middensegment) leningen en gesyndiceerde leningen. Momenteel beheren we meer dan £ 6 mrd aan vermogen voor al deze strategieën (per 31-12-2019).

Wat bieden we onze klanten

commercial-real-estate

Commercial Real Estate Debt

Zakelijke vastgoedschulden zijn de financieringen van vastgoed uit diverse sectoren zoals kantoorpanden, industriële en winkelpanden, en waarbij het vastgoed zelf als zekerheid dient.

infastructure-debt

Infrastructure Debt

Met infrastructure debt worden maatschappelijke en economische projecten gefinancierd die vaak monopolieachtige kenmerken hebben, en die beleggers van niet-correlerende hoogwaardige cashflows voorzien.

corporate-debt

Bedrijfsobligaties

Private bedrijfsleningen kunnen vele vormen aannemen. Grote bedrijven geven soms de voorkeur aan private leningen om de restricties van een openbare emissie te omzeilen, en leningen aan middelgrote bedrijven.

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Fondsfinanciering voor private markten - gedekt door de liquiditeitsverschaffer

We bieden private equity fondsen kredietfaciliteiten aan zodat zij investeringen kunnen overbruggen zonder kapitaal van hun beleggers aan te hoeven trekken. De voordelen voor belanghebbenden zijn onder meer operationele efficiëntie, betere interne rendementen en, in ruil daarvoor, minder negatieve rendementen in de eerste jaren van een belegging (J-curve effect).

Waarom bieden we beleggers fondsfinanciering:

  • We hebben een goed liquiditeitsprofiel voor de korte termijn door ons op zowel investment-grade als kredietfaciliteiten te richten.
  • Dankzij het gediversifieerde bestand aan institutionele beleggers zonder wanbetalingsverleden wordt dit beschouwd als een strategie met een laag risico
  • In het verleden hebben we sterke voor risico gecorrigeerde rendementen geleverd
finance-and-hark-capital

Fondsfinanciering voor private markten - op basis van instrensieke waarde

Leningen op basis van intrinsieke waarde ter ondersteuning van sponsorbedrijven in portefeuille

Hark Capital is een innovatieve aanbieder van financiële oplossingen voor sponsors en hun portefeuillebedrijven die zogeheten non-diluting leningen aan de bedrijven van de sponsors in portefeuille verstrekken, in situaties waarin gewoonlijk eigen vermogen zou worden gebruikt.

De leningen worden gebaseerd op de intrinsieke waarde van de sponsor, en niet op het kredietprofiel van het individuele bedrijf uit de portefeuille. Er is geen niet-gestort kapitaal nodig. Sinds 2013 hebben we in samenwerking met private equity-fondsen, noodlijdende bedrijven en groeibedrijven/durfkapitaalondernemingen meer dan 30 investeringen afgerond.

www.harkcap.com
  • Commercial Real Estate Debt

    Zakelijke vastgoedschulden zijn de financieringen van vastgoed uit diverse sectoren zoals kantoorpanden, industriële en winkelpanden, en waarbij het vastgoed zelf als zekerheid dient.

  • Infrastructure Debt

    Met infrastructure debt worden maatschappelijke en economische projecten gefinancierd die vaak monopolieachtige kenmerken hebben, en die beleggers van niet-correlerende hoogwaardige cashflows voorzien.

  • Bedrijfsobligaties

    Private bedrijfsleningen kunnen vele vormen aannemen. Grote bedrijven geven soms de voorkeur aan private leningen om de restricties van een openbare emissie te omzeilen, en leningen aan middelgrote bedrijven.

  • Fondsfinanciering voor private markten - gedekt door de liquiditeitsverschaffer

    We bieden private equity fondsen kredietfaciliteiten aan zodat zij investeringen kunnen overbruggen zonder kapitaal van hun beleggers aan te hoeven trekken. De voordelen voor belanghebbenden zijn onder meer operationele efficiëntie, betere interne rendementen en, in ruil daarvoor, minder negatieve rendementen in de eerste jaren van een belegging (J-curve effect).

    Waarom bieden we beleggers fondsfinanciering:

    • We hebben een goed liquiditeitsprofiel voor de korte termijn door ons op zowel investment-grade als kredietfaciliteiten te richten.
    • Dankzij het gediversifieerde bestand aan institutionele beleggers zonder wanbetalingsverleden wordt dit beschouwd als een strategie met een laag risico
    • In het verleden hebben we sterke voor risico gecorrigeerde rendementen geleverd
  • Fondsfinanciering voor private markten - op basis van instrensieke waarde

    Leningen op basis van intrinsieke waarde ter ondersteuning van sponsorbedrijven in portefeuille

    Hark Capital is een innovatieve aanbieder van financiële oplossingen voor sponsors en hun portefeuillebedrijven die zogeheten non-diluting leningen aan de bedrijven van de sponsors in portefeuille verstrekken, in situaties waarin gewoonlijk eigen vermogen zou worden gebruikt.

    De leningen worden gebaseerd op de intrinsieke waarde van de sponsor, en niet op het kredietprofiel van het individuele bedrijf uit de portefeuille. Er is geen niet-gestort kapitaal nodig. Sinds 2013 hebben we in samenwerking met private equity-fondsen, noodlijdende bedrijven en groeibedrijven/durfkapitaalondernemingen meer dan 30 investeringen afgerond.

    www.harkcap.com

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Belangrijke documenten

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Private equity prognoses

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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.