Private Credit
Flexible term debt, sized to the asset.
Private credit funds the borrowers the public and investment-grade markets do not reach. It is asset-based term debt from direct lenders and credit funds, priced to the collateral and its cash flows rather than a rating. We structure the facility, take it to the lenders that lead, and hold them in competition to close.
01 / What It Is
Debt priced to the asset, not the rating.
Private credit is senior, unitranche, and junior term debt provided directly by lenders and credit funds. It is sized and priced to the asset and its cash flows rather than a public rating, which is what lets it reach borrowers the syndicated and investment-grade markets do not. Against a syndicated bank loan it trades a wider coupon for speed, certainty of close, and covenant flexibility, held by a single lender rather than a market.
Typical structure
Senior to junior, held to maturity
One lender or a small club, secured on the asset and its contracted revenue, with covenants written for the situation.
02 / When You Use It
When it is the right answer.
The situations across the AI supply chain where private credit does what a rating and a syndication cannot.
A developer that cannot wait for a rating
A data-center developer needs committed capital on a construction timeline. A public rating and a syndication take quarters the build cannot spare. Private credit commits in weeks against the asset.
An operator scaling past bank appetite
A neocloud is growing faster than any single bank will underwrite. Credit funds size to the trajectory and the contracts, not to a lending committee's annual limit.
Contracted cash flows, sub-investment-grade sponsor
The offtake is investment grade and the revenue is contracted, but the sponsor is not rated. Private credit prices the asset and its cash flows rather than the name above them.
A capital structure the banks will not hold
The situation needs unitranche or a junior layer that syndicated bank paper does not accommodate. A direct lender holds the whole facility and writes the covenants to fit.
Certainty of close on a fixed clock
An acquisition or a milestone has a date. Private credit delivers a committed term sheet and funds to it, without the market risk of a public process.
A first institutional facility
A company raising its first term debt needs a lender that will diligence the story, not screen it out. Credit funds underwrite complexity that a ratings framework penalizes.
03 / How We Run It
We run a process, not an introduction.
We build the package, structure the facility, take it to the direct lenders that lead these deals privately, and make them compete on price and terms.
- 01
We map the borrower and the asset
The company, the collateral, the contracted cash flows, and exactly how much has to be raised and against what.
- 02
We structure the facility
Senior, unitranche, or a junior layer, sized and priced to the asset, with covenants built for the situation rather than a syndicated template.
- 03
We take it to the lenders that lead
Placed privately with the specific direct lenders and credit funds that write these facilities, not a mass distribution.
- 04
We create competition
Multiple term sheets, compared on price, leverage, covenants, and certainty of close.
- 05
We close
Diligence, documentation, and funding, managed to the wire.
04 / The Capital
Who funds private credit.
The market is deep and it is private. We reach the specific desks that lead these facilities directly, and we hold your information until they are under NDA.
Direct lenders
Funds that originate and hold whole facilities on their own balance sheet, from senior to unitranche.
Private credit and credit-opportunities funds
Institutional pools built to underwrite complexity and hold term debt to maturity.
Business development companies
Permanent-capital vehicles that lead and anchor middle-market facilities.
Infrastructure debt funds
Long-duration lenders to hard assets with contracted, cash-generative revenue.
Insurance and pension allocators
Balance-sheet capital seeking asset-backed yield at scale, often alongside a fund.
05 / In The AI Supply Chain
What it finances.
The sectors where asset-based term debt does the most work.
AI data centers
Construction and stabilization capital sized to contracted capacity and long-lived infrastructure.
Power
Generation, transmission, and storage that the compute build depends on, underwritten against offtake.
Critical minerals
The upstream inputs to the supply chain, financed against reserves, contracts, and processing assets.
Industrial manufacturing
Capacity and long-lead equipment funded on the delivery clock, not the rating agency's.
06 / Contact
Have a financing in mind?
Tell us the company, the asset, and what you are trying to finance. We will tell you how we would structure and place it.