Manager Track Record & Team Background

I start with the people. Always. A fund's strategy is only as good as the team executing it and in private credit this matters even more than in listed markets. There is no daily pricing mechanism to enforce discipline. It is the manager's culture, mandates and judgement that acts as the check.

Origination Lineage

How did the team get here? I look at their background and want to see people who spent time inside banks, family offices or other large financial institutions, specialising in areas such as real estate, financial services, equity transactions, corporate strategy, distressed investing, credit strategies, investment sourcing, or portfolio management. I want to see people who understand risk and can conduct careful due diligence. After all, as much as the performance is derived from the interest repayments from the borrower, it is also based on the value of the asset they lend against and the manager's ability to ensure they are never lending more than that value.

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