Direct Lending

Our direct lending platform seeks to generate current sustainable cash income on a through-cycle basis by primarily investing in senior secured, first lien loans to US and European companies - both sponsored and non-sponsored borrowers. We utilize a disciplined, selective investment process, tailored to invest in private markets across multiple cycles, seeking to achieve enhanced risk-adjusted returns.

Strategy and approach

Established in 2013, our direct lending strategy focuses on originating senior secured loans to US and European companies. In the United States, we predominantly invest in first lien, senior secured loans to US-based, sponsor backed businesses operating in the middle market. Our European direct lending business primarily focuses on investing in first lien loans to middle to upper-middle market borrowers across Europe, with high levels of sectoral and geographical diversity.

Our direct lending strategy is accessible to investors through business development companies, US and European focused LP-GP commingled funds, and a variety of rated structures and separately managed accounts.

^{* All data as of June 30, 2026}

^{Investing in a Fund involves a high degree of risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. There is no assurance that any portfolio objectives can be achieved or that any such portfolio will be profitable. Diversification does not eliminate the risk of loss. The information provided herein is for educational purposes only. It does not constitute investment advice or recommendations and should not be relied upon as a basis for making an investment decision. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.}