The Cost of Recovery Most investors understand volatility. What is often underestimated is how long recovery can take once capital is impaired. A drawdown is not always just a temporary decline in value. In many cases, it can represent years spent trying to rebuild what was lost. For investors relying on portfolios to generate income, preserve…
When Liquidity Terms and Loan Duration Don’t Match Aligning investor liquidity with the cash mechanics of the underlying loans. One of the simplest ways to evaluate a private credit strategy is also one of the most overlooked: How long does it take for the underlying loans to turn into cash, and how quickly can investors access that cash?…
The Families Behind the Facilities Disciplined capital for lower middle-market businesses with real assets, real operators, and real stakes. A third-generation, family-owned trucking company serving the Southeast and Midwest. For decades, their trucks have moved goods across short-haul and long-haul routes, quietly supporting regional supply chains. Relationships with shippers built over years. A fleet maintained through economic cycles.…
Private Credit Under Pressure: Why Structure Matters More Than Scale In the past six months, private credit has moved from the business pages to the front pages. Federal fraud indictments. Emergency liquidations. Halted redemptions. The names now dominate the headlines: Tricolor Holdings, First Brands Group, Renovo Home Partners, BlackRock TCP, and most recently, Blue Owl Capital. We have addressed several…
Revisiting the Boutique Advantage in Private Credit There is growing recognition that “scale” in private credit does not always equate to “strength.” In fact, the structural realities of the underserved North American middle market continue to reinforce why a boutique approach, when executed with discipline, can offer something genuinely different. Given recent conversations with allocators in several regions, this…
Performance Reflects Preparation With the Winter Olympics underway in Milano-Cortina, many of us have been following the events between meetings and calls. It is a global reminder that while performance happens in the spotlight, the foundation for that performance is built long before. What we see on race day is the visible outcome. What we do not see are the…
Why Process Is the Hedge That Never Goes Out of Style As we shared during our year-end webinar, 2025 closed with a market full of competing narratives. Headlines moved in every direction. Sentiment shifted weekly. And yet one reality remained constant: Disciplined credit processes continue to win, especially in private markets. Coming into 2026, we haven’t changed our view or…
What the BlackRock TCP Capital Write-Down Signals for Parts of Private Credit Summary: A recent 19% NAV decline at BlackRock TCP Capital underscores how concentrated exposures, equity-heavy restructurings, and high leverage can magnify losses in parts of private credit. It’s a reminder that outcomes across the asset class vary widely, and that conservative underwriting, modest leverage, first-lien security, and true…
Meet the Team: Erica Axani Erica Axani is an integral member of the Garrington Private Credit senior leadership team and serves as Executive Vice President and Chief Risk Officer. Her role encompasses firm-wide risk oversight, including underwriting standards, credit governance, and portfolio review. She is also a member of the firm’s Investment Committee and part of the executive team responsible…
Inside the Portfolio: An Aviation Services Refinancing As we begin to share select examples from the Garrington Private Credit portfolio, our objective is to provide greater transparency into how capital is deployed across operating businesses. Each investment represents a distinct set of operating dynamics, counterparties, and collateral profiles. What remains consistent is our underwriting approach, focus on senior secured structures,…
