Not All Collateral Is Created Equal. Part Two of Three: What We Lend Against In Part One, we talked about the capital stack and why position matters. Senior secured lending gives you the first legal claim on a borrower’s assets. But that claim is only as good as the assets behind it. This is where a lot…
Where You Sit Changes Everything With the World Cup underway, even we Canadians are calling it football. Offence sells tickets, defence wins championships. In private credit, yield gets the attention. Protecting capital is what determines the outcome. We have written about the capital stack before. We will likely write about it again. What is happening across parts of…
What Actually Drives Returns? Correlation gets a lot of attention in investing. What drives that correlation matters just as much. Many asset classes ultimately respond to the same underlying forces — interest rates, market sentiment, liquidity conditions, broad economic cycles. When those pressures emerge, positions that once looked diversified can start moving together. That is why understanding…
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…
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…
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…
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,…
2025 Wrap-Up 2025 was an active year for Garrington Private Credit – as we transformed our business globally. Capital Raising and Growth Initiatives Key milestones across our capital formation and distribution efforts included: The launch of Garrington Private Credit US Fund Ltd, marking our first formal engagement with the RIA and wealth management channels in the United States The launch…
