Private credit

Begin with repayment, not the search for yield.

Aurelius approaches private credit as an exercise in understanding how capital is repaid under ordinary conditions, under pressure, and when the original plan does not hold.

Freight vehicles aligned in a distribution yard

The client need

Income deserves the same depth of underwriting as ownership.

Private credit can offer contractual income and negotiated protections, but those features do not substitute for business analysis. Documentation is most useful when it reflects how a borrower actually generates cash and where pressure is likely to emerge.

The central questions are practical: what repays the loan, how quickly leverage can change, which protections preserve options, and what recoverable value may remain in a downside case?

Our method

Underwrite the company, structure, and path through stress.

Normalise cash flow

Separate recurring earning power from adjustments, temporary benefits, and assumptions that depend on continued expansion.

Examine the capital structure

Map priority, leverage, covenants, collateral, liquidity, and the incentives of every material capital provider.

Build recovery cases

Assess enterprise and asset value under pressure, including the time and cost required to preserve that value.

Monitor early signals

Track operating, liquidity, and covenant indicators before a formal breach narrows the available choices.

Areas of focus

Flexible structures, consistent standards.

Senior direct lending

First-lien financing for established businesses where cash generation and covenant design can be evaluated directly.

Growth and acquisition financing

Capital for identifiable investment or transaction needs, assessed against execution risk and the borrower’s remaining flexibility.

Asset-backed opportunities

Financing supported by contractual cash flows or tangible assets where collateral quality and servicing are central to the analysis.

Complex capital solutions

Situations requiring a negotiated structure, careful intercreditor analysis, and a clear understanding of downside control.

Credit principles

Protection is designed before it is needed.

Cash flow over adjusted narratives

The analysis distinguishes realised cash generation from accounting measures and prospective savings.

Documentation should match risk

Covenants, information rights, collateral, and remedies should address the vulnerabilities identified in underwriting.

Yield is not a cushion by itself

Additional spread cannot repair a structure that offers too little control or too little recoverable value.

Monitoring preserves options

Early dialogue and current information create more choices than action taken after liquidity has already eroded.

Related paths

Credit in the wider portfolio.

For institutions

Consider credit alongside pacing, liquidity, governance, and total private-market exposure.

Explore institutional partnerships

Real assets

Review long-duration and asset-backed opportunities through an infrastructure lens.

Explore real assets