Private Debt

Global Presence, Local Approach

We take a regional approach with dedicated local offices, recognizing the importance of local staff investing in regions they know best. This enables us to develop close working relationships with family and founder owned business where we seek to create long-time partnerships and share a common ethos.

Provider of Growth Capital

Our goal is to work with SMEs by providing them with flexible capital solutions to further incentivize growth in a framework of responsible governance. We invest prudently, always conscious of the need to protect capital. We believe in the importance of meticulous due diligence to help us fully understand a company’s strengths and weaknesses.

Lower Middle Market Focus

We are focused on lending to companies in the lower middle market. It is by working with small and medium-sized enterprises (SMEs), with EBITDA of between €5-25mn, where we see the greatest risk/reward opportunities as a lender; we strongly believe in the positive societal values of providing growth capital to lower-middle market companies. These are companies that have reached a certain level of profitable maturity but, in our view, have the potential to grow.

Platform Inception


Market Segment Focus

Lower Middle Market

Target Deal Size

$US10 - 50m+


Europe, US & Asia Pacific

Portfolio Manager Locations

London, New York, Dublin, Frankfurt, Hong Kong, Madrid, Manchester, Milan, Paris, Singapore, Sydney, Zurich

Investment Types

Senior, Unitranche, Second Lien, Mezzanine, Minority Equity

Our Advantage

  • Operate in the lower middle-market – an underserved segment that can provide an abundance of opportunities
  • Global team of local experts - to uncover potential opportunities with a differentiated deal sourcing approach
  • Intelligently crafted solutions - with a focus on founder and private equity owned businesses


Capital at risk. The value of investments and the income from them may fall as well as rise and is not guaranteed. Investors may not get back the full amount invested.

Illiquidity Risk:  Illiquidity occurs when a security or other asset that cannot easily and/or quickly sold or exchanged for cash without a substantial loss in value. As a result, investments may be illiquid and there can be no assurance that investments can be bought or sold.

Small and Medium Sized Enterprise (SME) Risk: Investments in small and medium sized unquoted companies are intrinsically riskier than in quoted companies as the unquoted companies may be smaller, more vulnerable to changes in markets and technology and dependent on the skills and commitment of the management team. There is a risk that an underlying borrower will be unable to pay principal and interest when due.

“We believe the private debt industry is likely to continue to grow as investors seek diversification and the potential for higher yields than what is available in traditional fixed income. However, we believe it is important to partner with a private debt manager who takes a prudent approach to lending, with a diversified portfolio of creditworthy businesses”

Kirsten Bode – Co-head of European Private Debt, Pan Europe

Photo of Kirsten Bode – Co-head of European Private Debt, Pan Europe

Private Debt Team Locations

Investment Team

John Clifford

Grant Davidson

Johan Wu

Gaia Andretta

Howard Mahon

Sebastian Venc

Matthias Munnich

Florian Lehming

Rafael Torres

Luis Vitores

Santiago Martin De La Torre

Miguel Garcia Prieto

James Adams

Rob Judson

Gianluca Oricchio

Gianpaolo Pellegrini

Carlo Bosco

Marcello Villa

Riccardo Mangiarotti

Attilio Guida

Michele Lopizzo

Tommaso Baccini

Ricardo Balsamo

Eleonora Benvenuto

Sonia Galeotti

Fabrizio Cellupica

Lorenzon Chiantia

Valerio Marzulli

Alexandre Millarini

Philippine De Termont

Alexandre Catimel

Valerie Zheng

Kirsten Bode

Mark S. O'Keeffe

Jeff Youle

Michael Smith

Ji He

Ludovico Catella

Will Johnson

Brian Murray

Ryan Rogers

Fazl Shaikh

Ben Zhu

Yuki Lu Zheng Rong

Andrew Tan

Jieying Huang

Gautam Prasad

Aaron Muller

Matt Tanza



May 20, 2024

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From stresses in the bank market to the growing need for infrastructure to meet net-zero targets, Andrew Tan sets out why the Asian private credit market could be poised for growth.


Mar 26, 2024

Small is beautiful: Opportunities in US direct lending

With higher rates and other pressures seeing US banks scaling back loans to small and medium-sized businesses, Michael Smith explains how private players can help fill the gap.


Mar 22, 2024

Muzinich UK Private Debt Special

Muzinich Co-Heads of UK Private Debt, Grant Davidson and John Clifford give an update on the UK Private Debt market and share their thoughts on the key considerations for investors in our latest Podcast.

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