For institutional investors in the UK

Secured Loans

Our dedicated loans team has offered specialist loan strategies as well as loan investments as part of various multi-strategy funds since 2001



The Secured Loans strategy is managed on an unlevered, FX-hedged basis and generates absolute returns by investing predominantly in a diversified portfolio of senior secured loans.

The strategy employs an active investment approach that focuses on bottom-up credit selection. This is based on a fundamental, including ESG, analysis of each issuer, seeking to identify companies with strong downside resilience, thereby minimising losses from portfolio defaults.

The investment process is also designed to enhance returns through relative value trades, and seeking excess returns in undervalued credits.

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

Potential investors must read the prospectus, and where relevant, the key investor information document before investing.

This website is for financial promotion purposes and is not investment advice.


  • Long-term track record
  • Conservative approach aiming to generate attractive long term risk adjusted returns while minimising default risk and mark-to-market losses
  • Offers diversification as investments not typically found in traditional portfolios
  • Floating rate assets provide natural hedge against rising interest rates and Libor floors offer protection against falling rates
  • Proven ability to avoid defaults and mitigate default losses
  • Ability to capture the illiquidity premium as a long term investor
  • Income generation in a low-yield world
Past performance is not a guide to future performance. 




David Milward

Head of Loans | Portfolio Manager

Industry since 1989. Joined Firm in 2001.

Elissa Johnson

Portfolio Manager

Industry since 1994. Joined Firm in 2009.