Neuberger Berman

The strategy provides flexible capital across the structure — senior, structured and hybrid instruments — for situations that do not fit conventional financing. The flexibility to move along the capital stack lets the manager price risk precisely and shape terms to the specific circumstance rather than the market template.

Typical transactions involve secured financings and bespoke structures supporting acquisitions, refinancings or growth. Documentation and security are used to define and limit downside exposure, while covenants and structural features keep the risk asymmetric in the lender's favour.

Return drivers combine contractual yield with equity-linked optionality where suitable — current income that compounds, plus a measured claim on upside through warrants or conversion features. The objective is to be paid well for capital while keeping a hard floor under the position.

"Structure the downside; leave room for the upside."

Nothing on this page constitutes investment advice or an offer. Information is illustrative and subject to change.