Neuberger Berman

The strategy provides flexible capital across the structure, from senior through structured and hybrid instruments, for situations that don't fit conventional financing. Being able to move along the capital stack lets the manager price risk precisely and shape terms to the situation rather than a 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 it fits: current income that compounds, plus a measured claim on the upside through warrants or conversion features. The aim is to be paid well for the 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.