Our Investment Process
Each investment is subject to intense scrutiny and due diligence and must meet the Fund’s eligibility criteria with strict concentration limits on geography, project type and issuers.
Acquisition and monitoring
- Investment Adviser executes the trade once the recommendation is approved
- Execution of appropriate currency hedge as necessary
- All ongoing credit monitoring and updates, including the Investment Committee reviews, are sent to the AIFM
- Every asset is monitored semi‑annually at a minimum, and more frequently when required
- Semi-annually the Board undertakes a full portfolio review, with a separate session dedicated to focus loans (determined by risk profile), in addition to quarterly Board reviews
Origination
- Identify market opportunities in sectors and jurisdictions with strong credit characteristics and attractive relative pricing
- Leverage relationships with lending banks and infrastructure owners
Detailed credit analysis
- Due diligence and credit processes
- Site visits and meetings with management, as appropriate
- Run proprietary analytical models if applicable
- Determine risk characteristics and mitigants
- Ensure no diversification, concentration or other limits are broken
- Comprehensive sustainability analysis, including preliminary ESG scoring
Initial screening
- Eliminate assets unlikely to pass investment approval, including review of sustainability credentials
- Identify strong credits for inclusion in a shortlist for full analysis
Investment approval process
- Full credit memorandum and valuation/yield analysis is provided to the Investment Committee for review
- A unanimous investment decision is required in order to make the recommendation to the Alternative Investment Fund Manager (“AIFM”)
- Investment Committee minutes and material credit documentation are submitted to the AIFM and, if appropriate, to the Board, prior to AIFM approval and sign-off
Exit and redeployment
- The asset is exited via repayment or sale
- Relationship with borrower is maintained for future potential investment opportunities
- Proceeds are redeployed into new assets or held as liquidity as appropriate