Important Disclosure. For Qualified Institutional Buyers (QIBs) and professional investors only. Private offering under applicable exemptions. Not a public offer or solicitation. Any investment is made solely by definitive documents.
Trade Finance Investment Vehicle for QIBs — Securitized Receivables
We manage an institutional strategy investing in junior and senior tranches of securitized, insured trade receivables. Capital supports established trading companies with ≥ USD 500,000,000 annual turnover, a proven trade cycle, and documented controls. We fund insured transactions with vetted obligors and clear documentary flows. The objective is steady private-credit income with 6–8% net IRR targets and portfolio diversification. Current assets under management are approximately USD 800 million.
Strategy At A Glance
Asset Class
Securitized trade receivables with credit insurance and structural protections. Mix of senior and junior exposures per pool.
Short Tenor Floating-RateBorrower Profile
Global trading companies with audited financials and annual turnover ≥ USD 500M, strong performance history, and clear trade documentation.
Proven Track Record Operational ControlsCounterparty Standards
Insured obligors and vetted counterparties. Country and buyer limits applied. Sanctions and AML screens enforced.
Insured VettedWhat We Buy
Senior Notes
Over-collateralized senior positions in receivables pools. First claim on collections and insurance proceeds after costs.
Junior / Mezz Notes
Subordinated tranches with higher coupons to compensate for first-loss exposure (subject to program caps and reserves).
Program Characteristics
Eligibility tests, concentration caps, collection waterfalls, daily/weekly reporting, and third-party administration with trustee oversight.
Insurance
Credit insurance at obligor or pool level. Claims processes pre-agreed. Insurer ratings and limits monitored.
Portfolio Construction & Risk Controls
Diversification
Limits by obligor, sector, country, tenor, and program sponsor. Rotating pools reduce idiosyncratic exposure.
Structural Protections
Over-collateralization, reserves, eligibility screens, performance triggers, controlled accounts, and lock-box collections.
Documentation
True-sale opinions where applicable, assignment of proceeds, insurance endorsements, and standardized purchase criteria.
Monitoring
Daily/weekly pool reports, dilution and default tracking, aging tests, and insurer concentration dashboards.
Returns & Liquidity
| Metric | Guidance | Notes |
|---|---|---|
| Target Net IRR | 6–8% net | After management and operating costs; not guaranteed. |
| Tenor Profile | Short-dated assets | Receivables typically 30–180 days; portfolio turns several times per year. |
| Rate Basis | Floating benchmark | Spread over SOFR/EURIBOR where applicable; currency matched per pool. |
| Liquidity | Periodic windows | Subscriptions/redemptions per governing documents; lock-ups and gates may apply. |
The strategy is often used as a diversifier versus traditional corporate credit. Correlations can rise during market stress.
Indicative Term Sheet
| Section | Terms |
|---|---|
| Vehicle | Private investment vehicle for QIBs under Reg D / Rule 144A frameworks, as applicable. |
| Strategy | Purchase of junior and senior notes in securitized, insured trade receivable programs; selective risk participation. |
| Eligibility (Borrowers) | Trading companies with audited financials, proven trade cycle, and annual turnover ≥ USD 500,000,000. |
| Counterparty | Vetted obligors; sanctions-screened; insured exposures with acceptable insurer ratings and terms. |
| Target Net IRR | 6–8% net to investors (objective, not a guarantee). |
| Currency | Primarily USD and EUR; FX policy per mandate. |
| Fees | Management and incentive terms set in the final documents; admin, audit, custody, and insurance costs borne by the vehicle. |
| Reporting | Monthly pool performance; quarterly financials; annual audit by independent auditor; third-party administration. |
| Risk Controls | OC/reserve tests, aging/dilution triggers, insurer and country limits, concentration caps, eligibility criteria, and controlled collections. |
| Liquidity | Periodic subscriptions/redemptions per docs; lock-ups and gates may apply to protect existing investors. |
| AUM | ~USD 800,000,000 as of August 2025; subject to change. |
| Governance | Investment committee oversight; independent fund administration; custodian and trustee arrangements per program. |
Request Prospectus — QIBs Only
Complete the form to request the prospectus and data-room checklist. We will verify eligibility and share materials covering structure, risk controls, pipeline, and fees.
Request ProspectusFAQs
Why securitized trade receivables?
Short duration, documented flows, and structural protections. Insurance adds a layer of protection but is not a guarantee of payment.
How do you select programs?
Borrower turnover ≥ USD 500M, audited accounts, proven trade cycle, insurer quality, and tested servicing/reporting.
What are the main risks?
Counterparty default, dilution/disputes, insurance claim denials, country risk, fraud, documentation errors, liquidity constraints, and subordination where junior tranches are held.
Is 6–8% net IRR guaranteed?
No. It is a target range based on current market conditions. Actual results can be lower or higher and losses are possible.
Disclaimers. For QIBs and professional investors only. This material is for information purposes and does not constitute an offer to sell or a solicitation to buy any security. Any offering will be made only by confidential documents that describe risks, fees, and conflicts. Targets are objectives, not promises. Past performance is not indicative of future results. Trade credit insurance is subject to policy terms and insurer performance; it does not eliminate risk of loss. Investments involve risk, including loss of principal, illiquidity, subordination risk, counterparty and country risk, and operational risk. Not a deposit. Not FDIC insured. AUM as of August 2025 and may change.
