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Direct Lending

Comprehensive access to loan origination opportunities

Alternative Credit

Alternative Solutions

Real Assets

What’s new

What we do

Investment case studies

AirIT

A provider of managed IT support, cybersecurity, and digital transformation services for small and medium businesses.
Sector - IT services
Type of Transaction - Refinance
Private Equity Sponsor - August equity

GL Education

A provider of independent student-level formative and diagnostic assessments.
Sector – Consumer services
Type of Transaction – Recapitalisation
Private Equity Sponsor – LLCP

Avantia

A tech-enabled broker and managing general agent providing distribution and underwriting of home insurance.
Sector – Insurance
Type of Transaction – Management buyout
Private Equity Sponsor – ECI

Avantia

Ridge

A multidisciplinary property services and consulting business, serving public and private sector clients across a range of industries.
Sector – Real estate services
Type of Transaction – Management buyout
Private Equity Sponsor – Horizon

TopSource Worldwide

An employment compliance group providing end-to-end solutions in outsourced payroll services, employer of record, and HR management.
Sector – Professional services
Type of Transaction – Refinance
Private Equity Sponsor – Horizon

Who we are

Direct lending has experienced significant growth since the wake of the financial crisis to become a key source of capital for leveraged loans, as many banks retrenched from the market due to increased regulation and more stringent capital requirements.

Direct lending provides potentially attractive risk-adjusted returns, portfolio diversification benefits, and low mark to market volatility when compared to the broader credit market.

Source: HSBC AM, as of 30th September 2025

Partnership with HSBC bank

HSBC bank has a well-established proprietary origination platform across the UK and Europe

Full access to loan origination opportunities provides clients with accelerated deployment and enhanced credit selectivity

Distinct gap in the market

Most direct lending fundraising has been with stretched senior and unitranche-focused strategies, whilst the lower risk 'Senior' segment is comparatively underserved

We focus on the lower risk mid-market, which represents the original investment thesis of direct lending in Europe

Disciplined underwriting process

Investing at pace in lower risk loans with potentially attractive pricing

Focus on defensive, differentiated, and potentially high growth business models that we believe will be well positioned through the credit cycle

If you are considering investing in alternatives, or want to learn more about our investment strategies, please get in touch.

Ready to talk?

HSBC Asset Management Alternatives brings decades of experience in alternatives investing to clients. Our platform combines global reach with local insights, helping clients access a world of opportunities. We're proud to offer alternative credit solutions making the most of the strengths of HSBC's network, opportunities in Asia based on our long heritage, and investment strategies that can help finance the transition to net zero."

Tom Green
Head of Direct Lending, UK and Europe

Leadership

Scott McClurg
Head of Private
Credit

Tom Boden
Investment Director

Tom Green
Head of Direct Lending
UK & Europe

Steve Hewes
Head of Portfolio

Barry Mackay
Head of New Investment

Laura Repko
Investment Director

Will Giardini
Investment Director

Key Risks

Further information on the potential risks can be found in the Prospectus or Offering Memorandum.

Risk Considerations. There is no assurance that a portfoliowill achieve its investment objective or will work under all market conditions. The value of investments may go down as well as up and you may not get back the amount originally invested. Portfolios may be subject to certain additional risks, which should be considered carefully along with their investment objectives and fees.

Illiquidity: An investment in the Fund is a long term illiquid investment. By their nature, the Fund’s investments will not generally be exchange traded. These investments will be illiquid.
Long term horizon: Investors should expect to be locked-in for the full term of the investment.
Economic conditions: The economic cycle and prevailing interest rates will impact the attractiveness of the underlying investments. Economic activity and sentiment also impacts the performance of underlying companies and will have a direct bearing on the ability of companies to keep up with interest and principal repayments.
Loans to private companies: The Fund will invest in loans to medium sized privately owned companies. There are specific risks associated with lending to such companies, including that they may have limited financial resources, access to capital and higher funding costs. They may also be more vulnerable to market, key-man and other risks and their accounts are not typically published.
Valuation: These investments may have no or a limited liquid market, and other investments including those in respect of loans and securities of private companies, may be based on estimates which cannot be marked to market until sale. The valuation of the underlying investments is therefore inherently opaque.
Fund Risk: Investments into this Fund may, among other risks, be negatively affected by adverse regulatory developments or reform, credit risk and counterparty risk. The credit market bears idiosyncratic risks such as borrower fraud, borrower bankruptcy, prepayment risk, security enforceability risk, subordination risk and lender liability risk.
Investor’s Capital At Risk: Investors may lose the entirety of invested capital.

Direct Lending

Alternative Credit

Alternative Solutions

Real Assets

What’s new

What we do

Investment case studies

AirIT

GL Education

Avantia

Avantia

Ridge

TopSource Worldwide

Who we are

Leadership

Key Risks

Contact us

About HSBC

Individual Investors