Scenario 1
Scenario 2
Scenario 3
Scenario 4
14.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Coupon
Fees
PIK
Equity
Securitization
Total
12.1%
1.0%
0.0%
0.0%
0.0%
13.1%
Gross IRR %
Increase
Total
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
9.5%
1.1%
5.0%
0.0%
3.5%
19.1%
12.0%
3.5%
0.0%
86.3%
0.0%
101.8%
10.5%
3.0%
2.7%
0.0%
0.0%
16.2%
110.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
12.0%
16.0%
14.0%
12.0%
16.0%
20.0%
18.0%
60.0%
70.0%
80.0%
90.0%
100.0%
12.0%
14.0%
18.0%
16.0%
An investment in a UK holiday park operator via vanilla unitranche refinancing. The gross IRR is attributable to the coupon and fees.
An investment into a US organic food ingredient producer via a last-out unitranche loan with a PIK option. The gross IRR is attributable to the coupon, fees, PIK option and securitization.
An investment in a Health club operator via distressed refinancing with warrants. The gross IRR is attributable to the coupon, fees and equity kicker.
An investment in a pharmaceutical device company via subordinated acquisition finance. The gross IRR is attributable to the coupon, fees and PIK option.