Alternative capital where the economics support it

Capital ranking between senior debt and equity. It fills the gap between what senior lenders will provide and what shareholders can fund — letting you finance growth or an acquisition without the dilution of a full equity round.

Materially more expensive, reflecting its subordinated position, and often combining cash interest, PIK interest and sometimes an equity component. The comparison that matters is against the cost of equity dilution, not against senior debt.

Not necessarily. Structures range from pure subordinated debt through to convertibles and warrants. Where an equity element is required it is typically a minority participation negotiated alongside the debt terms.

Established, cash-generative businesses with a clear growth or acquisition plan — enough cash flow to service subordinated debt, but not enough senior capacity to fund the full requirement.

When speed, flexibility or structure matter more than headline pricing — acquisition finance on a deadline, covenant flexibility during a growth phase, or situations banks decline for sector, jurisdiction or complexity reasons. Private credit is typically more expensive and correspondingly more accommodating.

A single facility blending senior and subordinated debt into one instrument with one lender and one set of documents. It removes inter-creditor negotiation, which shortens execution — useful in acquisition financing.

Increasingly yes. Private credit funds are displacing conventional bank lending across CEE, though most require institutional-grade documentation and reporting. Our role is preparing the borrower to that standard and running the lender process.