01 · Strategy
What is being financed?
Understand the borrowers, loan purpose, collateral, seniority, diversification, and the conditions that could lead to default or recovery.
Private Markets · Portfolio Guidance
For ultra-high-net-worth families, private credit can bring complex trade-offs. Rubiq helps evaluate strategy, manager, liquidity, and portfolio fit before an allocation is considered.
Beyond the headline yield
Private credit generally refers to loans and other debt investments made outside public bond markets, often through private funds. Direct lending, real estate debt, and specialty finance can have very different borrowers, structures, fees, and risks.
A headline distribution rate does not tell you how a strategy may behave in a stressed market, when capital can be returned, or how it fits alongside your other illiquid investments. Any review should begin with the purpose of the allocation and the household's capacity to take risk and wait for liquidity.
Explore the private credit market guideWhat an investment review covers
For a first allocation to private credit or a review of an existing holding, evaluate the investment as part of the whole portfolio—not in isolation.
01 · Strategy
Understand the borrowers, loan purpose, collateral, seniority, diversification, and the conditions that could lead to default or recovery.
02 · Manager
Review underwriting standards, sourcing, monitoring, workout capabilities, experience across cycles, and alignment with investors.
03 · Terms
Read the fee structure, leverage, fund term, redemption limits, transfer rules, valuation process, and any capital-call obligations.
04 · Portfolio
Consider concentration, existing private-market exposure, cash needs, taxes, and how the investment affects portfolio risk and flexibility.
A disciplined process
Our role is to help clients evaluate private credit opportunities across areas such as direct lending, real estate debt, and specialty finance. The analysis focuses on the investment's terms and risks, manager quality, portfolio construction, and fit with the client's financial picture.
Clarify whether the need is income, diversification, or another portfolio objective—and what would make the investment unnecessary.
Examine the strategy, borrower exposure, underwriting approach, fees, liquidity provisions, and potential conflicts.
Assess sizing, cash-flow timing, concentration, and how the plan would respond to defaults, delayed distributions, or limited exit options.
Monitor exposures and liquidity against changing family needs, while recognizing that private investments may provide limited opportunities to exit early.
Risks to understand
Private credit can involve meaningful uncertainty. The investment's legal documents and offering materials—not a target distribution or summary—define its rights, obligations, and risks.
Common questions
Private credit generally refers to loans or other debt investments made outside public bond markets, often through a private fund. The strategy, borrowers, terms, and risks vary by investment.
Private credit investments are typically negotiated and held in private vehicles rather than traded on public bond markets. They may have limited liquidity, less frequent valuations, different fees and reporting, and distinct credit and manager risks.
Review the strategy, underlying borrowers, manager and underwriting process, leverage, fees, liquidity and redemption terms, valuation practices, capital-call obligations, and how a potential loss or delay would affect your broader plan.
No. Suitability depends on objectives, liquidity needs, time horizon, risk tolerance, existing portfolio, and the terms and eligibility requirements of a specific investment. Private credit can involve loss of principal.
No. Income and returns are not guaranteed. Borrowers may default, distributions may vary, and investors may lose some or all of their invested capital.
Portfolio-first advice
Talk through how a potential investment relates to your portfolio, liquidity needs, and broader financial plan.
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