Investment Portfolio
Principal InvestmentAcross Private Credit
We deploy proprietary capital across institutional-grade private credit opportunities, each selected for compelling risk-adjusted returns.
Live Portfolio
The portfolio in figures
An overview of Cardea Capital's active private credit portfolio, by sector, geography, target return and duration.
191
Active positions
33
Countries
12
Sectors
23
Exited positions
Sector Distribution
Geographic Distribution
Target returns
Durations
Share of the active portfolio · Q4 2026
How It Works
Guarantees & Protections
Senior secured lending
The underlying funds predominantly originate first-lien senior secured loans, meaning they have priority claim on borrower assets and revenue in case of default.
Institutional-grade borrowers
Borrower companies are typically established businesses with $50M–$1B+ in revenue, audited financial statements, and sponsor backing from major private equity firms.
Fund-level diversification
Each underlying fund holds dozens to hundreds of distinct credit positions, and our partner diversifies across multiple fund managers, creating a double layer of diversification.
Partner proprietary scoring
Independent quantitative assessment of each fund covering: manager track record, default history, recovery rates, portfolio concentration, leverage, and fee structure.
BDC regulatory framework
Business Development Companies (a common fund structure) are subject to SEC regulation, including leverage limits (max 2:1 debt-to-equity), diversification requirements, and mandatory reporting.
Net Asset Value (NAV) oversight
Fund NAVs are calculated by independent administrators using third-party valuation agents, not self-reported by managers.
Quarterly liquidity
Some underlying funds offer quarterly redemption windows, providing structured (though not guaranteed) liquidity.
Currency Risk Management
Currency Hedging
We actively manage exchange rate exposure across EUR, USD, and GBP positions to ensure returns are driven by credit performance rather than currency volatility.
Multi-Currency Exposure
Our portfolio spans three primary currencies (EUR, USD, and GBP), reflecting opportunities across European, American, and British markets. While currency diversification provides natural risk dispersion, we actively manage exchange rate exposure to protect capital.
Hedging Approach
Where partners provide pre-hedged exposure, currency risk is transferred at the source. For direct positions, we employ currency hedging strategies including forward contracts and options to lock in exchange rates, ensuring that returns are driven by credit performance rather than currency volatility.
Position-by-Position Decision Framework
The decision to hedge is made on a position-by-position basis, considering duration, volatility, and cost of hedging. Short-duration positions may remain unhedged where the hedging cost exceeds expected currency movement.
Risk Management
Multi-Layered Protection
Our risk management framework operates across multiple dimensions, creating redundant layers of protection before capital is deployed.
Geographic Diversification
Our portfolio spans multiple geographies across Europe, North America, Asia, and Latin America, reducing exposure to any single country's economic cycle, regulatory changes, or political risk.
Sector Diversification
We maintain exposure across renewable energy, real estate, agriculture, corporate lending, payment finance, and institutional credit, ensuring that sector-specific downturns cannot disproportionately impact the portfolio.
Portfolio Line Diversification
We hold a substantial number of distinct credit lines across multiple strategies, partners, and borrower profiles. This granular diversification ensures that no single position failure materially affects overall portfolio performance.
Senior-Rank, Collateralized Lending
The overwhelming majority of our positions are senior-rank loans secured by tangible collateral: real estate, energy infrastructure, agricultural land, receivables, or cash-generating portfolios. We prioritize first-lien positions that provide priority claim in liquidation scenarios.
Rigorous Double-Filter Process
Every investment opportunity passes through two rigorous filtering stages before reaching our portfolio
rejection rate
Our institutional partners reject the vast majority of projects they receive before they ever reach us. Only the highest-quality opportunities that pass their internal credit committees are presented to Cardea Capital.
rejection rate
Even after partner pre-screening, we reject at least half of the presented opportunities. Only projects that align with our investment criteria, risk tolerance, and pass our independent due diligence process are deployed.
Result: This double-filter architecture means that only a small fraction of original deal flow reaches our portfolio, creating a concentrated selection of the highest-conviction, best-risk-adjusted opportunities in the private credit market.