Balmoral Tactical Credit Fund
Australian private credit
is under pressure.
We are positioned for
the next credit cycle.
Tactical means selective, opportunistic, and counter-cyclical. Balmoral is built to capitalise on the structural gap in Australian and UK private credit, deploying committed LP capital into secured opportunities that warehouse-funded lenders cannot act on.
Market Context
Dislocation creates opportunity for the prepared.
Four structural advantages define Balmoral's positioning. Each one independently creates opportunity. Together, they define why this fund exists.
01
Counter-Cyclical by Design
We profit when conventional Private Credit is under pressure.
02
Distressed Acquisition
Acquiring secured debt at discount from lenders forced to sell with high quality underlying loans.
03
Refinance with Security
Replacing stressed facilities with improved security packages, resulting in materially lower effective LVRs.
04
Selective and Agile
Small fund size lets us move fast on opportunities institutional capital overlooks.
This is not distressed investing. This is disciplined lending at the best terms the global market has offered in a decade.
Our Approach
First principles, not market convention.
Balmoral Credit is structured around capital preservation and collateral certainty, not AUM growth or fee optimisation.
We originate senior secured, high-ranking loans backed by tangible, identifiable collateral, not enterprise value multiples or projected recurring revenue. Every position in our portfolio has a clear path to recovery independent of the borrower's ongoing business performance.
How we lend
Capital Protection, Always
Our capital is structurally protected, always. We hold priority claim on all collateral, with no blending, no subordination, and no exceptions.
Tangible Asset Backing
Every loan is underwritten against real, identifiable assets (receivables, equipment, property), not enterprise value or projected revenue.
Conservative LTV Discipline
We lend at ≤50% LTV, maintaining a substantial equity buffer that holds through severe stress without eroding our position.
Sector-Agnostic, Collateral-Led
We lend across sectors where tangible collateral exists. The quality of the security determines the deal, not the industry.
Full Covenant Packages
Financial maintenance covenants on every deal, not springing covenants, not lite packages. Early warning built in from day one.
Short Duration
12 to 36-month terms keep the portfolio liquid, responsive, and unexposed to the tail risk of long-dated credit commitments.
The Structural Gap
Why this opportunity exists, and why it does not apply to us.
Most private credit lenders in Australia and the UK rely on warehouse funding with fixed origination criteria. When borrowers fall outside mandate or need restructuring, these lenders cannot act, even on well-secured deals. Balmoral sits on the other side of that constraint: we deploy committed LP capital with no external mandate, no warehouse restrictions, and no minimum deal size. The same borrowers, the same security, without the structural limitations.
No Warehouse Constraints
LP capital deployed on merit, not mandate. No external funding lines dictating what we can and cannot do.
Committed LP Capital
No reliance on warehouse lines or rolling credit facilities. Capital is committed before deployment begins.
Size Advantage
Sub-$5M deals are too small for institutional funds and too large for brokers. We operate in the gap both have vacated.
Cycle-Resilient
Market stress creates distressed acquisition opportunities. Recovery shifts the fund to direct origination at tighter but still attractive terms. Both work.
What We Do
Four lending strategies. One discipline.
Every strategy we deploy is anchored to the same principle: senior secured, tangible collateral, conservative structure. The opportunity changes. The discipline does not.
Refinance with Security
Current lenders retreating or tightening terms under regulatory and portfolio pressure. We step in with improved security packages, capturing the spread they leave behind.
Debt Purchase Arbitrage
Acquiring secured debt portfolios at steep discount from lenders forced to sell under warehouse pressure or regulatory constraint. Enforce or restructure for full or above purchase recovery value.
R&D Tax Finance
Assessed R&D tax receivables and IP-backed assets where conventional lenders will not lend against the offset. Secured lending with a defined government-backed repayment source. Government is the counterparty.
Asset Backed Lending
Well-capitalised borrowers with tangible collateral (plant, equipment, inventory, real property) who have lost access to bank facilities in the sub-$5M range.
Target Allocation
Refinance / ABL
55%
Debt Purchase Arb.
30%
R&D Tax Finance
15%
Who We Are
Built on decades of operational and corporate finance experience.
Balmoral Credit is backed by a team of business operators, corporate financiers, and credit professionals who have underwritten, structured, and managed lending portfolios across multiple credit cycles.
We are not a platform scaling AUM to maximise management fees. We are a focused, conviction-driven credit fund that underwrites every loan as if our own capital is at stake, because it is.
info@balmoral.co
We underwrite every loan as if our own capital is at stake. Because it is.
Our Leadership Team
Experience across cycles, not just strategies.
Our team has operated through multiple credit environments, as lenders, operators, and principals. That experience shapes how we underwrite.
Andrew Bowles
Partner
Exited founder and corporate leader with direct experience in distressed and turnaround credit. Operational expertise in high-volume receivables recovery and debt acquisition. Founded and exited businesses across manufacturing, logistics and technology.
Nicholas Petrakis
Partner
Experience providing accounting and financial advisory services across a range of industries. Nick is a member of Chartered Accountants Australia and New Zealand and provisional member of The Tax Institute.
Supported by a broader team spanning credit assessment, portfolio monitoring, deal origination, and structuring across both the Australian and UK markets.
At a Glance
Fund Overview
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