The Exclusive Access Guide: Structured Private Lending Funds for Accredited Investors

By Taimour Zaman, Founder of AltFunds Global

For accredited investors seeking dedicated structured private lending funds—rather than individual loans or platform fractional offerings—the landscape narrows to specialized vehicles that offer institutional-grade structuring, with the regulatory protections and professional management that justify their higher minimums and longer lock-ups. Through our fund due diligence practice, we’ve identified the channels and managers consistently delivering sophisticated exposure to this asset class.

The critical distinction lies between access to loans and access to professionally managed fund structures with built-in diversification, active credit oversight, and institutional terms.

Diagnosis: What Defines an “Exclusive” Structured Lending Fund

Genuinely exclusive funds distinguish themselves through:

1. Institutional Structure
   • Closed-end funds with a defined lifecycle (typically 5-7 years)
   • Specific mandate focusing on senior secured, asset-backed, or specialty finance lending
   • SEC-registered offerings or 506(c) placements with robust disclosure
2. Professional Management
   • Dedicated credit teams with cycle-tested experience
   • Active portfolio management rather than static origination
   • Institutional-scale operations and risk management
3. Accredited-Exclusive Features
   • Minimum investments typically start at $100,000-$250,000
   • No retail investor participation
   • Sophisticated tax documentation (K-1s) and investor qualification requirements

Primary Access Channels for Exclusive Structured Lending Funds

1. Direct Fund Sponsors (Private Credit Managers)

• Ares Management – Multiple dedicated private credit strategies
• Golub Capital – Middle-market direct lending focus
• HPS Investment Partners – Specialty finance and structured solutions
• Blue Owl Credit – Direct lending and structured corporate credit

Minimums: $250,000-$1,000,000
Access: Typically through private placement memoranda

2. Private Credit Fund Platforms (Gateways to Multiple Managers)

• iCapital Network – Curated selection of 80+ private credit funds
• CAIS – Platform with extensive due diligence on credit managers
• Moonfare – Select private debt funds with lower minimums

Minimums: $100,000-$500,000
Access: Platform membership and accreditation verification

3. Private Banking & Wealth Management Channels

• Goldman Sachs Private Wealth Management
• Morgan Stanley Private Wealth Management
• JP Morgan Private Bank

Minimums: $1,000,000+
Access: Through a dedicated private banker or investment advisor

4. Specialized Interval Funds & BDCs

• Blackstone Private Credit Fund (BCRED)
• Ares Capital Corporation (ARCC)
• FS KKR Capital Corp (FSK)

Minimums: Share price (typically $25-$100 per share)
Access: Public markets or through brokerage accounts

Fund Structures Designed for Accredited Investors

Senior Secured Corporate Direct Lending Funds

• Focus: First-lien loans to middle-market companies
• Target Returns: 8-11% net
• Managers: Golub Capital, Antares Capital, Churchill Asset Management

Structured Asset-Backed Credit Funds

• Focus: Collateralized lending against specific assets
• Target Returns: 9-12% net
• Managers: HPS Investment Partners, Varde Partners

Specialty Finance Funds

• Focus: Nasset lending (aviation, marine, equipment)
• Target Returns: 10-14% net
• Managers: Maranon Capital, TPG Specialty Lending

Critical Due Diligence Framework

When evaluating exclusive structured lending funds, accredited investors should focus on:

1. Manager Track Record
   • Performance across multiple credit cycles
   • Default and recovery experience
   • Team stability and depth
2. Fund Structure Terms
   • Fee alignment (hurdle rates, clawbacks)
   • Liquidity provisions and side pockets
   • Key person provisions and removal rights
3. Portfolio Construction
   • Concentration limits and diversification standards
   • Covenant quality and monitoring processes
   • Stress testing methodology
4. Service Provider Quality
   • Independent administration and valuation
   • Reputable legal counsel and auditors
   • Prime broker and custody arrangements

Implementation Strategy

Building an Allocation:

• Start with established direct lending managers for core exposure
• Add specialty finance funds for diversification and yield enhancement
• Consider BDCs/public vehicles for liquidity sleeve
• Allocate across 3-5 managers to mitigate single-manager risk

Monitoring Framework:

• Quarterly detailed reporting review
• Regular manager meetings and due diligence updates
• Peer group performance benchmarking
• Ongoing assessment of the market opportunity set

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