Structuring financing begins with understanding what secures it
Private credit is not a standardized bank loan. It requires aligning debt maturity with operational cash conversion cycles and intrinsic collateral value to unlock capital without equity dilution.
Institutional Private Debt · Unitranche & Mezzanine · Paris
For family shareholders and business owners, conventional options pit bank rigidity against equity dilution. Institutional private credit solves this false dilemma by funding expansion through the liability side of the balance sheet.
Defining Sustainable Debt Capacity
Modeling non-amortizing bullet repayment capacity without jeopardizing recurring operational free cash flows.
Preventing Unnecessary Dilution
Protecting ownership integrity and founder governance autonomy by avoiding equity raises for needs addressable via private debt.
Private debt architecture · Risk and tenor alignment
The fundamental private credit equation
Unlike commercial retail banks bound to rigid formulas and backward-looking ratios, private credit funds assess forward-looking credit theses supported by collateral strength and operational resilience.
We structure debt processes along three pillars: operational risk underwriting, collateral perfection engineering, and multi-scenario stress modeling under adverse conditions.
« Aligning debt maturity with the true economic life cycle of corporate assets is the foundational principle of sound financial structuring. »
Available private debt structures
Typologies d'instruments institutionnels structurés sur-mesure pour chaque profil de risque.
Non-amortizing unitranche facility (Bullet)
UnitrancheStructure combining senior and subordinated debt into a single instrument with bullet repayment at 5 to 7 years to protect operational liquidity.
Subordinated debt & quasi-equity capital
Mezzanine & HybridJunior financing subordinated to senior bank facilities, blending moderate cash pay and payment-in-kind (PIK) coupons to bridge equity gaps.
Short-term transition debt
Bridge & RelaisFast-executing transitional liquidity to close time-sensitive strategic acquisitions prior to capital markets refinancing or asset disposals.
First-lien senior private debt
Senior SecuredFirst-ranking private loans secured by tangible collateral, offering flexible covenants compared to conventional syndicated facilities.
Collateral & Risk Mitigation Framework
Our structured collateral framework secures private debt tranches with institutional investment committees.
Four-phase operational intervention framework
Une exécution rythmée par des critères stricts de qualification et de structuration financière.
Analyze & Audit
Comprehensive review of historical financial statements, collateral inventory, and EBITDA normalization.
Score & Qualify
Objective evaluation using the proprietary Hipparchus Credit Assessment matrix and rating determination.
Structure & Draft
Tranche architecture design, covenant calibration, credit memorandum authoring, and term sheet negotiations.
Source & Disburse
Selective roadshow to leading European private debt funds and family offices through to final disbursement.
Complementary expertise
Hipparchus Credit Assessment
Our proprietary rating system to optimize pricing and terms with institutional funds.
Real Estate Private Debt
Bridge loans and private credit secured by commercial and prime residential properties.
Financial Strategy & Capital Structure
Balancing debt cost and equity cost to maximize overall enterprise value.