Private Convertibles and Credit

Advent’s Private Convertible and Credit Strategy (“APCCS”) team leverages the firm’s in-house research capabilities and operational infrastructure in an effort to provide value-added investment opportunities to investors and innovative capital solutions to companies. The strategy seeks to generate positive absolute, private equity-like returns with only a portion of the risk by investing in convertible securities, loans and other instruments across the capital structure. The strategy can be implemented as an enhanced/opportunistic fixed income strategy or a conservative private equity strategy.

We believe that private convertible securities are an overlooked asset class with structural benefits that have the potential to provide returns with positive asymmetry to investors. The yield and principal repayment components may provide the capital preservation features of a bond, while the conversion option feature may provide the equity-like return profile of a stock. Given our 20+ years of experience working with and structuring convertible transactions, Advent adds value/alpha through its research and experience analyzing the value of a convertible bond’s embedded options. The strategy is available through separately managed accounts and commingled funds.

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