Private Credit
Senior-secured, first-lien direct lending strategies that seek to deliver risk-adjusted income with structural downside mitigation features. In partnership with LAGO Asset Management1, an institutional-grade lower middle market direct lender.
Why This Strategy
Income-oriented and conservative clients typically represent the largest segment of most advisory practices. Private credit offers a compelling structural alternative to traditional fixed income — offering yield potential, covenant-based protections, and a client narrative that is more accessible than equity strategies.
For advisory firms initiating their first private market allocation, we believe credit is the most natural entry point.
Top of the Capital Stack
Senior-secured, first-lien positioning. In a typical downward scenario, these positions are designed to maintain structural priority in the repayment waterfall, though this does not guarantee recovery of principal.
Lower Middle Market Focus
Less competition, stronger covenants, and more favorable pricing than broadly syndicated markets.
Equity Discipline Applied to Credit
Multiple exit alternatives and borrower-specific covenants required before commitment. Using rigor typically reserved for equity positions.
Income Distribution Structure
Quarterly distribution potential designed for clients with income requirements and advisors seeking tangible, recurring results.
How Advisory Firms Access This Strategy
Multiple structures designed to accommodate varying client eligibility, investment committee requirements, and firm-level allocation parameters.
Dual-Perspective Value
- Senior position at the top of the capital stack — structural priority in repayment
- Yield potential with volatility characteristics that differ from equity strategies
- Quarterly distribution potential for income-oriented portfolios
- Downside mitigation through strict financial and operating covenants
- Client-ready, white-label presentation materials that enable differentiation
- Access to the BIP Private Markets Insights Hub - comprehensive research and market intelligence
- Evergreen structure eliminating vintage-year education complexity, with financial plan integration tools
- Look-through reporting integrated with hey advisor platforms
- A structural entry point that positions the firm for subsequent equity integration
Integration and Reporting
- Traditional Funds
Accredited and Qualified Purchaser tiers
- Evergreen BDC
Low minimums for broad eligibility
- Look-through performance reporting
- Key advisor platforms
- Platformed with key custodians
- Automated subscription documentation
- Dedicated Client Success contact
- Client-ready, white-label education materials
- IC presentation support
- Quarterly market commentary from investment team
Frequently Asked Questions
The Next Step
Connect with our team to discuss how this strategy aligns with your firm's objectives.
- LAGO Asset Management, LLC is a SEC Registered Investment Adviser, separate from BIP Capital, LLC.
- LAGO Evergreen Credit (the “BDC") is registered as an investment company under the U.S. Investment Company Act of 1940, as amended, and has elected to be treated as a business development company under the 1940 Act. The BDC has filed a registration statement on Form 10 for its Shares with the SEC under the Securities Exchange Act of 1934, as amended. The shares of the BDC are not registered under the Securities Act of 1933.
- Distributions are not guaranteed, are subject to declaration by the fund’s Board of Directors or General Partner, as applicable, and may include return of capital.
- Beginning in 2027, the Fund intends to commence a share repurchase program in which it intends to repurchase up to 10% of outstanding Shares (by number of Shares). The repurchase program is subject to approval of the BDC’s Board of Trustees and availability of liquidity in the BDC. Accordingly, there is no guarantee that liquidity may be available.
Investments in private credit strategies involve significant risks including, but not limited to: (i) illiquidity risk - private credit investments may be difficult to sell and investors may not be able to access capital when needed; (ii) default risk - borrowers may fail to make required payments or repay principal; (iii) recovery risk - amounts recovered in the event of default may be substantially less than amounts invested; (iv) valuation risk - private credit investments are not traded on public exchanges and valuations are based on estimates that may not reflect actual realizable values; (v) leverage risk - the use of leverage can amplify losses; and (vi) concentration risk - portfolios may be concentrated in a limited number of borrowers, industries, or geographic regions. Past performance is not indicative of future results. Investors may lose some or all of their investment.