Private credit

Credit confidence across the cycle

Navigating the fast-evolving private credit sector in all types of market conditions requires experience and skill.

Aberdeen currently has a team of over 21 dedicated private credit investors, with an average of 19 years’ experience. So you can invest confidently at any stage of the credit cycle, backed by a team that’s always focused on your long-term interests.

All data as at 1 August 2025

Differentiated origination

We are experts in originating small to mid-sized private credit deals (from £30m - £150m), giving you access to assets that can deliver genuine portfolio diversification.

By seeking out high-quality opportunities across corporate debt, commercial real estate lending, infrastructure debt and fund finance, we can help you harness the unique attributes of Investment Grade private credit to achieve your yield, risk and term requirements.

Disciplined underwriting

Disciplined underwriting is critical to long-term success in private credit. That’s why we have a robust internal methodology to assess private credit opportunities – investing primarily in deals we rate as BBB or better.

Through this rigorous approach, we have seen zero loan losses since launching our first private credit fund over a decade ago.

What we offer our clients

Commercial Real Estate Debt

Commercial real estate debt finances property across all sectors, including office, industrial and retail. All our lending is bespoke, with downside protection, secured on the property itself. We aim for attractive, medium to long-term duration with reliable and predictable coupons, by focusing on high quality deals with compelling illiquidity pick-ups over similar rated corporate bonds.

Corporate Debt

Private corporate debt is a growing and dynamic market that is being driven by companies looking for more efficient financing means than traditional bank and public bonds to fund their growth. We use our robust underwriting process to find best-in-class debt opportunities across currencies, ratings and sectors. Our aim is to help you achieve significant yield pick-up compared to public corporate debt, while being supported by strong covenant protection on every deal.

Fund Finance

We provide short-term credit facilities to private equity funds so that they can bridge investment requirements without having to draw capital from their investors. For our own investors, fund finance investments can be a compelling source of strong, risk-adjusted returns, offering an attractive yield spread over public credit, while maintaining Investment Grade credit ratings.

Infrastructure Debt

Infrastructure debt finances socio-economic projects that often have monopoly-like characteristics. As a result, they provide the potential for high-quality cash flows uncorrelated to other investments. We target assets in sustainable sectors, such as green energy and transportation. With time horizons up to 45 years, the sector can offer some unique opportunities for achieving long-term, inflation-linked yields.

Meet the team

Marianne Zangerl

Deputy Head of Fixed Income

Marianne Zangerl is the Deputy Global Head of Fixed Income at Aberdeen. In this role, she has responsibility for overseeing Aberdeen’s global fixed income business with a focus on illiquid fixed income and sustainability. She is a member of numerous sustainability & private credit investment committees. She is also a fund manager of several of our multi sector private credit funds, and a global credit mandate with a dual focus on sustainability. Marianne joined the firm in 2015, having previously spent time in the institutional banking industry in Sydney, Australia and London. She has a Bachelor of Commerce and a Bachelor of Arts from the University of Sydney, which majors in Economics, Finance, Sociology and Social Policy.

Martin Barnewell

Head of Commercial Real Estate Lending

Martin joined the company in 2014, bringing over 20 years of experience in commercial real estate and lending. Before this, he worked at Allied Irish Bank and later at Anglo Irish Bank, where he was responsible for the origination, underwriting and management of commercial real estate debt working in both the Dublin and Chicago offices. In 2012, Martin joined Capita Asset Services as Head of Client Relations, based in London, where he was responsible for the management of a portfolio of over £40billion of syndicated and securitised loans. He holds a Bachelor of Business and Law from University College Dublin.

Alex Campbell

Head of Infrastructure Debt

Alex is Head of Infrastructure Debt at Aberdeen, with overall responsibility for the team’s strategies in sourcing, underwriting and managing debt investments across a full range of infrastructure sectors. Aberdeen invests in both social and economic infrastructure across clean energy, transport, social infrastructure, utilities and digital assets. The team manages funds principally on behalf of insurance and pension institutions and invests both in developed and to a growing extent in emerging markets. Alex joined the company in 2015 after prior roles in the financial guarantee industry and in investment banking in London, with periods also spent in New York and Singapore. Alex has a MA degree in Classics from Oxford, where he studied civilisations with a strong track record in building infrastructure such as roads, bridges, aqueducts, sewage, concrete and arches, public buildings, urban planning, ports and lighthouses, and communications; as well as developing democratic principles, comprehensive legal systems, coinage and banking.

Shelley Morrison

Head of Fund Finance

Shelley Morrison leads the strategy for Fund Finance at Aberdeen. She has extensive experience in the origination, structuring and execution of fund level debt facilities across multiple asset classes. She has been with Aberdeen since 2019. Before joining Aberdeen, Shelley was a Director in the Fund Finance team at RBS for 6 years where she managed a portfolio of subscription loans, NAV loans and GP finance to global funds across Private Equity, Private Debt, Infrastructure and Real Estate. Prior to that, she worked in structured asset finance at RBS and Lloyds for 10 years, with a focus on commercial ship finance. Shelley holds the both the IMC and CISI certificate in Corporate Finance and the CFA Certificate in ESG Investing. Shelley sits on the Fund Finance Association EMEA Executive Committee and Women in Fund Finance Committee. Shelley received a first class MA (honours) degree in Geography and an MSc in Social and Political Theory, both from the University of Edinburgh.

Andrew Dennis

Head of Private Placements

Andrew Dennis is Head of Private Placements at Aberdeen. Andrew has 12 years of buyside experience at Aberdeen that has spanned a broad number of sectors and asset classes. Prior to joining Aberdeen, Andrew worked for UBS Investment Bank for over 22 years and was responsible for the development of UBS’s structured finance business. He held roles across the structured finance business variously leading research, syndicate, trading and sales. During his career he has worked on transactions with a wide variety of underlying collateral including residential mortgages, commercial real estate loans, credit cards, auto loans, lease receivables, trade receivables, remittances, embedded value, PPP / project finance and corporate loans. Andrew has experience in working on transactions supported by collateral from a range of geographies. He also worked in debt capital markets in roles in emerging and developed markets when based in the UK and the US.

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