Alternative credit

As a leader with a long track record, we deliver tailored strategies across the capital stack, combining proactive opportunity capture with effective risk management.

Key figures

€56bn1
assets under management
120+1
investment professionals
20+ years1
of track record across the full spectrum of liquid and illiquid strategies
160+1
investors

Our approach

With over 20 years of experience across the capital stack, we offer a range of liquid and illiquid alternative credit strategies. Our proactive approach captures opportunities while minimizing risks, and we prioritize tailored solutions to meet diverse investor needs.

Leveraged loans

Most leveraged loans are secured loans issued to mid- to large-sized companies to support acquisitions and Leveraged Buy-Out (LBO) transactions.

Investing in leveraged loans enables clients to gain exposure to high-yield private corporates. They typically benefit from floating interest rates, and can help monitor risks, including seniority and loan covenants that impose specific conditions on the borrower.

Our strategy

The Leveraged Loans team has a track record of transactions spanning over 15 years. Our portfolio managers and sector analysts bring a wealth of experience from complementary sectors, including private equity, rating agencies, banking and asset management.

We have strong sourcing capabilities, thanks to our local presence and the relationships we have built in European and US markets. We are recognised for our expertise in credit analysis and portfolio construction, enabling clients to take advantage of the structural premium of secured finance assets and diversify their investments.

Collateralized Loan Obligations (CLO)

Investors in Collateralized Loan Obligations (CLO) receive scheduled debt payments from underlying corporate loans secured on assets such as real estate and industrial equipment.

CLOs provide a unique opportunity to move up and down the capital structure, to diversify geographically, and to gain exposure to most sectors of the economy. They are floating rate instruments, which offer a premium relative to traditional credit markets.

Our strategy

AXA IM Alts is one of the most experienced non-bank CLO investors in Europe with a solid track record and over €24 billion1  in CLO assets under management. We have invested in CLO tranches since the inception of the market in 1999 and managed investment strategies through cycles.

Our global presence and scale are key to our success in sourcing opportunities, alongside our deep understanding of underlying asset classes and market dynamics.

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Asset-backed securities and mortgages

Asset-backed securities (ABS) offer significant diversification compared to traditional fixed income products such as government and corporate bonds.

They offer exposure to the consumer economy, through bonds secured by a diversified pool of loans given to everyday people. These typically include mortgages, auto loans and credit card debt.

Our strategy

We focus on direct investment in prime mortgages and loans and provide long-term, secured exposure designed to meet the needs of insurance companies and pension providers. Our award-winning investment team has a track record of over 15 years across multiple credit cycles.

Our robust process covers the full spectrum of the securitized universe including residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS).

Bank capital transactions

Investors can gain access to stable cash flows, via diversified credit risk exposures held on the banks’ balance sheets.

Regulations oblige banks to strengthen their capital ratios to maintain their lending capability. Capital transactions enable banks to achieve this by releasing capital.

Our strategy

AXA IM Alts has longstanding expertise as a sponsor. Our Bank Capital strategy is supported by our stable management team, long-established relationships with banks and access to deals. We are recognised for our thorough investment process and our skills in portfolio construction, which combine a bottom-up approach with risk diversification.

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Insurance-linked securities

Insurance-linked securities (ILS) are a way to transfer some insurance risks to capital markets. They provide insurers with a viable alternative to traditional reinsurance.

Returns on ILS are linked to specific risks, ranging from the occurrence of a natural disaster (catastrophe bonds) to life risks related to healthcare or mortality. ILS instruments offer the ability to diversify risk. They have a generally low correlation with other assets and the wider economy.

Our strategy

Building on our experience of pricing reinsurance contracts, AXA IM Alts takes a three-step approach to investing in insurance-linked securities. We carry out qualitative analysis of each instrument; perform quantitative analysis and risk modelling, and use sophisticated pricing models.

Direct lending

Direct lending helps drive growth in the real economy by providing essential capital to small and mid-sized companies.

Direct lending plays an increasingly important role in helping companies fund growth, manage debt, and navigate complex financial situations. Our financing solutions cover corporate needs, including Leveraged Buy-Outs (LBOs), refinancing, special situations, and distressed scenarios.

Our strategy

Our strategy focuses on corporate lending, leveraging our deep sector expertise. With a strong presence in key regions, we are well-positioned to source opportunities and provide essential capital that drives economic growth.

Private debt

Our 360° approach: investing in private debt

Explore our private debt platform

Find out more

Our ESG approach

Our advanced framework for private debt and alternative credit ensures that ESG is integrated at every stage of the investment process.

Investable universe

We define the investable universe by limiting investments exposed to specific ESG risks. Our exclusion policies focus on climate, biodiversity and human rights.

ESG integration

Adopting a bottom-up approach ensures that ESG factors are integrated into investment decisions. We carry out ESG assessments,consider carbon emissions and labels, and evaluate alignment with UN Sustainable Development Goals (SDG).

    Disclaimer

    This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision.
    Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.