Expertise
Indirect Private Debt
The Strategies
Private Credit Secondaries
Special situations
Asset-based lending
Direct lending
Commitment
Professionals: 6
Offices: Milan
Our offering
We manage in fund-of-funds strategies aiming to identify top-tier global private debt asset managers. Our investment options include three key routes: Direct Lending, Asset-Based Lending, and Special Situations. Recently, we launched an innovative private credit secondaries strategy, that aims to provide professional clients with opportunities in a burgeoning market that targets both LP-led and GP-led transactions.
Our approach
We prioritize senior secured floating rate loans, while selectively evaluating subordinated and junior debt in commingled or dedicated funds across Europe, the UK, the US, and Asia-Pacific. We focus on defensive sectors benefiting from strong structural trends and experienced management teams with a consistent track record.
Diversification through a single solution
Funds of funds provide professional investors with a streamlined way to access multiple private debt strategies within a single product, enabling significant portfolio diversification. Investments in private credit secondaries may enable professional investors to quickly generate significant returns, achieve high diversification, and mitigate the J-curve effect.
Experienced management & institutional backing
With extensive experience in selecting and managing private debt asset managers for Generali Group, our senior team brings deep expertise and a disciplined approach to asset manager selection. We now offer professional clients the opportunity to invest in our private debt fund-of-funds and secondaries strategies alongside Generali Group, the cornerstone investor and one of the world’s largest institutional investors.
Marco Busca
Head of Indirect Private Debt
Industry experience: 16 years
Strategy in focus: Private Credit Secondaries
Key features
SENIOR SECURED portfolios invested
GLOBAL EXPOSURE with focus on EU and USA
CORNERSTONE commitment from both companies
Offering professional investors access to a rapidly emerging new private market segment
A new private credit secondaries strategy with Partners Group acting as an advisor.
The strategy focuses on senior secured private credit portfolios targeting Europe, North America and Asia-Pacific.
It aims to offer professional investors enhanced liquidity, diversification, attractive risk-adjusted returns, and income generation.
Private credit, when accessed through the secondary markets, has a potential to provide higher returns that are less correlated to wider markets, with lower volatility.
Why choose this strategy?
EXPERIENCE
Generali’s established credit team has been investing in secondaries since 1998 across asset classes, with a robust track record managing 13 dedicated secondary market vehicles.
RESOURCES
The partnership has combined total of 4,000+ professionals globally. Both firms bring direct underwriting capabilities across primary and secondary markets, enabling effective valuation of quality and risk.
DIVERSIFICATION
With a proprietary asset database and USD 80bn+ in primaries, both firms can jointly bid global portfolios for better access and conditions.
ONE STOP SHOP
The firms are market leaders across GP-led and LP-led solutions, offering “wrap-around» approaches to leading GPs, operators, and sponsors.
Source: Generali Asset Management S.p.A. Società di gestione del risparmio (“Generali AM”) as of end Q2 2025, gross of double-counting.
