Investment Strategies

Credit Opportunities

Our core strategy is the ‘Credit Opportunities’ fund, a private fund that invests in tailor-made financing solutions in the Netherlands. The fund focuses on capital preservation through senior positions with collateral, while creating additional returns by sharing in the success of the company.

The founders of Dexteritas began investing in private debt in 2015 by structuring bespoke transactions for Dutch companies. The first Dexteritas Dutch Credit Opportunities Fund (DDCOF) was launched in 2019 and has been successfully invested. Since 2022, we have been investing from the successor fund with the same strategy (DDCOF II).

We provide financing to companies with strong growth ambitions, whether through organic growth or acquisitions, companies undergoing ownership structure changes, or those facing other complex financing challenges. As entrepreneurial financiers, we seek opportunities where others mainly see obstacles. Value creation is paramount to us, driven by a clear strategy and a strong management team. As partners to the management team, we aim to facilitate and enable that value creation.

We have broad investment possibilities throughout the capital structure, ranging from the most senior level to the most risk-bearing level. In all our financing arrangements, we expect a form of downside protection through collateral and covenants. The duration of the financing depends on the underlying business plan but is always multiple years (no short-term bridge). We do not seek to control the company via voting rights.

Investment criteria

Dexteritas can provide a solution in a diverse range of situations. We do not follow pre-determined investment criteria based on ratios or key performance indicators, and instead evaluate each case individually.

We can provide a solution in a diverse range of situations, but most of our companies share the following characteristics:

  • Headquartered or substantial operations in the Netherlands
  • Revenue greater than €10m
  • EBITDA greater than €1m
  • Total credit need between €5m and €20m
  • Companies in all sectors, excluding pure real estate financing

Example situations

  • Rapid growth, organically or through M&A
  • Limited collateral for traditional bank financing (asset-light)
  • Family businesses, management buy-outs/buy-ins
  • Acquisition financing for single acquisitions or buy & build strategies
  • Need for increased cash flow for growth or investments
  • Constraints in obtaining regular (bank) financing
  • Financing of illiquid investment funds (NAV financing)
  • Specific assets with contractual cash flow (e.g., royalties or IP with licensing income)
  • Secondary transactions, acquiring existing loans from other lenders in restructuring situations

Investment process

After conducting a brief analysis of the company, industry, and credit requirements, we can swiftly indicate whether we can provide a solution. Based on discussions with management and further analysis, the key aspects of the financing will be outlined in a term sheet.

Upon acceptance and signing of the term sheet, an additional investigation (due diligence) usually follows, after which the financing documentation is prepared and the loan is disbursed. The entire process can be completed within 8 weeks, although this timeline is highly dependent on the availability of information and the specific situation.