Adviser, Not Broker
As of July 30, 2026.
An SEC-registered adviser, managing the portfolio alongside the bank's own credit team
Caird is paid a management fee on the loans held, plus reimbursement of expenses set out in the advisory agreement. It takes no markup on what a bank buys and retains no spread, because Caird holds a power of attorney, executes in the bank's name, and each loan closes directly onto the bank's balance sheet. Caird never owns the loan.
Banks ask two things early in a TLB conversation: how the credit work gets done, and how the manager gets paid. The arrangement and Caird's conflicts are set out in Caird's Form ADV, and a bank should read it before onboarding starts.
Caird manages a bank's portfolio with that bank's credit team rather than selling loans out of inventory.
SEC-Registered Adviser. A fiduciary under the Investment Advisers Act of 1940.
No Markup, No Spread. Execution in the bank's name under a power of attorney; Caird never owns the loan.
Management Fee Only. Charged on the outstanding loan balance; no fee is charged until the first approved loan is purchased.
An extension of the bank's own credit team. Caird's analysts build a model portfolio together with the bank's credit team, and every loan goes to the bank's own credit committee to approve or decline before it is bought. Caird executes only after that approval.
Onboarding runs alongside the bank, not in place of it. Caird facilitates the bank's own KYC on the Street and works through the bank's vendor management review of Caird, both designed to start before assets begin moving.
Reporting is built for exam and board review. Position-level detail, monitoring history, and documentation stay current and available to hand to an examiner or a board on request.
Analysts and portfolio managers are directly reachable. Analysts discuss any individual credit; portfolio managers discuss portfolio-level strategy, market conditions, and the macro backdrop, directly with the bank's team.
The next step is a working session with your credit team covering onboarding, the model portfolio build, and the first credit through your committee. Tell us who should be in the room and we will schedule it.
Disclosures
Caird Investment Partners, LLC is a Dallas-based investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training, and does not imply any endorsement, review, or approval of Caird or of this material by the SEC. Additional information about Caird can be obtained by accessing https://adviserinfo.sec.gov/. Caird is a fiduciary and is subject to the rules and regulations of the Investment Advisers Act of 1940, as amended. This material is provided for informational purposes only and is not investment advice, a recommendation, a securities offer, or a solicitation to buy or sell any security or to enter into any advisory relationship. Nothing herein should be construed as legal, accounting, tax, regulatory, examination, or other professional advice; recipients should consult their own advisers. Investing involves risk, including the risk of loss; payments of principal and interest are not guaranteed. Past performance is not indicative of future results. There can be no assurance that Caird will implement its investment strategy or that it will lead to investor returns. There is no assurance that any portfolio construction objectives can be achieved or that any such portfolio will be profitable. Diversification does not eliminate the risk of loss. Actual results may vary materially and adversely. Terms are presented for illustrative and discussion purposes only and are subject to change; final terms set forth in a written agreement will prevail. Certain information has been obtained from third-party sources; although Caird believes those sources to be reliable, Caird makes no representation as to their accuracy or completeness. Opinions are as of the date of publication and are subject to change without notice. Caird has no obligation to update this material.
Investing in broadly syndicated loans involves credit, liquidity, and interest-rate risk. Loans may trade below par and may be difficult to value or sell in stressed markets. Secondary-market liquidity can be volatile and impair exit plans. Any spread pickup is conditional on credit quality and market conditions and is not guaranteed. In a broadly syndicated facility the bank is one lender among many and does not control amendment, waiver, or restructuring outcomes.
Caird manages client accounts in the strategies described herein, may therefore have an interest in the instruments discussed, and receives management fees that create conflicts of interest, which are described in Caird's Form ADV Part 2A.