Private Markets · Since 2013
Capital that
compounds quietly.
We build portfolios out of things that already exist and already earn — warehouses, grid infrastructure, senior loans, operating real estate. Assets you can walk through, with cash flows you can underwrite.
The firm
Long horizons.
Short memos.
Global Brick Group was founded on a simple observation: the most reliable returns in private markets come from boring assets held patiently, not clever assets traded quickly.
We are a partner-owned manager. Every investment is underwritten by the people who live with the consequences, and every position must survive a written case for why it could fail before it is approved. That discipline is unglamorous. It is also why our loss ratio across 13 years sits materially below the private credit peer median.
Partner-owned, no external shareholders
Realised credit loss rate since inception
Average holding period
What we do
Four strategies, one underwriting standard
Real Assets
Logistics, light industrial and energy-transition infrastructure in supply-constrained corridors. We buy for replacement cost and hold for the lease.
Private Credit
Senior secured lending to mid-market operators, typically $8m–$60m, floating rate, covenanted, and always at the top of the capital stack.
Listed Markets
A concentrated sleeve of listed real assets and infrastructure used for liquidity management and tactical rebalancing across the book.
Structured Solutions
Bespoke mandates for institutions with defined liability profiles — capital preservation first, return second, always in that order.
In the portfolio
Assets you can stand in front of
A representative selection across the real assets book. Individual holdings are disclosed to investors quarterly.
Portfolio
Individual assets under direct management
- Occupancy
- 96.2%
- WAULT
- 7.1 yrs
- Weighted yield
- 6.4%
How we underwrite
Three gates, no exceptions
Every position passes the same sequence, whether it is a $8m loan or a $200m estate. The investment committee can decline at any gate; it cannot skip one.
GovernanceDownside first
We write the failure case before the investment case. If we cannot describe how the asset loses money, we do not understand it well enough to own it.
Cash before narrative
Underwriting runs on contracted, in-place cash flow. Growth assumptions are modelled but never relied upon to clear our hurdle.
Structure the exit
Every position is entered with a defined path to liquidity — lease maturity, amortisation schedule, or a covenanted refinancing window.
Research
Latest insights
Replacement cost is the only anchor that holds
Cap rates drift with sentiment. The cost of pouring concrete does not. Why we underwrite industrial assets against build cost rather than comparable transactions.
Read Private CreditIn private credit, the covenant is the product
Spread is what you are quoted. Documentation is what you actually own. A note on why we have walked away from deals over a single definition.
Read ESGEnergy intensity has quietly become a valuation input
Retrofit economics stopped being a compliance exercise the moment lenders began pricing EPC bands into margin. What that means for holding periods.
ReadMarket news