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A manager built around one question
“How does this lose money?” Everything about how we are structured, governed and compensated follows from taking that question seriously.
Our story
Founded by people who had to clean up the last cycle
Global Brick Group was established in 2013 by a group of partners who had spent the preceding years working out restructurings rather than originating them. That experience shaped a specific conviction: in private markets, returns are determined far more by what you refuse to own than by what you manage to buy.
We began with a single real assets mandate and a balance sheet commitment from the founding partners. Every subsequent strategy has been launched only when we could staff it with people who had underwritten that asset class through a downturn — not merely through a bull market.
The firm remains wholly partner-owned. There is no external shareholder requiring us to grow assets under management faster than we can responsibly deploy them, and no distribution arm incentivised to raise a fund we do not need.
Strategies
Four books, one underwriting standard
Real Assets
$1.9BLogistics, light industrial, operating residential and energy-transition infrastructure in supply-constrained corridors.
- Target net return
- 9–12%
- Typical hold
- 7–10 yrs
- Ticket size
- $25m–$180m
Private Credit
$1.4BSenior secured lending to mid-market operators. Floating rate, covenanted, first lien, frequently non-sponsored.
- Target net return
- 8–10%
- Typical hold
- 3–5 yrs
- Ticket size
- $8m–$60m
Listed Markets
$0.6BA concentrated sleeve of listed real assets and infrastructure providing liquidity and rebalancing capacity.
- Target net return
- 7–9%
- Typical hold
- Rolling
- Positions
- 30–45
Structured Solutions
$0.3BBespoke mandates for institutions with defined liability profiles. Capital preservation is the primary objective.
- Target net return
- Liability +2%
- Typical hold
- Mandate life
- Minimum
- $50m
Target returns are objectives, not guarantees or projections, and are stated net of fees. They may not be achieved. Allocations shown are approximate and change with deployment.
Governance
The committee can decline. It cannot skip.
Investment governance is deliberately slow. Speed is the enemy of underwriting quality, and we would rather lose a competitive process than win it by shortening our own process.
Independent failure case
Written by a partner who is not sponsoring the deal. It is circulated before the investment case, not after.
Rate and cycle shock
Every paper carries a +200bp exit-yield scenario. The position must remain solvent and covenant-compliant under it.
Unanimity for new asset classes
Any investment outside an existing mandate requires unanimous committee approval, not a majority.
Quarterly re-underwrite
Every position is re-underwritten annually as though we were buying it today. Positions that would not clear are exit candidates.
Conflicts register
Partner co-investment is permitted only alongside the funds on identical terms, and is disclosed in the annual review.
Leadership
The people who sign the papers
Managing Partner
Real assets origination and portfolio construction. Previously led European industrial acquisitions at a global manager.
24 yrs in marketPartner, Credit
Heads the private credit book and chairs the credit committee. Background in special situations and workout.
21 yrs in marketPartner, Risk
Owns the independent failure case and the shock testing framework. Formerly a regulator-facing risk officer.
19 yrs in marketPartner, Stewardship
Responsible for ESG integration, retrofit programmes and investor reporting.
16 yrs in marketFull biographies and regulatory histories are provided to prospective investors during due diligence.
History
How the firm was built
Firm founded
Established with a single real assets mandate and a balance sheet commitment from the founding partners.
Private credit launched
First senior secured facility written. The credit committee structure adopted then remains largely unchanged.
Institutional mandates
First segregated mandate for a pension scheme, introducing the structured solutions capability.
Stewardship function formalised
Retrofit programme begun across the standing portfolio; ESG covenants introduced at origination.
Counter-cyclical deployment
Liquidity buffer deployed into assets from sellers facing refinancing deadlines rather than fundamental deterioration.
Today
$4.2B under management across four strategies, 180+ assets, and 14 markets.