AAG Private Credit Fund
A Structurally Advantaged Way to Access High-Yield Private Credit
The AAG Private Credit Fund invests alongside other institutional capital providers as a syndicate member with an established Merchant Cash Advance (MCA) originator. The Fund deploys capital into a continuously rotating portfolio of short-duration advances to small and mid-sized businesses.
The Fund will launch with this established originator serving as the strategic anchor for AAG’s platform, with plans to selectively add other MCA originators over time.
- Target Return
- ~20%Net Annual Return
- Asset Duration
- 3–12 monthsContinuous Capital Recycling
- Preferred Return
- 10%Hard Hurdle
- Diversification
- 100+Underlying Financings
Strategy & Market Opportunity
- Participation as a syndicate member at origination alongside institutional capital
- Short-duration advances (3–12 months) with continuous capital recycling
- Structured portfolio exposure without the need to manage individual deal selection or reinvestment
- Access to hundreds of underlying financings
- Approximately $5.2 trillion global financing gap, with less than 15% of small business loan applications approved by banks
Why MCA Financing
- Frequent cash flow supports reinvestment and continuous capital recycling.
- High-yield structure (factor rates approximately 1.10x–1.50x)
- Repayment amounts can flex with sales activity, moderating stress during economic slowdowns and supporting portfolio resilience
- Low correlation to traditional markets
Risk & Structural Protections
- Institutional underwriting infrastructure and real-time performance monitoring
- Defined portfolio guardrails and disciplined capital allocation
- Structural protections including confessions of judgment (where permitted), personal guarantees, and collateral
Fund Structure
- Delaware Series LLC
- Series-based structure with parallel vehicles for U.S. and non-U.S. investors
- Approximately 60-day subscription windows
- 12-month lock-up per series
- Quarterly redemptions, subject to liquidity
Anchor Originator Historical Track Record
27% ( 8-Year Average Net Return )
Return to syndicate members (prior to AAG fees and carry; not Fund performance)
Billions in funded advances since 2017
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