risks.

The following risks may be materially relevant but may not always be adequately captured by the summary risk indicator and may cause additional loss: Counterparty risk, Concentration risk and Model risk. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity. The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their investment process.

glossary.

Sustainable Private Credit

financing climate solutions at scale with private debt.

We invest in companies which actively support the climate transition.

How? By taking a solutions-based approach, purposefully lending to firms seeking private debt capital to scale their impact in contributing to a global net-zero pathway.

The outcome? A sustainability approach that seeks to deliver compelling risk-adjusted returns while delivering measurable impact – with capital preservation a priority.

$1.8bn

pipeline of measurable
robust off-market
impact opportunities

>20 years

average experience
in team with strong
referral network

article 9

fully SFDR
climate
transition-aligned

Source: Silvercrest Research projections. Pipeline figures as of Q2 2023. Target performance is an estimate of future performance based on current market conditions and are not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the product. Capital preservation represents a portfolio construction goal and cannot be guaranteed.

clean solutions at scale.

We believe some of the most compelling opportunities today come from selectively catalysing the scaling-up of providers of sustainable goods, services or distributed real assets that are disrupting idle, carbon-intensive infrastructure.

While a surge of capital seeks to deploy into megatrends, most climate solution providers operate within fragmented markets which are just beyond the reach of traditional debt financing.

Our collaborative financing approach seeks to unlock a path to greater scale for these companies by providing USD 15-25 million secured credit facilities and best-in-class sustainability resources, which attract lower-cost capital. This has helped drive outperformance while targeting USD 1.4 billion¹ in follow-on equity commitments into our investee companies and their affiliates – proof of our ability to help climate-focused firms achieve scale.

Our focus: six specialisms in distributed clean industries.

distributed renewables

energy transition

storage & microgrids

resource efficiency

waste to value

digitalisation as enabling technology

1 Source: Silvercrest as of Q1 2023.

the opportunity.

With USD 24.5 trillion of capital expenditure to be deployed in electrification this decade alone, and a structural shift towards the decentralisation of the energy system, we anticipate a generational opportunity for impact investing that is non-concessionary: contributing to sustainability solutions while aiming to generate strong financial returns.

We see deep alignment between profit and purpose – particularly where sustainable solutions provide an opportunity to disrupt established markets that serve essential needs while delivering excess value to stakeholders.

This alignment of returns is additionally supported by considerable policy tailwinds, which may drive resilience and lessen correlation with broader economic trends. With decentralisation a secular trend in many markets, we believe private credit is playing a key role in aggregating proven solutions while creating value for both investors and portfolio companies.

delivering impact.

Source: Silvercrest Research. For illustrative purposes only. There is no guarantee that a target objective will be reached (not an accurate indicator).

our strategy.

Our targeted private credit strategy provides exclusive access to (typically) smaller opportunities via our proprietary network of personal contacts – opportunities that simply don’t reach the market.

As such, these more focused, smaller credits, are originated through our close networks, often with shorter maturities, meaning investors.

Additionally, our robust covenants ensure bespoke deal terms, providing early warning triggers should we need to withdraw our lending if these are transgressed, e.g. a predefined debt to equity ratio, revenues, or M&A activity.

Hands-on sustainable investment approach to deliver capital and purposeful engagement to companies at critical inflection points
Help catalyse growth potential and measurable impact, seeking to mobilise further capital at greater and lower cost for our investees
Active stewardship strategy to support our portfolio companies in becoming the next generation of climate leaders

key portfolio characteristics.

	Silvercrest Sustainable Private Credit Fund	Traditional direct lending
Deal size range	USD 10 – 50 million	USD 75 – 150 million
Origination focus	Founder-owner-managers	Financial sponsors
Sourcing process	Off-market, less competitive	Competitive auction process
Sourcing channels	Relationship / referral-based	Bank / sponsor syndicates
Structural emphasis	Senior secured / shorter duration	Senior secured to junior mezzanine
Covenants	Robust & bilaterally negotiated	Market-based
Documentation	Strong structural control	Less structural control
Source of alpha	Stewardship & complexity premium	Fund leverage
Equity participation	Additional upside via equity alignment	Not typically available

Source: Silvercrest 2023. For illustrative purposes only.

why us?

Distinctive focus

We seek to capture attractive investment risk premia by providing transitional, structured growth capital to motivated firms – typically as the sole lender in a capital structure. Our team’s experience in bespoke private-market transactions enables efficiency in execution, while our focus on aligned bilateral investments allows for robust structural controls to be negotiated.

Differentiated origination

Our collaborative and reputation-based approach, focused on delivering non-concessionary impact, allows for differentiated origination with less competitive tension. With a ‘positive-sum’ mindset that purposefully seeks to deliver more than capital to help achieve climate goals, we believe we are able to attract best-in-class entrepreneurs and create access to bespoke investments with positive convexity.

Downside protection

This is our priority, and it is underpinned by shorter duration, first-lien, senior-secured positions and conservatively valued assets and collateral analysed in various scenarios. We believe our robust investment process reduces operational and governance risk, and underwriting typically based on visible cash flows allows us to manage performance, technology and merchant risks.

Capital preservation represents a portfolio construction goal and cannot be guaranteed.

important information.

This document is a Corporate Communication and is intended for Professional Investors only.

This document is a Corporate Communication for Professional Investors only and is not a marketing communication related to a fund, an investment product or investment services in your country. This document is not intended to provide investment, tax, accounting, professional or legal advice.

This document is issued by Silvercrest (hereinafter the “Company”). The Company is authorised and regulated by the Financial Conduct Authority (the “FCA”), .

This document is approved at the date of the publishing. The Company is clustered within the Silvercrest Investment Management Division of Silvercrest Group which support in the preparation of this document and Silvercrest is a trade name.

Any opinions or forecasts provided are as of the date specified, may change without notice, do not predict future results and do not constitute a recommendation or offer of any investment product or investment services.

This document is the property of Silvercrest, is provided for information purposes only and is addressed for the recipient exclusively for its personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without the prior written permission of Silvercrest . It is not intended for distribution, publication, or used for any other purpose without the prior written permission of Silvercrest .

The contents of this document are intended for persons who are professionals and who have been vetted by Silvercrest and assessed as suitable to the investment matters set out in this document and in respect of whom Silvercrest has received an assurance that they are capable of making their own investment decisions and understanding the risks involved in making investments of the type included in this document or other persons that Silvercrest has expressly confirmed as being appropriate recipients of this document. If you are not a person falling within the above categories, you are kindly asked to either return this document to Silvercrest or to destroy it and are expressly warned that you must not rely upon its contents or have regard to any of the matters set out in this document in relation to investment matters and must not transmit this document to any other person. This document contains the opinions of Silvercrest, as at the date of issue or completeness of the information contained in this document, nor does it accept any liability for any loss or damage resulting from its use. All information and opinions as well as the prices indicated may change without notice.

The contents of this document has not been reviewed by any regulatory authority in any jurisdictions and does not constitute an offer or a recommendation to subscribe for any securities or other financial instruments or products.

It contains opinions of Silvercrest, as at the date of issue. These opinions and information contained herein in this document does not take into account all the specific circumstances of the addressee. Therefore, no representation is made that the information presented in this document are suitable or appropriate to the individual circumstances of any investors. Tax treatment depends on the individual circumstance of the investor and may be subject to change in the future. Silvercrest does not provide tax advice.

The information and analysis contained herein are based on sources believed to be reliable. While Silvercrest uses its best efforts to ensure that the content is created in good faith and with greatest care, it does not guarantee the timeliness, accuracy, validity, reliability or completeness of the information contained in this document, neither does it warrant that the information is free from errors and omission not does it accept any liability for any loss or damage resulting from its use. All information and opinions as well as the prices indicated may change without notice. Particular contents of third parties are marked as such. Silvercrest assumes no liability for any indirect, incidental or consequential damages that are caused by or in connection with the use of such content.

The Source of the data has been mentioned wherever it was available. Unless otherwise stated, the data is prepared by Silvercrest .

Not for US Person: This corporate communication is not intended for any "U.S. Person" as defined in Regulation S of the Act, as amended or pursuant to the 1940 United States Investment Company Act as amended and will not be registered pursuant to the 1940 United States Investment Company Act as amended, or pursuant to other US federal laws. Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States of America, any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a United States Person. For this purpose, the term "United States Person" shall mean any citizen, national or resident of the United States of America, partnership organized or existing in any state, territory or possession of the United States of America, a corporation organized under the laws of the United States or of any state, territory or possession thereof, or any estate or trust that is subject to United States Federal income tax regardless of the source of its income.

Data Protection: You may be receiving this Communication because you have provided us your contact details. If this is the case, note that we may process your personal data for direct marketing purposes. For more information on Silvercrest’s data protection policy, please refer to silvercrestassetmanagement.net

© 2025 Silvercrest IM. All rights reserved.

Will US dollar strength give way to the euro?