Six Senses Private Credit Investment Bank Primer

Executive Summary

Six Senses Private Credit delivers structured litigation finance as an institutional-grade private credit product. Through its Structured Litigation Finance Notes (SLFNs), the platform offers fixed-duration, capital-protected, high-yield instruments anchored to litigation monetization cycles. Each SLFN is engineered through a credit-first framework and backed by a Multi-Tier Capital Protection (MTCP) structure, combining insurance, surety, and cross-collateralization features.

This primer outlines the structuring philosophy, protection architecture, yield layers, and governance framework that underpin the Manhattan SLFN model.

Structuring Philosophy: Credit First, Asset Second

Unlike legacy litigation funders, Six Senses begins with the engineered structure—defined yield, maturity, protection layers, and investor seniority—then matches litigation assets to the predefined capital obligation. This ensures every deal is underwritten to service fixed coupon payments and redemption schedules under base-case conditions.

Capital Protection Architecture – MTCP

Merit-Based Capital Protection
Policies underwritten by AM Best-rated insurers provide capital replacement if litigation fails on the merits.
Performance Insurance Surety Bond (PISB)
Issued by Gipfel Capitale, mitigates timing mismatch by guaranteeing principal and coupon at maturity.
Cross-Collateralization
Each SLFN is supported by a diversified portfolio where any single case is modeled to fully satisfy note obligations.

Return Architecture

The SLFNs return architecture comprises a fixed coupon series and a contingent Priority Distribution Coupon (PDC), capped at 150% of principal.

Coupons paid over the term of the note
Contractual return at 120 days.
Priority Distribution Coupon – up to 1.5x of principal
Variable upside over a 2-year tail period, senior to equity in waterfall.

Institutional Governance Framework

The SLFNs are designed to serve as the dedicated capital vertical into the Six Senses Private Credit Fund, enabling that fund to benefit from the regulatory infrastructure, fund governance, and capital markets execution standards established under the VCC framework.

By leveraging this structure, SLFNs deliver litigation-backed, event-linked return potential within a fully governed institutional platform—combining regulated fund administration, legal integrity, and capital efficiency under Singapore’s globally recognized VCC regime.

Investment Rationale

Non-market correlated yield
Statutory capital protection layers (insurance + surety)
Pre-engineered risk-return alignment
Legal enforceability of all cash flows
Realized MOICs supported by underwriting discipline and payout waterfalls
Governance-backed redemption and servicing integrity

This article and the information contained herein are intended solely for general informational purposes and should not be perceived as advice to buy, sell, or hold any security, nor as investment, tax, financial, accounting, legal, regulatory, or compliance guidance. Mentions of specific assets or securities and their issuers are purely illustrative and should not be construed as recommendations to transact in those assets or securities. The views expressed are solely those of the authors, who are associated persons of Manhattan, and this article is not a research report or meant to guide investment decisions. The content does not consider the individual objectives, financial situations, or specific needs of any person. Any third-party information included does not represent the perspectives of Manhattan or its subsidiaries or affiliates. No U.S. or foreign securities commission or regulatory authority has endorsed or verified any investment or the accuracy or completeness of the information we provide. Alternative investments come with distinct risks that may exceed those of traditional investments, are not suitable for all clients, and are designed for experienced investors who meet specific criteria and can withstand high economic risks. Such investments may employ speculative strategies, carry the risk of loss, including partial or total capital loss, due to the nature and volatility of the underlying assets, and are typically illiquid with restrictive repurchase terms. They may also involve different regulatory and reporting requirements, complex tax structures, and delays in important tax information distribution.