Safety is the Strategy

Ghost Tree Partners has spent the last five years developing and deploying our private credit strategy for lower middle-market borrowers.

In recent years, we have seen a significant reduction in the involvement of mega-firms and banks in the lower middle-market private lending space. This opens an opportunity for GTP as alternative credit sources for borrowers become more vital.

Learn More About Our Team

Streamlined Internal Infrastructure – Bolstered by External Expertise

Focus on Downside Protection

The focus of GTP is first risk mitigation. We include tangible assets and positions in the capital structure to provide protection.

Attractive Structures

Strong lender protections come from a full covenant package and control of the capital stack, with help given to borrowers early, intervening in stressed scenarios if needed.

Multiple Paths to Exit

While most borrowers refinance as expected, we game plan for multiple exit scenarios and, given our distressed backgrounds and cycle-tested experience, can work with companies in stressful situations through a flexible investment approach.

Asset Coverage

We underwrite each loan independently, making sure asset coverage is underpinned by discounts to intrinsic value.

Avoid Distress

We do not take bets on whether a company or market will recover, nor do we rely on secondary liquidity. We do the due diligence and take the most compelling ideas forward.

Deal Sourcing

With over 60 years of combined investment experienced, GTP has cultivated a vast sourcing network with the proven ability to develop and maintain a robust pipeline of deals. This allows GTP to assess opportunities across the private credit spectrum and select niche sourcing partner experts to aid in building a diversified portfolio.


With a core focus on private credit, the GTP investment approach can also target areas of specialty finance and stressed credit and can be opportunistic when appropriate. This process creates a diversified portfolio of private credits across strategies, geographies, asset types, and sponsors in one solution.

Risk Management

Through rigorous up-front due diligence and continuous monitoring, Ghost Tree Partners places protections on each deal.

Due diligence:

  • Secured debt, covenant-heavy, limited carveout baskets
  • Extensive rights and controls

  • Low LTVs

  • Low debt-to-EBITDA multiples

  • Expansive PE-style due diligence with a focus on value

Exit planning:

  • Exit plan in place to ensure recovery if the company is unable to meet obligations

  • Mapping potential buyers of the company or underlying assets

  • Network of advisors/turnaround specialists that can assist with asset management if needed

  • Collateral analysis performed up-front

Target Sectors

Target Deals

Loan Sizes


Cash Yields


Loan-to-Value Range


Loan Terms

3-4 Years


Senior-Secured, 1st Lien

Target Geographies

GTP Geographies

US, Europe, Developed Asia