Private credit has attracted a lot of attention in recent years. And the flood of capital into the space has brought with it a gravitational pull toward larger, more complex deals, longer durations, and leverage that looks comfortable - right up until the assumptions underneath it stop holding.
Garrington Private Credit is a firm that builds differently.
.png?width=500&height=750&name=toreigh%20stuart%20(1).png)
The headline numbers tell part of Garrington's story: over $5 billion in total loans and factoring transactions completed, approximately 100 active credit facilities, and a weighted average portfolio duration of roughly 200 days. But what differentiates Garrington isn't the scale of activity; it's the philosophy behind it.
Garrington lends against real, tangible assets. Not EBITDA multiples. Not enterprise value projections. Actual collateral - assessed at liquidation value, secured with a senior lien, and sized conservatively. When you ask the team how they think about risk, the answer is disarmingly direct: "We win by not losing."
That orientation shows up everywhere. In leverage that sits well below what is typical in the industry. In a loan book where roughly 60% of positions mature within six months, generating natural liquidity rather than relying on secondaries or asset sales to meet investor redemptions. In a bad-debt expense that has averaged well below 1% of net funded exposure across the life of the strategy.
Garrington operates in the $1 million-$30 million deal segment, a part of the market the largest funds structurally cannot touch. They lend to small and mid-size companies where they know the borrower well and the business even better. And they are deliberate about how much capital they put to work: $150 to $250 million per year, not billions per quarter. That's not a limitation. It's a choice - one made by a firm that ties its enterprise value to investment performance, not asset gathering.
Leading Garrington is Managing Director Toreigh Stuart, who spent years in institutional finance - including as CEO of Man Investments Canada - watching complexity and scale work against the investors they were meant to serve. He didn't just allocate to Garrington's strategy. He bought the company because he believed he'd finally found an approach built around protecting capital rather than accumulating it.
That conviction tends to resonate with a specific kind of investor: family, offices, independent advisors, and allocators who want to understand exactly what they own and why.
For family offices, independent advisors, and allocators who have grown skeptical of complexity as a proxy for sophistication, Garrington offers something different: a strategy that has held its shape through multiple credit cycles.
Havener Capital is thrilled to help Garrington tell its story.
→ Learn more about Garrington Private Credit
→ Connect with Toreigh Stuart on LinkedIn