Selected specialist solution
PMJ Private Credit Fund
Private credit with an inheritance-tax and Business Relief planning objective.
A specialist proposition for eligible investors seeking exposure to UK private credit while considering Business Relief as part of wider inheritance-tax planning.
Overview
Overview
The PMJ Private Credit Fund is a specialist proposition combining exposure to privately originated lending with an inheritance-tax and Business Relief planning objective.
It is intended for eligible investors, generally accessed with the involvement of a financial adviser or professional intermediary.
[High-level proposition summary to be confirmed from final PMJ product documentation.]
Context
Why private credit?
Private credit describes lending arranged directly between a lender and a borrower, outside public bond markets. It plays a role in financing businesses, property and real assets where bank lending is unavailable or slower than a borrower requires.
For investors, the characteristics differ from listed credit: pricing is negotiated, holdings are typically not traded on a public market, and outcomes depend on origination discipline and credit assessment.
No performance claims are made on this page. Returns on private lending are not guaranteed and borrowers may default.
The challenge
The IHT planning challenge
Where an estate exceeds the available nil-rate bands, a potential inheritance-tax liability arises on death. Gifting can reduce control and generally requires a longer survival period to be effective.
Specialist qualifying investments are one route some clients consider as part of a wider strategy, retaining ownership of the asset while pursuing a planning objective.
Technical
Understanding Business Relief
Business Relief is a statutory relief that can reduce the value of qualifying business assets for inheritance-tax purposes, where the relevant statutory conditions are satisfied.
Relief is not guaranteed. It depends upon the qualifying trading activity, the investor satisfying the relevant ownership period, and the investor's individual circumstances. HMRC ultimately determines relief, and tax legislation may change.
Structure
How the PMJ proposition works
A simplified illustration of the intended flow. The exact legal structure has not been confirmed.
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01
Investor
Eligible investor, generally introduced via an adviser or professional intermediary.
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02
Investment vehicle / qualifying company
[Legal form and qualifying status to be confirmed from final PMJ product documentation.]
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03
Private-credit strategy
[Strategy, mandate and portfolio limits to be confirmed.]
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04
Underlying borrowers
[Borrower types, sectors and security arrangements to be confirmed.]
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05
Interest / lending returns
[Distribution or accumulation mechanics to be confirmed. Returns are not guaranteed.]
[Exact legal and operational structure to be confirmed from final PMJ Private Credit Fund product documentation.]
Strategy
Investment strategy
The following areas will be populated once final product documentation is available. No assumptions have been made.
Information required
- [Target lending opportunities — to be confirmed]
- [Borrower types — to be confirmed]
- [Sector exposure — to be confirmed]
- [Geographic focus — to be confirmed]
- [Security — to be confirmed]
- [Credit assessment — to be confirmed]
- [Portfolio construction — to be confirmed]
No strategy detail has been supplied. Nothing on this page should be read as an indication of intended exposures, security arrangements or expected outcomes.
Provider
Why PMJ?
Provider credentials will be included only once verified information has been supplied.
Information required
- [Target lending opportunities — to be confirmed]
- [Borrower types — to be confirmed]
- [Sector exposure — to be confirmed]
- [Geographic focus — to be confirmed]
- [Security — to be confirmed]
- [Credit assessment — to be confirmed]
- [Portfolio construction — to be confirmed]
No strategy detail has been supplied. Nothing on this page should be read as an indication of intended exposures, security arrangements or expected outcomes.
Reusable module
Key facts
- Investment type
- Shares in an unlisted trading company
- Business Relief objective
- Yes
- Minimum investment
- To be confirmed
- Target return
- To be confirmed
- Qualifying period
- To be confirmed
- Liquidity
- To be confirmed
- Fees
- To be confirmed
- Risk classification
- To be confirmed
- Investor eligibility
- To be confirmed
- Availability by jurisdiction
- To be confirmed
Fields shown as “To be confirmed” await verified product information from the provider.
Business Relief
Business Relief and this proposition
Business Relief treatment is not guaranteed. The relevant statutory requirements must be satisfied and must continue to be satisfied.
The investor generally needs to satisfy the relevant ownership period, and HMRC ultimately determines whether relief applies based upon circumstances at the relevant time.
Tax legislation may change, and individual tax circumstances differ. [Product-specific Business Relief mechanism to be confirmed from final PMJ documentation.]
Risks
This is a specialist investment. Capital is at risk, returns are not guaranteed, and Business Relief treatment is not guaranteed.
- Capital loss — the value of specialist investments can fall and investors may not get back the amount invested.
- Credit and borrower default risk where lending forms part of the underlying activity.
- Illiquidity - specialist and unlisted investments may not be readily realisable.
- Valuation risk where assets are not traded on a public market.
- Concentration risk within a specialist strategy.
- Tax and Business Relief risk — relief is not guaranteed and depends on individual circumstances.
- Legislative change — tax rules and rates may change, potentially with retrospective effect on planning.
- Unlisted investment risk, including limited investor protections compared with listed investments.
[Product-specific risk factors to be supplied from approved documentation. Final copy is subject to legal and regulatory review.]
For advisers
How New Walk supports advisers considering PMJ
New Walk provides information, structural explanation and access to documentation so that advisers can carry out their own research and suitability assessment.
Andrew can talk through how the proposition is intended to operate, what remains to be confirmed, and where the risks sit. He can also join adviser-led client meetings where helpful.
New Walk does not provide regulated financial advice and does not make personal recommendations.
Request PMJ information.
Documentation will be issued to eligible investors and professional intermediaries once final product documentation is available.
Important information
Nothing on this website constitutes financial, tax or legal advice, or a personal recommendation. Specialist investments referenced are available only to eligible investors and involve risk to capital.
Business Relief and other tax treatment depend upon individual circumstances and the relevant legislation, which may change.
Tax treatment depends on individual circumstances and may change. Where Business Relief is discussed, qualification for relief is not guaranteed. Investments can fall as well as rise in value and investors may not get back the amount invested.