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In a world that is rapidly shifting, one question matters more than ever.

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Who will finance the transitions at the moment it truly counts?

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That is where Private Debt comes in and it is an important part of our Alternative Investment Solutions platform

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where we help fiduciary clients access specialist opportunities beyond traditional markets.

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At its core, Private Debt offers investors stable expected income streams, diversification,

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and the ability to support projects and businesses that sits just beyond the reach of traditional fixed income.

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Because there is a clear and growing need for financing,

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Private Debt is not only essential for the real economy,

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it is also a compelling investment opportunity from a financial perspective.

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One area where this becomes particularly visible is the energy transition.

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Throughout Europe, demand for capital is high, while traditional lenders often move slowly

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or focus only on the large and operational assets.

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This leaves a meaningful financing gap for small and medium-sized renewable energy projects,

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especially during the construction - the moment when capital can truly accelerate progress.

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Private Debt allows us to step into this gap.

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Together with our investors and specialist external managers we select,

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we provide flexible, tailored financing at exactly the stage it has the greatest impact:

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turning renewable energy plans into real functioning assets.

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This enables new solar farms, wind projects and other clean energy infrastructure to be built,

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projects that might otherwise struggle to secure timely financing.

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The result is a strong pipeline of attractive, risk-adjusted opportunities,

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combined with high-quality measurable climate impact close to home.

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And that brings me to our approach.

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We do not invest directly in Private Debt ourselves.

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Instead, as asset class specialists, we know this market in depth

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and select the very best external managers for the specific goals of our clients,

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and it allows us to find the most suitable specialist for every mandate.

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This example shows how Private Debt can be a powerful tool

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for clients seeking both expected financial value and impact.

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It not only supports the transition - it helps accelerate it, responsibly and with meaningful additionality.