Private Credit and Club Deals: Not All Models Are Created Equal

1. The Move by UniCredit

Private credit and club deals are fast becoming the new frontier for the wealthiest investors.Carefully selected transactions, multi-million-dollar tickets, access to double-digit returns… but only for a select few.

In recent months, even the large universal banks have entered this space.A prime example? UniCredit has developed a platform reserved for ultra-high-net-worth (UHNW) clients—those with over €100 million in assets—to invest in syndicated loans, iconic real estate in Milan and Rome, and projects structured through club deals with Quantico, a firm the bank has acquired specifically to execute these operations.

2. The Critical Question

These initiatives raise some strategic questions:

• If the deals are truly this profitable, why not invest directly using the bank’s own capital—delivering returns to all shareholders?

• Why limit access to an elite, instead of structuring them into funds available to a broader client base?

The difference lies in the model:

• Universal banks → multiple business lines, multiple products to push, and the inevitable conflicts of interest that follow.

• Specialized investment banks → focus on specific sectors, targeted operations, transparency, and alignment of interests.

The reality is that many investment solutions for the general public—traditional asset management foremost among them—have produced modest results in recent years, often underperforming the potential of these tailored opportunities reserved for ultra-wealthy investors.A “two-speed” model is taking shape: on one side, retail clients; on the other, an elite with access to tailor-made deals offering more attractive risk/return profiles.

3. The CGPH Banque d’Affaires Approach

CGPH Banque d’Affaires is a concrete example of a specialized investment bank.We are not a commercial bank and do not handle current accounts: we operate exclusively in real estate and alternative investments, with a dedicated and independent approach.

Our activities include:

• Club Deals structured for carefully chosen projects in Italy and across Europe.

• Syndicated loans and private debt transactions, backed by deep risk analysis and full alignment of interests with investors.

• Direct real estate investments and the development of high-potential assets, including iconic properties in Europe’s major capitals.

This focus allows us to:

• Avoid the conflicts typical of universal banks.

• Concentrate exclusively on the profitability and sustainability of each deal.

• Offer access to opportunities usually reserved for a few, through transparent, scalable investment structures.

CGPH Banque d’Affaires – the first investment bank in Europe specialized in real estate investments.