02 — Core authority
Structured Credit, FIDCs & Securities
The structure is not the objective: it is the instrument that makes a complex asset investable by institutional capital. The choice between direct assignment, a single-tranche fund or a multi-class structure follows from the portfolio's size, origin and risk profile.
01The problem
A credit asset can be sound and still not be investable: what is missing is the vehicle, the security design and the regulatory framework that let institutional capital in. Blackhill builds that bridge between the asset and the investor.
02Why it is complex
- 01
Tranche sizing — senior, mezzanine and subordinated — defines the senior investor's effective coverage and is the central structural decision.
- 02
The subordinated tranche retained by the originator serves as interest alignment and first-loss absorption.
- 03
Independent manager, administrator and custodian are a regulatory requirement, not a matter of convenience.
- 04
Credit policy and eligibility criteria for the underlying must be set before registration, not adjusted afterwards.
- 05
Multi-origin structures require explicit concentration limits by seller, debtor and asset class.
03Who can engage us
We act under mandate. Fit is assessed case by case, before any commitment.
Receivables originators seeking structured funding
Companies that need to turn a portfolio into liquidity
Asset managers that need a vehicle built for a thesis
Banks and securitisation companies in assignment transactions
04How we work
Advisor, structurer and intermediary. We do not acquire the asset we advise on.
- 01
Definition of the underlying pool and asset eligibility criteria.
- 02
Tranche sizing and design of structural protections.
- 03
Selection and coordination of manager, administrator, custodian and legal advisers.
- 04
Coordination of the assignment structuring and of the registration process, which is carried out by the licensed service providers.
- 05
Post-closing monitoring: periodic reporting, liquidity events and asset substitution.
Conduct
Senior and direct conduct, working with the vehicle's administrator, custodian and manager, and with audit and legal counsel engaged according to the structure chosen.
05Framework and references
- Structures
- Non-standard · performing · multi-class funds
- Securitisation
- Real estate and agribusiness notes · debentures
- Regulation
- CVM Rule 175/2022 · Law 14.430/2022
- Blackhill's role
- Structuring advisor — not manager, administrator, custodian or distributor
This material does not constitute: (i) a public offering of securities; (ii) a legal opinion; (iii) an investment recommendation; (iv) a promise of returns; nor (v) a guarantee of any nature. Investment decisions rest exclusively with the investor, based on their own analysis and independent due diligence.
06How to start
Start a confidential conversation.
A first approach requires no documents, counterparty names or transaction data. The context in broad terms is enough for us to assess whether there is mandate fit.
- 01
Preliminary contact
You describe the context in general terms. We assess fit and come back with an initial reading.
- 02
Confidentiality
Where there is fit, an NDA is executed before any sensitive information is shared.
- 03
Analysis and mandate
With documentation available, we define the scope of work and the terms of the mandate.
Preliminary contact does not constitute a mandate, a binding proposal, a commitment to structure or any guarantee of execution. Accepting any engagement depends on prior analysis and a formal agreement between the parties.
Other practice lines