Meridian Harbor publishes Q3 Investor Update
14-minute video: asset-backed rotation, leverage held low into year end, liquidity 72% of NAV.
FCN · Home
GL
FCN AI: You've viewed Meridian Harbor Credit Opportunities three times this week and downloaded their risk report, but haven't reached out. They have a DD slot open Friday. Want me to request an intro call, or add them to your private credit shortlist?
Search Funds
⋮⋮Strategy ▾Sub-strategy ▾AUM ▾Region ▾Liquidity ▾
2,140 funds on the network · 312 private credit · 48 added this month
My Funds
6 · $412M⋮⋮| Fund | Strategy | Sept | Invested |
|---|---|---|---|
| Ashgrove Structured Credit | Structured credit | +1.1% | $95M |
| Kittiwake Global Macro | Macro | -0.4% | $80M |
| Bellhaven Equity L/S | Equity L/S | +2.0% | $75M |
| Corran Infrastructure Debt | Infra debt | +0.8% | $70M |
| Sable Point Event Driven | Event driven | +1.6% | $52M |
| Tarn Quant Equity | Quant | +0.9% | $40M |
Recommended for You
AI⋮⋮MH
Meridian Harbor Credit OpportunitiesAsset-backed private credit · fit 92 · you viewed 3x
RL
Riverlane Specialty FinancePrivate credit · fit 88 · 2 peers allocated
HC
Halcyon Real Assets CreditInfra/real-asset credit · fit 85
NV
Northvale OpportunisticDistressed · fit 81 · new on FCN
Based on your mandate (private credit 12% target), what you've viewed, and what similar foundations allocate to.
Watch List
5⋮⋮| Fund | Strategy | Sept | YTD |
|---|---|---|---|
| Meridian Harbor Credit Opps | Private credit | +2.4% | +11.8% |
| Riverlane Specialty Finance | Private credit | +1.3% | +9.6% |
| Halcyon Real Assets Credit | Real-asset credit | +0.9% | +8.1% |
| Greyfell Convertibles | Convert arb | +0.6% | +6.4% |
| Meridian Harbor Liquid Digital | Digital L/S | +5.1% | +22.3% |
Chats
2 unread⋮⋮MH
Meridian Harbor · Dana WhitfieldDana: Sent the pre-call note for Friday - duration and the 2020 drawdown covered.
AS
Ashgrove · Investor RelationsQ3 letter is up. Call next week?
KW
Kittiwake · IRThanks for the redemption notice, confirming Dec 31.
AI
FCN AIYour private credit comparison is ready
Virtual Meetings
3 upcoming⋮⋮MH
Meridian Harbor · due diligenceFri Oct 23 · 11:00 AM · FCN Video · AI prep ready
AS
Ashgrove · Q3 reviewTue Oct 27 · 2:00 PM
RL
Riverlane · introThu Oct 29 · 10:00 AM
News Feed
tuned to you⋮⋮Meridian Harbor publishes Q3 Investor UpdateFCN · watch list · 14 min video
Ashgrove Structured Credit posts Q3 letterFCN · your fund · new doc
Private credit fundraising on pace for record yearReuters · 2d · private credit
Foundations raise alternatives targets in 2026 surveyP&I · 3d · peers
Fund Spotlight
⋮⋮▶
14:22Meridian Harbor · Q3 Investor UpdatePrivate credit · on your watch list
FCN AI picks one fund video a day from your watch list and recommendations.
Portfolio Analytics
MSCI⋮⋮+9.4%
YTD · alts sleeve
1.31
Sharpe 1y
8.6%
Private credit · target 12%
Allocation by strategy
Pine Hollow Foundation
Verified allocatorPrivate foundation, Portland OR, $1.8B. Alternatives sleeve 42% of portfolio across credit, macro, equity long/short and quant. Building private credit from 8.6% toward a 12% target by mid-2027.
- Type
- Private foundation
- AUM
- $1.8B
- Alts allocation
- 42% · $756M
- Typical ticket
- $25M – $100M
- Open mandates
- Private credit (asset-backed, specialty), real-asset credit
- Liquidity preference
- Quarterly or better
- Team
- Grace Lin (CIO), Peter Ma (Director), Hollis Advisory (consultant)
- Visibility
- Managers see your name, type, AUM and open mandates when you view them
Your activity is visible
FCN is an open network. When you view a fund, the manager sees that Pine Hollow looked, and when. Turn on Quiet mode to browse without notifying managers for 24 hours.
Managers who viewed you
MH
Meridian HarborViewed your profile · yesterday
RL
RiverlaneRequested intro · Oct 19
MERIDIAN HARBOR
Meridian Harbor Credit OpportunitiesNew York, NY · Private credit · asset-backedYTD +11.8% · Sharpe 1.62 · Quarterly
RIVERLANE
Riverlane Specialty Finance Fund IICharlotte, NC · Private credit · specialty financeYTD +9.6% · Sharpe 1.4 · Quarterly
HALCYON
Halcyon Real Assets CreditDenver, CO · Real-asset creditYTD +8.1% · Sharpe 1.2 · Semi-annual
NORTHVALE
Northvale Opportunistic CreditChicago, IL · Distressed / opportunisticYTD +13.2% · Sharpe 1.1 · Annual
LARKSPUR
Larkspur Lower Middle Market LendingDallas, TX · Direct lendingYTD +9.0% · Sharpe 1.3 · Quarterly
WREN & COLE
Wren & Cole Royalty CreditBoston, MA · Royalty / IP-backed creditYTD +7.7% · Sharpe 1.5 · Quarterly
Showing 6 of 312 private credit funds. Fit score weighs your mandate, ticket size, liquidity preference, and what similar allocators hold.
| Fund | Strategy | Invested | Sept | YTD | Latest | Next | |
|---|---|---|---|---|---|---|---|
| Ashgrove Structured CreditSince 2021 · IR: Nadia Reyes | Structured credit | $95M | +1.1% | +8.9% | Q3 letter · new | Q3 review Oct 27 | |
| Kittiwake Global MacroSince 2019 · IR: Ben Okafor | Macro | $80M | -0.4% | +3.2% | Redemption Dec 31 | - | |
| Bellhaven Equity Long/ShortSince 2020 · IR: Claire Dubois | Equity L/S | $75M | +2.0% | +12.4% | Sept tear sheet | Annual meeting Nov 12 | |
| Corran Infrastructure DebtSince 2022 · IR: Sean Walsh | Infra debt | $70M | +0.8% | +7.1% | Sept tear sheet | - | |
| Sable Point Event DrivenSince 2023 · IR: Maya Patel | Event driven | $52M | +1.6% | +10.3% | Risk report · new | - | |
| Tarn Quant EquitySince 2024 · IR: Jonas Berg | Quant | $40M | +0.9% | +6.8% | Sept tear sheet | Webinar Nov 5 |
Total invested $412M · alts sleeve 42% of $1.8B.
| Fund | Strategy | AUM | Sept | YTD | Fit | Status | Your activity | |
|---|---|---|---|---|---|---|---|---|
| Meridian Harbor Credit Opportunities | Private credit | $340M | +2.4% | +11.8% | 92 | Open | 3 views · risk report + PPM downloaded · DD call Fri | |
| Riverlane Specialty Finance II | Private credit | $610M | +1.3% | +9.6% | 88 | Open | Intro Oct 29 | |
| Halcyon Real Assets Credit | Real-asset credit | $1.2B | +0.9% | +8.1% | 85 | Soft close Q1 | 1 view | |
| Greyfell Convertibles | Convert arb | $520M | +0.6% | +6.4% | 66 | Open | Saved Sept 2 | |
| Meridian Harbor Liquid Digital | Digital L/S | $72M | +5.1% | +22.3% | 41 | Soft close Q1 | Outside mandate · watching |
| Meridian Harbor Credit Opps | Riverlane Specialty Finance II | Halcyon Real Assets Credit | |
|---|---|---|---|
| Strategy | Asset-backed private credit | Specialty finance | Real-asset credit |
| AUM | $340M | $610M | $1.2B |
| Inception | Mar 2019 | Jun 2020 | Jan 2017 |
| YTD | +11.8% | +9.6% | +8.1% |
| Ann. return (3y) | 11.3% | 9.9% | 8.4% |
| Volatility (1y) | 4.9% | 4.1% | 3.6% |
| Sharpe (1y) | 1.62 | 1.40 | 1.20 |
| Max drawdown | -4.2% | -3.1% | -2.4% |
| Liquidity | Quarterly · 90d | Quarterly · 60d | Semi-annual · 90d |
| Fees | 1.25 / 15 · 6% hurdle | 1.5 / 15 · 7% hurdle | 1.0 / 10 |
| Min. ticket | $5M | $10M | $25M |
| AI fit | 92 | 88 | 85 |
FCN AI: For a 12% private credit target with quarterly liquidity, Meridian Harbor and Riverlane fit best; Halcyon's semi-annual terms and $25M minimum make it a second-wave candidate. Meridian Harbor's higher return comes with higher vol and a deeper 2020 drawdown; ask about it Friday.
MH
Meridian Harbor Capital
Dana Whitfield · Head of IR
Fri Oct 23
Meridian Harbor · due diligence
Tue Oct 27
Ashgrove · Q3 review
Thu Oct 29
Riverlane · intro
Sent by you
MH
Meridian Harbor · data room accessGranted Oct 20 · PPM downloaded
grantedRL
Riverlane · tear sheet + DDQSent Oct 19
pendingHC
Halcyon · intro callSent Oct 15
pendingReceived
NV
Northvale Opportunistic · intro request"We're new on FCN and fit your private credit mandate" · 1 of their 10 monthly
LK
Larkspur · intro requestOct 18
Managers on the Network tier can send you 10 messages a month; you control who gets through.
Discover
"Find private credit funds under $500M with quarterly liquidity." Screens the whole network against your mandate.
Compare
"Which of my three shortlisted funds should I prioritise?" Reads performance, MSCI risk and terms.
Prep
"Prep me for Friday's DD call." Drafts questions from the fund's docs and risk report.
Monitor
"What changed across my six funds this month?" Reads every new letter, tear sheet and risk report.
Nudge
If you look at a fund repeatedly but don't reach out, FCN AI asks whether you want an intro. Never the manager chasing you.
Brief
"Write a one-page IC memo on Meridian Harbor." Pulls profile, performance, risk and your notes into a draft.
| Fund | Strategy | AUM | YTD | Fit | Why | |
|---|---|---|---|---|---|---|
| Meridian Harbor Credit Opportunities | Private credit · ABL | $340M | +11.8% | 92 | Matches open mandate · you viewed 3x · 2 peer foundations allocated | |
| Riverlane Specialty Finance II | Private credit · specialty | $610M | +9.6% | 88 | Matches mandate · intro booked | |
| Halcyon Real Assets Credit | Real-asset credit | $1.2B | +8.1% | 85 | Second open mandate · soft close Q1 | |
| Northvale Opportunistic Credit | Distressed | $280M | +13.2% | 81 | New on FCN · requested intro | |
| Larkspur LMM Lending | Direct lending | $920M | +9.0% | 78 | Adjacent to mandate | |
| Wren & Cole Royalty Credit | Royalty credit | $410M | +7.7% | 74 | Diversifier · low correlation to your book | |
| Corran Infrastructure Debt II | Infra debt | $450M | +6.9% | 72 | Successor to a fund you hold |
FCN · 1h
FCN · 3h
Ashgrove Structured Credit posts Q3 letter
Attribution, positioning and a note on CLO equity. Q3 review with Nadia Oct 27.
Reuters · 2d
Private credit fundraising on pace for record year as banks retreat
Preqin: $210B raised through Q3; insurers and pensions lead new commitments.
P&I · 3d
Foundations raise alternatives targets in 2026 survey
Median alts allocation among $1–5B foundations now 44%; private credit the fastest-growing sleeve.
FCN · 3d
12 new managers joined FCN in October
Four private credit, three macro, two digital. FCN AI has scored them against your mandate.
Bloomberg · 4d
Kittiwake's macro peers post mixed September
Rates volatility hurt trend followers; discretionary macro flat.
Why you see this
FCN AI learns from what you view and hold. You've been looking at private credit managers, so the feed leans that way. Sources: P&I, FundFire, Reuters, Bloomberg, Preqin, plus fund posts on FCN.
▶
14:22Meridian Harbor · Q3 Investor UpdateWatch list · new
▶
06:40Meridian Harbor · Why Asset-Based Lending NowExplainer
▶
22:15Ashgrove · Q3 Review WebinarMy fund
▶
18:40Riverlane · Fund II OverviewWatch list
▶
31:05Sable Point · The Catalyst Podcast Ep. 12My fund
▶
04:10Northvale · Meet the TeamRecommended
| Document | Fund | Type | Shared | Your activity | |
|---|---|---|---|---|---|
PDF PPM · Credit OpportunitiesData room · watermarked | Meridian Harbor | Data room | Oct 20 | Downloaded today | |
PDF MSCI Risk Report · Q3 | Meridian Harbor | Risk report | Oct 3 | Downloaded today | |
PDF Tear Sheet · September 2026 | Meridian Harbor | Tear sheet | Oct 14 | Opened Oct 15 | |
PDF Q3 Letter | Ashgrove | Letter | Today | New | |
PDF Risk Report · Q3 | Sable Point | Risk report | Yesterday | New | |
DOCX DDQ · 2025 | Kittiwake | DDQ | Jan 2025 | Opened 4x |
Alts sleeve
$412M
42% of $1.8B
YTD
+9.4%
vs HFRI +6.2%
Sharpe (1y)
1.31
MSCI
Private credit
8.6%
target 12% · gap $61M
Allocation by strategy
FCN AI: closing the private credit gap needs ~$61M. Meridian Harbor + Riverlane at $30M each would get you there.
Monthly returns · alts sleeve · 2026
| Fund | Vol (1y) | Sharpe | VaR 95% | Max DD | Beta to HFRI | Stress · 2020 Mar | Report |
|---|---|---|---|---|---|---|---|
| Ashgrove Structured Credit | 3.8% | 1.45 | 2.2% | -3.9% | 0.28 | -8.1% | |
| Kittiwake Global Macro | 7.9% | 0.52 | 4.6% | -9.2% | 0.41 | +2.3% | |
| Bellhaven Equity L/S | 9.1% | 1.22 | 5.3% | -7.4% | 0.62 | -11.0% | |
| Corran Infrastructure Debt | 2.9% | 1.38 | 1.7% | -2.1% | 0.18 | -4.4% | |
| Sable Point Event Driven | 6.2% | 1.30 | 3.8% | -5.6% | 0.47 | -9.7% | |
| Tarn Quant Equity | 8.4% | 0.88 | 5.0% | -6.8% | 0.55 | -6.2% | |
| Meridian Harbor Credit Opps watching | 4.9% | 1.62 | 3.1% | -4.2% | 0.31 | -6.9% |
FCN AI: Sleeve VaR 95% is 3.4%, driven by Bellhaven and Tarn. Adding Meridian Harbor at $30M lowers sleeve beta to HFRI from 0.42 to 0.40 and leaves VaR flat.