Tarbela Capital is an independent platform focused on alternative capital markets.
We source and structure proprietary transactions where complexity keeps conventional capital away, and we invest alongside our capital partners on a deal-by-deal basis.
Opportunities sourced through direct relationships.
Every transaction underwritten independently by Tarbela.
Each transaction held in its own discrete vehicle.
We invest alongside our capital partners, deal by deal.
With more than 18 years of industry experience, Adnan has deep expertise across public and private debt origination, derivatives, trading, M&A, acquisition financing, capital structure advisory, fund advisory and debt restructuring.
Before establishing Tarbela Capital, Adnan spent 13 years at Morgan Stanley, where he led the Debt Advisory practice within the Leveraged Finance Group. Earlier in his career, he held roles at Bank of America Merrill Lynch in Debt Advisory and Restructuring, Special Situations Sales and Trading, and Market Risk Management.
Throughout his career, Adnan has executed more than $500 billion in financing, restructuring, workout and liability management transactions across 36 countries. His experience includes sovereign debt, from issuing billions for Mexico and Peru to sovereign restructurings, and covers the global credit spectrum across asset classes, currencies, industries and market cycles. He has also taught restructuring at the graduate level.
Certified Insolvency and Restructuring Advisor · Turnaround Management Association · New York Alternative Investor Roundtable · B.S. Finance, Indiana University Kelley School of Business
Notes on where credit is breaking and where capital is needed.
The top saves, the bottom borrows, and the interest goes right back up the K. Credit in the K-shaped economy.
Stablecoins, crypto lending pools and gated private credit funds: money that looks like cash, until everyone wants it at once.
Unitranche spreads have tightened about 100 bps since 2023. For borrowers still paying 2023 prices, waiting has a price.
Syndicated loans and private credit both float. The difference is who is hedged, and much of the middle market is not.
Private credit secondaries put a buyer's price on manager marks for the first time. The gap is the story.
$675 billion is flowing into AI this year. The constraint has moved from the spreadsheet to the substation.
The $166 billion IEEPA tariff refund and the emerging liquidity crisis facing U.S. importers who cannot afford to wait.
Chapter 12 farm bankruptcies surged 46%. The coming repricing of American agricultural credit.
Blockchain promises to reshape private credit liquidity, but smart contracts can't handle restructurings.
Exceeding $100B globally with 0.8% defaults versus 3.1% in broader private credit.
Behind headline default rates of 1.8%, zombie credits shuffle along on PIK interest and amendments.
Non-traditional assets offering uncorrelated returns for those willing to do the work.
Asset-backed lending in 97% of portfolios but only 13% as primary strategy. Diversification or complexity.
A pricing framework for the surge in amendment activity. Sophisticated lenders convert requests into wins.
A $600B+ maturity wall by 2028 and PE sponsors sitting on $2T in dry powder. Double-digit returns through cycles.
Hybrid instruments between senior debt and common equity. Separating skilled practitioners from those reaching for returns.
We review proprietary opportunities across the alternative capital spectrum and invest as principal alongside our partners. Tell us about the situation.
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