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About

Tarbela Capital is an independent platform focused on alternative capital markets. We source and structure proprietary transactions across distressed credit, special situations, restructuring, private credit, structured capital, specialty finance, and real assets. Each transaction is originated through direct relationships, independently underwritten, and structured as a discrete vehicle. We invest alongside our capital partners on a deal-by-deal basis.

Leadership
Adnan Riaz
Founder & Managing Principal

With over 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 35 countries. His experience covers the global credit spectrum, encompassing diverse asset classes, currencies, industries, and market cycles.

Certified Insolvency and Restructuring Advisor · Turnaround Management Association · New York Alternative Investor Roundtable · B.S. Finance, Indiana University Kelley School of Business

March 2026
Trapped Capital
The $166 billion IEEPA tariff refund and the emerging liquidity crisis facing U.S. importers who cannot afford to wait.
February 2026
Harvest of Debt
Chapter 12 farm bankruptcies surged 46%. The coming repricing of American agricultural credit.
December 2025
Tokenization and the Liquidity Puzzle
Blockchain promises to reshape private credit liquidity, but smart contracts can't handle restructurings.
November 2025
NAV Loans Reshaping Private Markets
Exceeding $100B globally with 0.8% defaults versus 3.1% in broader private credit.
October 2025
The Zombies in Private Credit
Behind headline default rates of 1.8%, zombie credits shuffle along on PIK interest and amendments.
September 2025
Esoteric Strategies
Non-traditional assets offering uncorrelated returns for those willing to do the work.
August 2025
Multi-Strategy Private Credit
Asset-backed lending in 97% of portfolios but only 13% as primary strategy. Diversification or complexity.
July 2025
Amendment Pricing in Private Credit
A pricing framework for the surge in amendment activity. Sophisticated lenders convert requests into wins.
June 2025
Middle Market Rescue Finance
A $600B+ maturity wall by 2028 and PE sponsors sitting on $2T in dry powder. Double-digit returns through cycles.
May 2025
Structured Equity: Where Debt Meets Equity
Hybrid instruments between senior debt and common equity. Separating skilled practitioners from those reaching for returns.
Have a deal? Let's talk.

We review proprietary opportunities across the full alternative capital spectrum. If you have a transaction that needs capital, structuring expertise, or both.

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