Sep 8, 2025
Julian Schickel Avellinia Capital. Portfolio Credit, SME Financing & the Next Phase of Private Credit
Julian Schickel on building Avellinia Capital, closing Europe’s SME credit gap, and how data-driven underwriting is reshaping private lending.
Ferdi Roberts, Julian Schickel
50 MINS
Join Avellinia Capital Co-Founder & Managing Partner Julian Schickel for a deep dive into the rise of private credit in Europe. From structured credit at Lehman Brothers to co-founding Avellinia, Julian shares his journey and the fund’s thesis: solving the SME financing gap through innovative portfolio credit solutions. We explore how Avellinia structures deals, underwrites both assets and originators, and navigates today’s complex fundraising environment.
Expect candid insights into market tailwinds, the risks of complacency, and why tighter credit conditions may actually create better opportunities.
Key Topics
Julian breaks down how Avellinia evolved from a €250k seed investment to a fully institutional fund, and why asset-based lending is poised for growth in Europe.
Other topics include:
The financing “death valley” for SMEs between local banks and global lenders
Innovative deals: camper van rentals, IVF financing, creator royalties, and digital car subscriptions
Underwriting the underwriter: how Avellinia evaluates teams, policies, and risk frameworks
Covenant-heavy structures as early-warning systems, not enforcement triggers
The LP landscape: banks, insurers, fund of funds, family offices, and co-invests vs. commingled funds
Market tailwinds: institutional reallocations, ownership-to-usage shift, and emerging niches in asset-backed finance
Risks: frothy sectors, complacency in diligence, and geopolitical uncertainty
What You’ll Learn
Listeners will come away with a deeper understanding of:
How portfolio credit differs from direct lending—and why it matters for investors
Practical examples of asset-based lending in Europe’s innovation economy
Why illiquidity and complexity premiums drive strong risk-adjusted returns
How Avellinia balances control with partnerships in the capital stack
What’s next: fundraising in 2025, team growth, and plans to expand into North America by 2026
