Altrus Capital Partners finances physical commodity trades from producer to industrial end-user — targeting consistent, risk-adjusted returns with structural downside protection.
Commodity trade finance bridges the gap between producers who need payment now and buyers who need time to process, sell, and collect. It is structural, permanent, and essential — not a niche asset class.
Commodity trade finance provides short-term working capital to commodity traders — the intermediaries who move physical goods (energy, metals, agricultural products) from producers to industrial end-users across geographies. Every facility is tied to a specific, identified physical transaction: a purchase contract, a sale contract, and a commodity in transit. Capital is advanced, goods are shipped, buyer pays, loan repays. The cycle repeats.
Commodity traders perform essential functions — logistics, payment bridging, aggregation, price risk management — that producers and end-users permanently outsource. The structural mismatch at the heart of every trade is this: producers need cash now; buyers need 60–90 days. The trader bridges this gap with their balance sheet, and trade finance funds that balance sheet. This demand does not disappear in recessions, rate cycles, or geopolitical disruptions. It redirects.
Altrus finances flows exclusively from producers or processors to industrial end-users — the cleanest, most verifiable structure in the asset class. Every disbursement requires both a purchase contract and a sale contract. The original bill of lading (the document of title to the goods) is held by Altrus until buyer payment is received. A co-signatory collection account means all buyer payments flow directly to Altrus before the borrower can access them. Repayment is structural, not discretionary.
Commodity traders perform essential intermediary functions — logistics, payment bridging, aggregation — permanently outsourced by producers and end-users. This demand does not disappear in recessions or rate cycles. It redirects. The world always needs to eat, fuel itself, and build things.
End-user buyers pay not because the numbers work, but because not paying stops their production line. An industrial processor who defaults on a raw material contract shuts down their factory, damages their brand, and triggers downstream defaults. Operational consequence is more durable than financial calculation.
Every Altrus transaction repays automatically from buyer payment upon delivery. The borrower has no opportunity to defer. Either the buyer pays and the loan is repaid, or the buyer does not pay and Altrus acts immediately. No middle ground. No relationship-based forbearance.
Every transaction follows the same structured five-stage lifecycle from origination to repayment.
Borrower presents deal. Credit assessment. Advance ratio calibrated. Facility executed. Collection account opened with Altrus as co-signatory.
Altrus disburses to collection account. Borrower deposits equity. Cargo insurance confirmed. Inspection certificate received.
Goods shipped supplier to buyer. Bill of lading issued to order of Altrus. Vessel tracked via AIS. Shipping documents presented per contract.
LC bank reimburses; DP bank releases on payment; or buyer pays directly into co-signatory collection account.
Principal and interest applied first. Borrower margin released only after full repayment. Capital recycled to next deployment.
| Control Layer | Mechanism |
|---|---|
| Cargo Insurance | ICC A all-risks open cover. Altrus named loss payee at policy level. Seller's Interest Clause mandatory. Confirmed before every disbursement. |
| Co-Signatory Mandate | Collection account in borrower's name. No outgoing payment possible without Altrus's explicit approval — at any time, for any amount. |
| Assignment of Receivables | Formal assignment of sale proceeds to Altrus. Notice served on buyer. Direct legal claim on proceeds independent of borrower. |
| Personal & Corporate Guarantee | All-monies guarantee from directors and corporate parent. Guarantors' personal and corporate assets at risk. |
| Advance Ratio | Borrower equity contribution ensures aligned incentives. Borrower loses own capital before the fund loses anything. |
Nov 2020 – Mar 2026 · Through COVID, Russia–Ukraine, Trump tariffs, and Gulf disruptions.
| Metric | Result | Note |
|---|---|---|
| Total Capital Deployed | USD 715M+ | Nov 2020 – Mar 2026 |
| Total Transactions | 911 | All commodities and structures |
| Core Sub-120-Day Loans | 854 (94%) | Average tenor 70 days |
| Borrower Entities | 15 incl. 4 consolidated groups | Mid-market commodity traders |
| Repayment Record | 100% — Zero Credit Losses | Through multiple global dislocations |
| Average Bulk Loan Size | USD 2.8M | Excluding container-shipped borrowers |
| Peak Annual Deployment | USD 293M | 2025 — Record year |
| Year | Volume (USD M) | Transactions | Context |
|---|---|---|---|
| 2020 | 3 | 4 | Inception — COVID year |
| 2021 | 85 | 74 | Post-COVID portfolio ramp |
| 2022 | 136 | 101 | Russia-Ukraine — energy demand surged |
| 2023 | 29 | 122 | Lead originator sabbatical; ops continuity demonstrated |
| 2024 | 109 | 166 | Full origination restored — strong recovery |
| 2025 | 293 | 370 | Record year — Trump tariffs + Gulf disruptions |
| 2026 YTD | 59 | 74 | To 10 March 2026 |
| Total | USD 715M+ | 911 | Zero credit losses across all periods |
None of the funds that closed failed because commodity trade finance does not work. Each reflects a specific, identifiable governance or credit discipline failure.
The broader private credit market is experiencing significant stress. Commodity trade finance is structurally different — not just in degree, but in kind.
| Characteristic | Broad Private Credit | Altrus CTF Fund |
|---|---|---|
| Asset duration | 3–5 years per loan | 30–180 days (avg 70 days) |
| Repayment source | Refinancing dependent — borrower must roll debt at maturity | Self-liquidating from buyer payment — no refinancing required |
| NAV transparency | Mark-to-model quarterly — loans carried at par until default | Transaction-by-transaction accrual — no par-to-zero problem |
| Rate sensitivity | Floating but spread compression risk as rates fall | Floating with structurally sticky spreads — set by transaction risk, not cycles |
| Redemption risk | Gate provisions actively being triggered in 2025–2026 | Portfolio duration matches notice period — manageable |
| Correlation to AI/tech stress | Direct — significant exposure to software and AI infrastructure lending | None — return drivers are physical trade flows, not financial market cycles |
| Recovery on default | Months-long restructuring of distressed operating business | Immediate — goods redirection, collection account control, receivable enforcement |
| Net yield (current) | 8–10% (deteriorating as stress increases) | 7–9% (structurally supported by transaction economics) |
Commodity trade finance is not correlated to the factors driving public market returns. It earns from the economics of physical trade — which does not stop in recessions, rate cycles, or geopolitical disruptions.
Returns are built additively — SOFR plus a credit spread determined by transaction structure risk, not market sentiment. Spreads do not compress when SOFR falls.
| SOFR Level | Net to Investor (approx.) | Expressed As |
|---|---|---|
| 2.0% | 5.5% – 7.5% | SOFR + 350–550bps |
| 3.0% | 6.5% – 8.5% | SOFR + 350–550bps |
| 3.6% (current) | 7.1% – 9.1% | SOFR + 350–550bps |
| 4.5% | 8.0% – 10.0% | SOFR + 350–550bps |
| 5.0% | 8.5% – 10.5% | SOFR + 350–550bps |
Every transaction is self-liquidating, backed by physical goods, and structured around identified buyers and sellers. These are illustrative of the team's origination approach.
Each structure is a natural starting point or progression — begin with a transaction, build conviction, formalise the relationship.
Altrus Capital Partners is structured as a Variable Capital Company (VCC) in Singapore, with a parallel Luxembourg vehicle for European investors.
Richard is lead originator, structurer, and chief risk officer — the same person who wants to do the deal must live with the consequences. Prior to Altrus, he built a USD 715M+ deployment track record across 911 transactions at SCCF Singapore, a specialist commodity trade finance platform within the Horizon Capital AG ecosystem. Zero credit losses across six years and multiple global dislocations. Richard founded Altrus following AUM constraints at the prior platform and conviction in a dedicated fund structure. He carries the same borrower relationships, the same credit framework, and the same disciplined approach. Richard holds the CFA charter and has deep expertise across energy, metals, agricultural commodities, and refined petroleum.
Jonathan leads investor relations, fund structuring, and operational management — ensuring institutional-grade reporting and investor experience from day one. He operates under the MAS Representative Notification Framework (RNF), enabling him to conduct regulated fund management activities on behalf of the fund's MAS CMS Licensed manager. His focus is building long-term investor relationships founded on transparency: deal-level reporting, vessel tracking updates, repayment confirmations, and quarterly portfolio analytics. Jonathan brings operational discipline and investor communication expertise that complements Richard's origination and credit leadership.
Most funds either greenwash or avoid the question. Altrus does neither. Our compliance framework is credit and operationally driven — protecting investors, not performing values.
For qualified investors seeking consistent, risk-adjusted returns from a proven, asset-backed trade finance strategy.
Altrus Capital Partners Pte Ltd · Singapore · [email protected]
MAS CMS Licensed Fund Manager · Singapore