Case study: AUD 513.5 mn SLL for Metrics Credit Partners

Supporting Metrics Credit Partners with a financing facility that has innovative sustainability performance targets tied to investment portfolio emissions.

16 September 2025

3 mins

Corporate & investment bankingFinancial institutions and investor groupsSustainable and transition finance

Background

Metrics Credit Partners (Metrics) is a leading Australian non-bank corporate lender and alternative asset manager with an excess of USD23 billion in assets under management (AUM). Through its managed funds, Metrics offers investments across private debt and private equity. Metrics believes that ESG factors impact the financial performance of the entities they invest in, and in turn, the returns they deliver to their investors. Hence Metrics endeavours to incorporate ESG considerations both during due diligence prior to making an investment and through ongoing monitoring after making an investment. Metrics is also a Principles for Responsible Investment (PRI) signatory, and publicly reports on its responsible investment activities via the PRI’s reporting platform.

This AUD513.5 million sustainability-linked revolving credit facility is for the Wholesale Investments Trust, managed by Metrics, and is intended to fund its working capital and lending capabilities. The facility is structured to incorporate three key sustainability performance targets (SPTs) that align with Metrics’ climate aspirations.

Standard Chartered’s role

Standard Chartered was the sole sustainability structuring bank and advisor for the transaction, and also helped Metrics obtain a Second Party Opinion from DNV Australia that the SPTs and related key performance indicators (KPIs) are aligned with Metrics’ broader ESG strategy and objectives.

Financing structure

The structure ties three SPTs and related KPIs to the emissions financed by the Metrics Wholesale Investments Trust.

KPI 1 – Data Quality Score

Data quality is fundamental to ensuring that long-term investment decisions related to decarbonisation are both accurate and accountable. This KPI follows the scoring approach proposed by the Partnership for Carbon Accounting Financials. The SPTs for this KPI are consistent with Metrics’ long-term aims to achieve an average Data Quality Score of 1.5 by 2050, which translates into an ambition for all investees to measure emissions by 2050 with at least 50 per cent of Scope 1 and 2 emissions being assured externally.

KPI 2 – Portfolio Temperature Score

This KPI requires Metrics to measure the fund’s portfolio temperature score based on the public science-based Scope 1 and 2 emissions reduction targets of the portfolio companies. The KPI is focussed on relevant asset classes – Corporate Loan, Private Equity, and Project Finance – and is intended to be met through encouraging investees to set emissions reduction targets in line with the Paris Agreement.

KPI 3 – Proposition of entities with Scope 1 and 2 Science-Based Targets

This KPI ensures Metrics is incentivised to engage with all investees on emissions, and not just with the heaviest emitters. It uniquely positions Metrics to influence decision-making, sustainability strategies and target setting across its investees.

Conclusion

This is Metrics’ first Sustainable Finance transaction that incorporates ESG linkages in Net Asset Value-based facilities. The alignment of the KPIs with Metrics’ climate aspirations will enable Metrics to replicate the financing structure, in the future.

Standard Chartered has an important role to play in supporting our clients, sectors and markets to deliver net zero, but to do so in a manner that supports livelihoods and promotes sustainable economic growth. We currently provide financial services to clients, sectors and markets that contribute to greenhouse gas emissions however we’re committed to net zero in our own operations by 2025 and in our financed emissions by 2050.