When Trevor Castledine arrived at the Lancashire County Pension Fund after spending 20 years working in structured in the City of London, he found a large proportion of the portfolio was dedicated to low-performing fixed income. He went onto become something of a pioneer for private debt in the UK by moving a significant pool of capital into the burgeoning asset class. Here, he reflects on how it happened – as well as revealing his thoughts about management fees, his principles as an LP and what advice he would give to anyone thinking of a similar career today.