Intelligent exposure to a historically high-yielding, low-loss-rate asset class

Access to Senior Secured Loans

• Stable income stream
• Senior position in capital structure
• Secured by assets of underlying borrowers
• Floating rate structure
• Low loss rates across multiple market cycles

Large Corporate Borrower Focus

• Concentrated in large, well-known corporate borrowers
• Diversified from middle-market borrowers in direct lending funds

Value Creation through Active Management

• Opportunities to buy and sell in the secondary market
• Ability to capitalize on dislocated markets
• Pricing visibility enables capital rotation without “write downs”

CLOs: Attractive standalone allocation or complement to traditional private credit

Large Corporate Borrower Focus

• Exposure to large, established and well-known corporate borrowers
• Direct lending funds tend to dominate middle market private equity-backed

Diversification Benefits

• Minimal overlap of holdings with traditional private credit funds
• Traditional private credit funds tend to have high levels of overlap in their holdings given smaller market size

Secondary Market Access

• The secondary market for large corporate borrowers is active and liquid allowing for ample active management
• Middle-market loans are typically held to maturity and have limited liquidity

Active Management

• Structured credit investments allow the managers to actively allocate based on value and performance trends to maximize returns