MONUMENT, Colo., — (PR NEWSWIRE) — Advisors Asset Management (AAM), a leading investment solutions provider, and iCapital, the global fintech platform driving the world’s alternative investment marketplace for the wealth management industry, announced today that Crescent Private Credit Income Corp. (CPCI), a non-exchange traded, perpetual-life business development company (BDC) launched by Crescent Capital Group LP (Crescent), will be made available on iCapital Marketplace.
Through this collaboration, iCapital will provide AAM with access to its global network of wealth managers and advisors on the platform, as well as the option to benefit from due diligence services supported by iCapital.
“The partnership with iCapital is considerable for CPCI as its availability now reaches more than 101,000 financial professionals on the iCapital Marketplace,” said Cliff Corso, President and CIO at AAM. “The democratization of alternatives access continues to evolve with the creation of registered fund formats, such as BDCs like CPCI, and it will continue to allow financial professionals to construct a portfolio that could potentially lead to quality results for income, diversification and alpha generation.”
CPCI is designed to generate current income with meaningful downside protection by providing access to a diversified private credit portfolio consisting primarily of sponsor-backed, directly originated assets, including debt securities and related equity investments, made to, or issued by U.S. middle-market companies.
“We are thrilled to partner with AAM and Crescent to offer CPCI on the iCapital Marketplace,” said Dan Vene, Managing Director, Co-Founder and Co-Head of iCapital Solutions. “This partnership strengthens our dedication to connecting financial advisors with alternative investment opportunities offered by the world’s leading investment providers and asset managers.”
CPCI primarily invests in companies with annual earnings before net interest expense, income tax expense, depreciation and amortization between $35 million and $120 million, although it may invest in larger or smaller companies. To a lesser extent, CPCI may also make investments in syndicated loans and other liquid credit opportunities.
AAM began marketing and distributing CPCI in October 2023 as the U.S. retail distribution arm of SLC Management, the $277 billion (as of March 31, 2024) institutional fixed income and alternatives asset manager. Crescent is also part of the SLC Management group of companies and has been a leading middle market lender for over 30 years.
About Advisors Asset Management
For 45 years, AAM has been a trusted resource for financial professionals. The firm offers access to alternatives, exchange-traded funds, the fixed income markets, managed accounts, mutual funds, structured products, and unit investment trusts. AAM is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information, visit www.aamlive.com.
In 2023, AAM facilitated over $36 billion in combined sales and investments through 16,700 financial professionals industry-wide who accessed AAM’s investment solutions platform.*
*Of the $36 billion, approximately $9 billion were Exchange-Traded Fund (ETF), Managed Account (SMA), Mutual Fund, and Unit Investment Trust (UIT) assets, while $27 billion was in Fixed Income securities, including bonds and Structured Products.
Advisors Asset Management, Inc. (AAM) is a SEC-registered investment advisor and member FINRA/SIPC. | Registration does not imply a certain level of skill or training. | 18925 Base Camp Road | Monument, CO 80132
For more information, visit www.aamlive.com | X (Twitter): @aamlive | LinkedIn: https://www.linkedin.com/company/advisors-asset-management-inc-/
About Crescent Capital Group LP
Crescent is a global credit investment manager with $43 billion of assets under management as of March 31, 2024. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 225 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
About iCapital
iCapital powers the world’s alternative investment marketplace offering a complete suite of tools, end-to-end enterprise solutions, data management and distribution capabilities and an innovative operating system. iCapital is the trusted technology partner to independent financial advisors, wealth managers, and asset managers, offering unrivaled access, technology, and education to incorporate alternative assets into the core portfolio strategies for their clients.
At the forefront of the digital transformation in alternative investing, iCapital’s secure platform delivers a complete portfolio of management capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle. With $191.2 billion in global platform assets as of May 31, 2024, the iCapital operating system automates and streamlines the complex process of private market investing and seamlessly integrates with clients’ existing infrastructure platform and tools.
iCapital employs approximately 1,500 people globally and has 17 offices worldwide including New York, Greenwich, Zurich, Lisbon, London, Hong Kong, Singapore, Tokyo, and Toronto. iCapital has consistently been recognized for its outstanding innovation, fintech industry leadership, and performance including Forbes Fintech 50 for 2018, 2019, 2020, 2021, 2022, 2023, and 2024 and MMI/Barron’s Industry Awards as Solutions Provider of the Year for 2020, 2021, 2022, and 2023.
For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc
CONTACT:
Matthew Bono
JConnelly
(973) 590-9110
[email protected]
Important Information and Risk Factors
An investment in common shares (the "shares") of beneficial interest in CPCI involves a high degree of risk. You should only purchase shares of CPCI if you can afford a complete loss of your investment. Prior to making an investment, you should read the Prospectus, including the "Risk Factors" section therein, which contains a discussion of the risks and uncertainties that CPCI believes are material to its business, operating results, prospects and financial condition. These risks include, but are not limited to, the following:
- CPCI has a limited operating history and there is no assurance that it will achieve its investment objective.
- You should not expect to be able to sell your shares regardless of how well CPCI performs.
- You should consider that you may not have access to the money you invest for an extended period of time.
- CPCI does not intend to list the shares on any securities exchange, and it does not expect a secondary market in the shares to develop prior to any listing.
- Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
- CPC has not identified specific investments that it will make with the proceeds of this offering. As a result, this may be deemed a "blind pool" offering and you will not have the opportunity to evaluate CPCI's investments before it makes them.
- CPCI invests primarily in privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.
- The privately-held companies and below-investment-grade securities in which CPCI will primarily invest will be difficult to value and are illiquid.
- CPCI has implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase, and repurchases will be subject to available liquidity and other significant restrictions. Such share repurchase prices may be lower than the price at which you purchase CPCI's shares in this offering.
- An investment in the shares is not suitable for you if you need access to the money you invest. See "Suitability Standards" and "Share Repurchase Program" in the Prospectus.
- An investment in CPCI's shares is suitable only for investors with the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in CPCI's shares.
- CPCI cannot guarantee that it will make distributions, and if it does, it may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital to stockholders or offering proceeds. Although CPCI generally expects to fund distributions from cash flow from operations, CPCI has not established limits on the amounts it may pay from such sources. A return of capital is a return of a portion of your capital investment in our shares.
- Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Crescent Cap NT Advisors, LLC, CPCI's investment adviser (the "Adviser") or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to CPCI's affiliates will reduce future distributions to which you would otherwise be entitled.
- CPCI expects to use leverage, which will magnify the potential loss on amounts invested in it. See "Risk Factors—Risks Relating to Our Business and Structure—Our strategy involves a high degree of leverage" in the Prospectus.
- CPCI qualifies as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act, which means that it is eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies, and Crescent Private Credit Income Fund cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make its shares less attractive to investors.
- CPCI invests in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Bonds that are rated below investment grade are sometimes referred to as "high yield bonds" or "junk bonds." Below investment grade securities have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
No Offer or Solicitation
This press release is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by a prospectus. This press release must be read in conjunction with the Prospectus in order to fully understand all of the implications and risks of the offering of securities to which the Prospectus relates. Please carefully read the Prospectus and consider CPCI's investment objectives, risks, charges and expenses and other information described therein prior to making any investment decisions. A copy of the Prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the U.S. Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved our common stock, determined if the Prospectus is truthful or complete or passed on or endorsed the merits of the offering. Any representation to the contrary is a criminal offense.
Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified on this release.
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