Crescent Private Credit Income Corp. (CPCI)
now available on iCapital Marketplace for wealth managers and
advisors
MONUMENT, Colo., July 10,
2024 /PRNewswire/ -- 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
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.
Informational advertising only.
CRN: 2024-0708-11803 R
CONTACT:
Matthew Bono
JConnelly
(973) 590-9110
mbono@jconnelly.com
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SOURCE Advisors Asset Management