CVC Credit Partners U.S. CLO Management LLC (the “Manager”), a Delaware limited liability company, is owned by CVC Credit Partners U.S. CLO Management (Holdings) Limited, CVC Credit Partners U.S. CLO Origination Corporation and CVC Credit Partners U.S. CLO Holdings, LLC. Each of CVC Credit Partners U.S. CLO Management (Holdings) Limited and CVC Credit Partners U.S. CLO Origination Corporation are wholly-owned subsidiaries of CVC Credit Partners Global CLO Management Limited, a closed ended private limited liability company incorporated in Jersey. CVC Credit Partners Global CLO Management Limited is a wholly owned subsidiary (through certain intermediate subsidiaries) of CVC Credit Partners Group Holding Foundation, a foundation incorporated under the laws of Jersey, Channel Islands (“CVC Credit Holding Foundation”). CVC Capital Partners plc wholly owns the sole beneficiary of CVC Credit Holding Foundation (i.e., CVC Management Holdings II Limited) and is a company incorporated in Jersey and listed on Euronext Amsterdam (the regulated market operated by Euronext Amsterdam N.V.) trading under the ticker symbol “CVC”. CVC Nominees Limited holds shares (legal title) in CVC Capital Partners plc both directly and indirectly (through CVC Capital Partners SICAV-FIS S.A. and Vision 2013 PCC). These changes are the result of an internal reorganisation of the CVC network above CVC Credit Holding Foundation in preparation for the initial public offering of shares in CVC Capital Partners plc, which occurred in April 2024. The Manager is affiliated with CVC Credit Partners European CLO Management LLP (the “European CLO Manager”), which is an indirect wholly-owned subsidiary of CVC Credit Partners Global CLO Management Limited and is regulated by the U.K. Financial Conduct Authority. The Manager and the European CLO Manager are collectively referred to herein as “CVC Credit CLO Management”. The Manager is also under common ultimate control with the following other investment advisers (as described in more detail in Item 10 below):
• CVC Credit Partners, LLC, which is regulated by the Securities and Exchange Commission, and its relying advisers: CVC Credit Partners European Investment Fund Manager Limited, which is regulated by the Jersey Financial Services Commission, and CVC Credit Partners Investment Management Limited (“CVC Credit UK”), a separately-organized U.K. investment adviser regulated by the U.K. Financial Conduct Authority. CVC Credit Partners, LLC and its relying advisers are collectively referred to herein as (“CVC Credit Partners”). All the investment advisers constituting CVC Credit Partners and CVC Credit CLO Management are collectively referred to herein as (“CVC Credit”).
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CVC Capital Partners, a leading private equity and investment advisory firm (“CVC Capital” or “CVC Capital Partners”). As used in this brochure, these terms do not include portfolio companies of the investment funds advised by CVC Capital. CVC Credit and CVC Capital are under common control of CVC Nominees Limited.
• Glendower Capital (U.S.), LLC and Glendower Capital LLP, a private equity firm focused on discretionary investments in the secondary market globally (collectively “Glendower”). CVC Credit and Glendower are under common control of CVC Nominees Limited. CVC Credit, CVC Capital, and Glendower collectively are referred to herein as “CVC”. Manager provides investment advisory services to investment vehicles, primarily collateralized loan obligations and collateral debt obligations (collectively “CLOs” or “Clients”), on a discretionary basis. The Manager’s Clients pursue primarily U.S. leveraged and performing credit strategies (such as broadly syndicated bank loans, secured and leveraged loans, floating rate loans and second lien loans). CVC Credit clients pursue (i) U.S. and European Performing Credit strategies (such as broadly syndicated bank loans, secured and leveraged loans, floating rate loans, second lien loans, corporate and high yield bonds, convertible bonds) (“Performing Credit”), and (ii) Private Credit strategies focusing on direct lending (privately negotiated loans to mid-market companies) and capital solutions/special situations (primary junior Form ADV 2A | Page 5 of 41 capital) (“Private Credit”). The Private Credit team generally provides investment advisory services to clients of CVC Credit Partners, while the Performing Credit team provides investment advisory services to clients of both CVC Credit Partners and CVC Credit CLO Management. The Manager provides investment advisory services under the terms of a collateral management agreement and an indenture (“Client Agreements”) for each CLO. The Manager negotiates these documents, which set forth the specific services that will be provided by the Manager with Clients before the commencement of the relevant advisory relationship. Each of the CLOs for which the Manager provides investment advisory services may impose limitations on the types of securities and other instruments in which each CLO may invest. In particular, each CLO for which the Manager provides investment advisory services is governed by an indenture that places significant restrictions on the types of securities and other instruments that may be purchased on behalf of the CLO. The Manager does not participate in wrap fee programs. As of December 31, 2023, the Manager had approximately $5.16 billion of assets under management and does not manage any non-discretionary assets.