FCIAM was incorporated under the laws of the State of Delaware on March 17, 2006. Effective January 4,
2022, FCIAM’s former parent company, CIT Group Inc., merged with and into First-Citizens Bank & Trust
Company, a North Carolina chartered commercial bank (“FCB”), with FCB as the surviving company (the
“Merger”). As a result of the Merger, FCIAM became an indirect, wholly-owned subsidiary of FCB. FCB is
a direct, wholly-owned subsidiary of First Citizens BancShares, Inc., a Delaware corporation with shares
listed on NASDAQ that trade under the symbol FCNCA.
FCB and certain of its affiliates provide, among other things, financing, leasing, advisory, and other
products and services to small and middle market businesses across a wide variety of industries. FCB also
offers products and services to consumers. FCB was founded in 1898 and is headquartered in Raleigh,
North Carolina.
Description of Advisory Services
FCIAM provides investment management, advisory and certain administrative services to clients, typically
pursuant to an investment advisory agreement or other governing document that describes the terms of
the engagement (collectively, “Governing Documents”).
Clients will generally consist of (i) privately offered pooled investment entities (“Private Funds”), which
are joint ventures between FCB and one or more third-party institutions, and (ii) institutional separately
managed accounts (“SMAs”) (collectively “Clients”). The investments made by FCIAM on behalf of, or
recommended to, its Clients are expected to consist primarily of loans and/or leases, or interests in loans
and/or leases.
Client assets are managed in accordance with the particular investment objectives, strategies, restrictions
and guidelines set forth in each Client’s investment advisory agreement, limited liability company
agreement, and any other applicable governing documents (“Governing Documents”). FCIAM does not
tailor its advisory services to the needs of individual investors in Private Funds.
However, at the
establishment of a joint-venture relationship, specific investment criteria, obligations, or restrictions can
be established for a Private Fund, in consultation with prospective investors. Criteria for each Client,
including investment objectives, restrictions, guidelines, and other information are set-out in the
Governing Documents for each Client. Prior to investing in a Private Fund, prospective investors and joint-
venture partners should carefully review the Governing Documents.
FCIAM identifies, recommends and/or effects possible investments for its Clients and provides ongoing
oversight and monitoring services with respect to a Client’s investment portfolio. In the case of a joint
venture, FCB or its affiliates’ personnel will generally serve on the Client’s board and/or investment
committee, along with representatives from the third parties. A Client’s portfolio of loans or leases (or a
portion thereof) can be sourced by FCB and its affiliates (for more information on sourcing and allocation
decisions for Clients, see Item 11, below). In addition, from time to time, loans or leases can be sold by
FCB or its affiliates to a Client in arm’s-length transactions that will be fair valued by the Client’s members
and/or a third-party vendor. (See Item 11, below, for a discussion of principal and cross transactions).
In the future, FCIAM expects to provide advisory services to other pools of capital or accounts, including
collateralized loan obligation vehicles (“CLOs”), asset-backed strategy vehicles, commercial equipment
finance vehicles and other Private Funds and SMAs, relating to the origination, management, and
disposition of loans or leases.
Wrap Fee Programs
FCIAM does not participate in or sponsor any wrap fee programs.
Assets Under Management
As of December 31, 2023, FCIAM had on a non-discretionary basis, assets under management of
$910,866,401, and on a discretionary basis, assets under management of $0.