Tikehau Capital North America LLC (“TCNA”) is an investment adviser with its principal place of business in New York, NY. TCNA is wholly owned by Tikehau Capital S.C.A. (“Tikehau Capital”), an asset management and investment company formed in 2004 in Paris. Tikehau Capital is a large player in the alternative investment industry in France and invests in private debt, capital market strategies, real assets and private equity. Tikehau Capital is listed on Euronext Paris. Tikehau Structured Credit Management LLC (“TSCM”) is a subsidiary of TCNA registered with the SEC as an investment adviser relying on TCNA’s investment adviser registration and with its principal place of business in New York, NY. TSCM acts as collateral manager to issuers of collateralized loan obligation securities and to special purpose vehicles entering into short-term and long-term warehouse, repurchase or other credit facilities to finance the preliminary accumulation and “ramp-up” of loans comprising all or a portion of the initial pool of collateral for any such issuer (each a “CLO”). TCNA also acts as collateral manager to an issuer of collateralized fund obligation securities (a “CFO”). See Item 10 for additional information regarding TSCM. TCNA, together with TSCM as well as (where the context permits) affiliated general partners, managing members and similar entities of the Funds, CLOs and CFO, are collectively referred to as “Tikehau” or the “Advisers”. The Advisers operate as a single investment advisory business under common control, with a common Chief Compliance Officer (“CCO”); however, TSCM has a distinct Investment Committee with distinct rights and authorities that govern strategy, management and investment decisions for the relevant Funds, CLOs and CFO, as well as day-to- day operations of the TSCM. Certain of the Advisers provide investment advice to pooled investment vehicles and certain co- investment vehicles or parallel funds (the “Funds”) and certain affiliated entities of the Tikehau Group (as defined below). The Funds, CLOs and CFO, together with the affiliated entities advised by certain of the Advisers, are collectively referred to as “Clients”. The Group provides investment management services to other clients, other investment funds, other CLOs, client accounts, and proprietary accounts in which none of the Clients will have an interest (such other clients, funds and accounts, the “Other Accounts”). The Advisers also provide advisory services related to investments in North America to Tikehau Capital and its subsidiaries and serves as sub-adviser to Funds managed by Tikehau Investment Management S.A.S. (“Tikehau IM”), a French simplified joint stock company that is an alternative investment fund manager. For purposes of this brochure and unless otherwise noted, references to the Advisers refer to current or future advisory services with respect to North American assets. The Advisers, Tikehau Capital and Tikehau IM, along with their respective affiliates, are collectively referred to as the “Tikehau Group” or the “Group.” The Tikehau Group operates through four business lines:
• Private debt: The Group is one of the pioneers of private debt transactions in Europe and France. Through its private debt business, the Tikehau Group offers structuring and implementation of a variety of financing deals, particularly in senior debt, stretched senior, unitranche financing and mezzanine debt, through Tikehau IM. The Group’s private debt teams are involved in debt financing transactions (including senior debt, unitranche, mezzanine, etc.) as arranger or financer. This business line also includes securitization activities dedicated to collateralized loan obligations, a specialized product consisting of obligations backed by a portfolio of leveraged loans, as well as collateralized fund obligations, another specialized product consisting of obligations backed by a portfolio of private fund interests.

As part of the private debt business line, TSCM will act as collateral manager to issuers of CLOs. Each CLO invests substantially all of its assets in, and its securities are backed by, loans and other assets permitted to be held by the CLO under the applicable CLO Governing Documents (collectively, “CLO Assets”). In general, after its warehouse phase, a CLO is a pooled investment vehicle that has a tiered capital structure, issuing senior and mezzanine notes that are rated by one or more rating agencies (the “CLO Rated Notes”) and unrated subordinated notes or other economic equity interests (the “CLO Equity” and, together with the CLO Rated Notes, the “CLO Securities”). TCNA will act as collateral manager to an issuer of a CFO. The CFO invests substantially all of its assets in, and its securities are backed by, interests in private funds, and other assets permitted to be held by the CFO under the applicable CFO Governing Documents (collectively, “CFO Assets”). Like a CLO, in general, after its warehouse phase, a CFO is a pooled investment vehicle that has a tiered capital structure, issuing senior and mezzanine notes that are rated by one or more rating agencies (the “CFO Rated Notes”) and unrated subordinated notes or other economic equity interests (the “CFO Equity” and, together with the CFO Rated Notes, the “CFO Securities”). The Group also offers advisory services for investments in already largely deployed private credit funds. As of December 31, 2023, total assets under management (“AUM”) in the Group’s private debt funds amounted to €18.2 billion, representing approximately 42% of the Group’s total AUM.
• Real assets: The Group’s real asset investment activities focus on commercial property, seeking particularly sale and lease-back transactions in which the Group’s vehicles act as purchaser and involving quality counterparties (sellers, and subsequent to the transaction, tenants) with a yield-generating potential as well as a potential capital gain on resale. The Group also focuses on infrastructure assets in four sectors: transportation, social infrastructure, environment and communications. As of December 31, 2023, AUM in the Group’s real assets activity amounted to €13.5 billion, representing approximately 31% of Group’s total AUM.
• Private equity: As part of this activity, the Group invests in the equity capital (equity and hybrid instruments giving access to equity) of listed and unlisted companies. The Advisers provide advisory services to the Group with respect to its private equity investments in the U.S. As of December 31, 2023, the Group’s private equity activity had AUM amounting to €6.5 billion, representing approximately 15% of the Group’s total AUM.
• Capital market strategies: This business line consists of two activities (i) fixed income management and (ii) balanced and equities management, and is carried out through so- called “open-ended funds,” that is, funds from which investors are permitted to withdraw at any time by requesting redemption of their units. As part of its debt management activity, the Group invests in bonds, including bonds issued by private companies (corporate bonds) and others, as well as investment grade securities (i.e., securities issued by companies with a high rating) or high-yield bonds. As part of its balanced and equities management business, the Group manages open-ended funds offering access to a flexible balanced management in the equity and credit markets. As of December 31, 2023, AUM in the Group’s liquid strategies totaled €4.6 billion, approximately 11% of the Group’s total AUM. The Advisers do not offer a wrap fee program. As of December 31, 2023, Tikehau had total client AUM in the amount of $9.08 billion. Specifically, Tikehau had a Client AUM of $8.58 billion on a discretionary basis and of $506 million on a non-discretionary basis. The Tikehau Group had approximately €42.8 billion in Client AUM as of December 31, 2023.