Overview
Capra Credit Management LLC (“Capra Credit” “we” “our” or the “Company”) was formed
on June 30, 2015, as a Delaware limited liability company. The Company has one managing
member (“Managing Member”), Capra Ibex Credit Opportunities LLC (“Capra”) and two
members, Capra Ibex CLO Investor 2017, LLC (“Capra 2017”) and TICCLO LTD
(“TICCLO”). As Managing Member, Capra has control over the Company in areas including,
but not limited to, bank account withdrawals, determining capital reserves, and coordinating
distributable cash distributions.
The Company is the sole managing member of Capra CLO GP, LLC (“CLO GP”) and Capra
CLO II GP, LLC (“CLO II GP”) respectively.
Following a Limited Partner Consent vote the Capra CLO Founders Fund, LP (“Founders
Fund” or “Fund”) began an orderly wind-up following its final valuation date on 6/30/2023. The
Fund has returned all assets.
CLO GP is the general partner of the Founders Fund.
CLO II GP a Limited Partner that was invested in the Founders Fund.
Capra Credit Management was retained by CLO GP as the Investment Advisor to the
Founders Fund, in accordance with an Investment Advisory Agreement.
A sub-advisory agreement between Capra Ibex Advisors LLC (“Capra Ibex”) and Capra Credit
authorized Capra Ibex to carry out certain of these responsibilities on behalf of the Company
including advisory, investment and monitoring.
At the time
of publication of this brochure, Capra Credit Management does not advise any
funds.
Capra Credit is retained by a corporate entity to act as an Investment Advisor to a number
of separately managed accounts (SMAs) on behalf of a related entity. As the Investment
Advisor, Capra Credit may identify, evaluate, and execute the purchase and sale of
investments, as well as the administration of day-to-day operations and preparation of
quarterly and annual reports. Through an advisory/sub-advisory agreement with the client,
Capra Ibex is authorized to carry out certain of these responsibilities on behalf of the
Company including advisory, investment and monitoring.
As of January 31st, 2024, the net asset value of the SMAs was approximately $66,725,907.
Capra Credit is retained by two corporate entities to provide investment consultation services
including the identification of potential CLO debt instruments according to a set of criteria
defined by the respective entities. The Company does not purchase securities on behalf of
these clients although it does provide certain ongoing oversight of the assets purchased by
these clients. For this and other reasons, the Capra Credit assets under advisement (AUA)
at these clients, $174,298,766 of purchase proceeds as of 1/31/2024, are not considered
Regulatory Assets Under Management (RAUM) for purposes of this ADV filing.