Overview
ADVISORY BUSINESS
TCW-WLA JV Venture LLC is a Delaware limited liability company organized in July 2010 and is
registered with the SEC as an investment adviser. We have acted as a sub-adviser to certain investment
advisory clients of two of our affiliated registered investment advisers, TCW Asset Management Company
LLC (“TAMCO”), and TCW Investment Management Company LLC (“TIMCO”). Currently, the Firm acts
solely as sub-advisor for TAMCO with respect to one collateralized debt obligation (“CLO”) that has been
redeemed and is in liquidation. For continuity and because of continuing affiliations, we will retain references
to TIMCO herein notwithstanding that the Firm has no sub-advisory clients or relationships through or with
TIMCO. For the same reasons, we will continue address potential conflicts of interests applicable to having
multiple clients even though the Firm now sub-advises on behalf of TAMCO only one of its Clients. TCW-
WLA will not accept additional clients.
TAMCO is the Managing Member of TCW-WLA and owns 100% of TCW-WLA’s voting
membership interests. TAMCO and TIMCO are wholly-owned by The TCW Group, Inc., a Nevada
corporation (“TCW Group”). In February 2013, TCW management and private investment funds affiliated
with alternative asset manager The Carlyle Group (together with such affiliates, “Carlyle”) acquired TCW
Group. On December 27, 2017, Nippon Life Insurance Company acquired a 24.75% minority stake in TCW
Group. As a result of the transaction, TCW management and employees have increased their ownership in
the firm to approximately 44.07% and Carlyle maintains a 31.18% interest in TCW Group.”
TAMCO and TIMCO serve as investment advisers to certain existing closed-end investment limited
partnerships and companies (each a “Fund” or a “Client” and collectively the “Funds” or the “Clients”) which
are offered to “qualified purchasers” (as defined in the Investment Company Act of 1940) and “accredited
investors” (as defined in Regulation D under the Securities Act of 1933). The Funds are Collateralized Loan
Obligations (“CLOs”) and Collateralized Debt Obligations (“CDOs”).
TAMCO and TIMCO have delegated to TCW-WLA certain responsibilities with respect to the
provision of investment advice to the Funds pursuant to their respective investment management agreements
with the Funds. TAMCO and TIMCO provide general supervision and oversight of our investment
management activities with respect to the Funds consistent with their continuing role as the Funds’ investment
advisers.
Crescent Capital Group
LP, (“Crescent”) and its controlling parties are also related persons of TCW-
WLA. Pursuant to a transaction which closed on January 5, 2021, Sun Life (U.S.) HoldCo 2020, Inc. (“SL
HoldCo”) purchased 51% ownership interest in Crescent and 51% ownership interest in Crescent Capital
Group GP LLC, a newly formed Delaware limited liability company that is Crescent’s general partner.
Crescent is now indirectly owned by Sun Life Financial Inc. (NYSE: SLF), a publicly traded holding company
(“Sun Life Financial”) for a diversified financial services organization providing a broad range of financial
products and services to individuals and groups located primarily in Canada, the United States, the United
Kingdom and the Asia Pacific Region. As part of the transaction, Sun Life Financial has or will invest $750
million in Crescent products or funds. The majority of the remaining 49% interest in Crescent is owned
individually by Mr. Chapus and Mr. Attanasio, and the remainder of that is owned by certain senior Crescent
employees, none of whom individually owns greater than 5%. The transaction provides for a put/call of the
remaining 49% to/from Sun Life Financial in approximately 5 years from the closing. During the interim,
Crescent will continue to operate independently under its current management team, including the leadership
of Mr. Chapus and Mr. Attanasio and will retain its individual brand, office locations and clients
With respect to the Funds, we, among other things: (1) conduct the initial and ongoing due diligence
of the loans in the Funds’ portfolios; (2) execute securities transactions on behalf of the Funds; (3) assist in
the administration of proxy voting responsibilities for the Funds; (4) interact and correspond with CLO and
CDO trustees (i.e. clients of TAMCO and TIMCO) to explain the Funds’ investment products and related
processes; (5) prepare custom reports requested by investors in the Funds; (6) perform other back-office and
administrative functions, and 7) perform those particular responsibilities as outlined in the sub-delegation
agreement.
Investment guidelines and constraints for each Fund we sub-advise are based upon the investment
objectives and limitations of those Funds as stated in their confidential offering memoranda and governing
documents (the “Fund Documents”). To the extent that a Fund is restricted in its investment activities, we
adhere to those restrictions.
As of December 31, 2022, we sub-advice on behalf of TAMCO $1,032,757 in Client assets, all on a
non-discretionary basis.