LBC Credit Management, L.P., also known as LBC Credit Partners (“LBC”), is an alternative fixed income
manager primarily focused on originating and managing privately negotiated secured debt of middle market
companies in North America.
Effective December 29, 2021, pursuant to a Contribution Agreement dated November 11, 2021, between
LBC Stock Holdings, LLC, CIFC Corp., an affiliate of CIFC Asset Management LLC (together with its
affiliates, “CIFC”) and the other parties named therein, CIFC Corp. acquired LBC and several LBC-
affiliated general partner entities. In accordance with the Investment Advisers Act of 1940, as amended
(“Advisers Act”), LBC obtained consents from the LBC Funds’ investors in relation to the change of
control of the adviser. Subsequent to the acquisition, John Brignola and Nate Cohen, who are co-founders
and managing partners of LBC, remain in their current management positions with LBC.
The LBC investment team consists of over 40 investment professionals with extensive experience in
structuring, underwriting, and managing loans. LBC provides investment services to privately offered
pooled investment vehicles for multiple or singular institutional investor(s), related parallel funds, co-
investment vehicles, feeder funds, and alternative investment vehicles (each a “Fund” and, collectively
known as, the “Funds” or “LBC Funds”). None of the Funds have been registered under the Securities
Act of 1933 (the “Securities Act”), as amended, the Investment Company Act of 1940, as amended (the
“1940 Act”), or the securities laws of any state or other jurisdiction. Each Fund conducts a “private
offering” and is intended for investment by “accredited investors” and “qualified clients” as those terms are
defined under the Securities Act and the Advisers Act, respectively.
Each Fund’s investment objective includes seeking to maximize current returns while preserving investor
capital by providing a certain level of returns, net of fees and expenses, as described in detail in each Fund’s
private placement memorandum, supplements,
partnership agreements, management and advisory
agreements, and any other applicable agreements provided to Fund investors (collectively, the “Governing
Documents”). Generally, LBC utilizes a similar strategy for all Funds and tailors its advisory services to
the specific needs of each Fund as described in the Fund’s Governing Documents. An investment advice
is provided directly to the respective Funds and not individually to investors. Any investment restrictions
are imposed in the Governing Documents for the Funds. These terms may limit LBC’s ability to invest in
certain securities or geographies, sectors, concentration limits or use of leverage, among others. LBC and
the Funds have entered (and will in the future enter) into agreements, or “side letters,” with investors,
whereby such investors may be subject to terms and conditions that vary from, and may be more favorable
than, those applicable to other investors. Any such terms and conditions may include, but are not limited
to, (i) reporting obligations, (ii) transfers to affiliates, (iii) investment restrictions, (iv) consent rights to
certain Governing Document amendments, or (v) representation on a Fund’s limited partner advisory
committee (or equivalent thereof).
Co-investment, feeder and parallel single investor vehicles are established from time to time to participate
alongside the relevant Fund in certain investment opportunities, in accordance with any applicable
restrictions in the relevant Funds’ Governing Documents. The allocation procedures for new investments,
co-investments and syndications are further discussed in Items 8, 10 and 12.
References herein to LBC include, unless the context requires or as disclosed in Item 10 herein, certain
entities controlled by LBC for which LBC will provide investment management services.
As of December 31, 2022, the LBC Funds’ regulatory assets under management were
approximately $ 3,436,415,191, which consist of $ 3,417,691,778 of client assets managed on a
discretionary basis and $ 18,723,413 of client assets managed on a non-discretionary basis.