Liquid Credit

Our liquid credit platform invests in broadly syndicated leveraged loans and collateralized loan obligations (CLO) tranches across the United States and European markets. We focus on rigorous bottom-up fundamental credit analysis, disciplined portfolio construction, and active risk management, seeking to deliver consistent, attractive returns across the credit cycle.

Our team brings more than 25 years of credit investing experience and the full connectivity of Pacharbor Capital Group to every investment decision, spanning CLO management, CLO tranche investing, and revolving credit.

Strategy and approach

We invest across liquid credit markets where fundamental research, trading relationships, and structural expertise can have a meaningful impact on performance. Our team of more than 30 industry-focused credit analysts across the United States and Europe cover over 25 names each, conducting thorough bottom-up due diligence on every underlying loan - a process refined over more than two decades.

We aim to balance yield with credit quality. Our portfolios seek to emphasize larger, more liquid first-lien loans to companies with resilient business models, stable free cash flow, and conservative balance sheets, allowing us to maintain flexibility and manage risk through periods of volatility.

Value creation

Our investment edge is built on the integration of fundamental research, trading scale, and a disciplined risk management process refined over 25 years of credit investing:

• Credit selection: 30+ industry-focused credit analysts conduct rigorous bottom-up due diligence on every credit, supported by proprietary financial models and internal risk ratings.
• Risk and portfolio management. Continuous, systematic oversight across the platform seeks to ensure proactive identification and management of risk as market conditions and credit situations evolve.
• Structural expertise. Deep experience in CLO structuring and documentation allows our team to assess and manage legal and structural complexity across the full lifecycle of a CLO.

Pacharbor Capital Group's Liquid Credit platform brings large-cap resources and a fully integrated global research network to the loan and CLO markets.

Investment themes

We concentrate on three high-conviction areas of the liquid credit market that we believe offer compelling return potential:

• CLO Management: As one of the largest global CLO managers*, actively managing approximately $48 billion in AUM across more than 90 CLOs in the United States and Europe, the team is led by seasoned investment professionals with established credit expertise and a demonstrated track record over multiple credit cycles of achieving low losses across its portfolios.
• CLO Investment: Our dedicated CLO investing team takes a bottom-up approach to investing in third-party CLO equity and debt traches, leveraging Pacharbor Capital Group's position as one of the world's largest CLO managers to assess underlying loan portfolio quality with a depth of insight informed by more than 25 years of hands-on CLO management experience.
• Loans and Revolving Credit: We actively manage broadly syndicated senior secured loans across CLO structures and revolving credit facilities for non-investment-grade issuers, with over $31 billion in annual loan trading activity, keeping us closely connected to the street and informed on relative value.

^{* All data as of June 30, 2026}

^{Investing in a Fund involves a high degree of risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. There is no assurance that any portfolio objectives can be achieved or that any such portfolio will be profitable. Diversification does not eliminate the risk of loss. The information provided herein is for educational purposes only. It does not constitute investment advice or recommendations and should not be relied upon as a basis for making an investment decision. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.}