December 10, 2009 BOARD MATTER NO. D-4
|
|
- Henry Brooks
- 5 years ago
- Views:
Transcription
1 December 10, 2009 BOARD MATTER NO. D-4 ACTION: AUTHORITY: ALTERNATIVE: Investment Contract Provisions Real Estate WestRiver Real Estate Finance Fund, managed by managed by WestRiver Capital W.S (c)(i) Approve or Disapprove Material Terms of Contract ANALYSIS: The State Loan and Investment Board increased the real estate allocation of the state portfolio at the April 9, 2009 board meeting. At the recommendation of RV Kuhns, real estate increased from 5 percent to 7.5 percent of the permanent funds. The increase will be in "value-added" real estate strategies. The State Treasurer has worked with RV Kuhns's Chicago-based real estate team to vet investment opportunities. Current real estate managers in the state portfolio are "core" real estate managers UBS and ING, who focus on well-leased, high quality, income producing institutional properties. Non-core or "value-added" real estate refers to investments in properties requiring rehabilitation, redevelopment, or repositioning for alternative uses or upgrade, which result in a value-added return potential. The state portfolio uses two mangers in this space: Heitman and TA Realty. The WestRiver Real Estate Finance Fund investment is on the debt side of real estate. The fund purchases and originates real estate debt in first mortgages (senior debt in a capital structure), B-notes (subordinate debt between senior debt and mezzanine) and mezzanine loans (also subordinate debt.) The strategy is on the conservative end of the value-added real estate spectrum. The Treasurer and staff initially met with WestRiver on June 16, 2009, in Cheyenne. The Treasurer's Office and RV Kuhns have completed extensive due diligence on this investment opportunity and agree that the WestRiver investment is a good compliment to the state's current equity based real estate portfolio. The first attached memo summarizes the material terms of the WestRiver Real Estate Finance Fund documents. The second attached memo from RV Kuhns contains a review of value-added real estate in general and the WestRiver fund specifically as a favorable investment opportunity. The State Treasurer must obtain the approval of the SLIB prior to the investment of funds in alternative assets [W.S (c)], including Board approval of the material terms of the instruments governing the investment [W.S (c)(i)]. The Treasurer seeks such SLIB approval at this time for the WestRiver investment. DIRECTOR'S RECOMMENDATION: The State Treasurer recommends that the Board approve the major contract provisions for WestRiver Real Estate Finance Fund, managed by managed by WestRiver Capital. BOARD ACTION:
2 MEMORANDUM To: Wyoming State Loan and Investment Board From: R.V. Kuhns & Associates, Inc. Subject: WestRiver Value-Added Real Estate Recommendation Date: December 10, 2009 In April of 2009 the Wyoming State Loan and Investment Board ( SLIB ) approved changes to the investment policy to effectively bolster the expected risk-adjusted returns of the State s investment portfolios. In general, allocations to the traditional asset classes, including domestic and international equity, were reduced and investments in alternative asset classes such as value-added real estate and absolute return strategies were increased. The motivating factors that drove this decision were two fold. First, the turmoil in the capital markets exposed weaknesses in portfolio diversification and second the fear permeating through alternative investment classes has created opportunities for investors with a longer time horizon and access to liquidity. With the help of R.V. Kuhns & Associates, Inc. ( RVK ) the Wyoming State Treasurer s Office ( Treasurer s Office ) has identified an opportunity in debt-oriented, value-added real estate with favorable investment potential. The following summarizes the potential investment and its overall role in the approved asset allocation. Value Added Real Estate (Debt) Within the real estate asset class, RVK has recommended, and SLIB has approved, diversifying away from the current heavily-core real estate exposure to a more balanced approach, incorporating more value-added real estate investments. The SLIB also approved an increase in the real estate asset class from 5% to 7.5% across several of the investment pools. Core real estate will have an allocation of 4%, with value-added real estate receiving the remaining 3.5%. This new asset allocation will increase the Treasurer s Office overall real estate allocation from approximately 3% to approximately 4.5% across all investment pools. Currently, we believe the best risk-adjusted opportunities exist in debt-oriented real estate strategies. Earlier this year, RVK presented the WestRiver Real Estate Finance Fund, L.P. to the Treasurer s Office for potential investment. We have conducted extensive due diligence on this opportunity and negotiated very favorable terms for investment, saving the Treasurer s Office over $7 million in management, incentive, as well as other miscellaneous fees over the life of the fund vis-à-vis the terms charged by funds with similar investment strategies. This investment will serve to further balance out the Treasurer s Office value-added real estate portfolio. The WestRiver Real Estate Finance Fund, L.P. is more conservatively focused than the Treasurer s Office s incumbent investments in value-added real estate. WestRiver The Fund is a joint venture between Westmont Group and River Stone LLC. Westmont Group is an institutional investment manager with 300+ employees and offices in New York, Houston, Miami, Toronto, London, and Tokyo. In addition to its dedicated fund business, Westmont manages InnVest, the largest publicly traded Canadian hospitality REIT. RiverStone was formed by Alex Zabik, a portfolio R.V. Kuhns & Associates, Inc.
3 manager with 25 years of experience in real estate structured finance, most recently with BlackRock Carbon Capital Funds Alex Zabik will serve as a portfolio manager for the Fund, assisted by Greg Breskin, Director of Acquisitions and Underwriting. Alex and Greg together are one of the most experienced structured finance teams in the industry, and RVK believes their underwriting process for various debt instruments in second to none. The Fund s strategy will consist of (1) acquisition of existing structured debt instruments (i.e., senior mortgages, B-notes, mezzanine loans, etc.), (2) new origination of senior mortgages, subordinate and mezzanine financing, and (3) restructuring and recapitalization of existing (often over-leveraged) assets. While WestRiver will not seek to own the real estate through lending (e.g., loan-to-own strategy), in each of the cases, they will seek to strategically invest across the capital structure to retain foreclosure and control rights. The underwriting will focus on thorough evaluation of the quality of the real estate collateral and sponsorship. Finally, while the potential investments WestRiver evaluates have elements of distress embedded within them, it is important to note that the distress in these investments exists due to an inefficient and often over-leveraged structure and not the quality of the real estate collateral. WestRiver will contribute 5% (up to $10 million) of the fund s equity. The co-investment represents a significant portion of the sponsor s liquid net worth, particularly for RiverStone. Investment with the WestRiver Fund would provide opportunity for the Treasurer s Office to attain stable current income yield and attractive total returns through exposure to senior mortgage, B-note, and mezzanine loan acquisitions and originations managed by seasoned team of debt investors. Also, consistent with RVK philosophy, WestRiver will provide significant transparency on each of its investments. Fund Characteristics & Key Terms: - Type of Fund: Distressed first mortgage, B-note, and mezzanine whole loan acquisitions Value Added Real Estate - Investment Structure: Acquisition of existing structured debt; new origination of senior mortgages, subordinated and mezzanine financing; as well as restructuring and recapitalization of existing debt on over-leveraged assets. - Leverage: Most investments are intended to be unlevered potentially up to 50%. - Target IRR: 14% - 18% - Fund Size: $200 Million - Manager Co-Investment: 5%, up to $10 Million - Management Fee: 125 bps committed capital during investment period 125 basis points after. - Investment Period: The fund has a 3-year commitment period during which time capital can be called. After this, the manager has an option of extending the 2
4 - Final Closing: 4 th Quarter of 2010 Summary commitment period by 1 year. The intended fund life is approximately 8 years. RVK has focused significant attention on the selection of an investment strategy within debt-oriented value-added real estate that both complements the current real estate portfolio composition and provides the current income component consistent with the Treasurer s Office overall investment objectives. Along with due diligence on the investment in WestRiver, RVK participated in fee negotiations in order to assure the State would receive the most advantageous fee schedule. RVK believes a $75 million investment in WestRiver Real Estate Finance, L.P. would be complementary to the existing investments in the real estate portfolio. 3
5 WESTRIVER CAPITAL, L.P. SUMMARY OF MATERIAL TERMS OF DOCUMENTS Fund: General Partner: Manager: Sponsor: Fund Objective and Strategy: WestRiver Capital, L.P., a Delaware limited partnership WestRiver Capital GP, LLC, a Delaware limited liability company WestRiver Capital Management, LLC, a Delaware limited liability company WestRiver, LLC, a Delaware limited liability company To profit from investment opportunities that Manager believes have emerged as a result of the current marketplace through commercial real estate mortgages. The Fund s anticipated investments generally may be grouped into three classes: (i) acquisition of existing structured debt instruments; (ii) new origination of senior mortgages, subordinate and mezzanine financing; and (iii) restructuring and recapitalization of existing assets. Subscription Amount: $75,000,000 Fees: Management Fee 1.25% annually on committed capital during the Investment Period and 1.25% annually on invested capital upon expiration of the Investment Period. Performance Fee After the State receives distributions that equal a Cash on Cash Multiple of 1.34 times the original invested capital amount, then 50% of distributions are paid to WestRiver until the State s Cash on Cash Multiple equals 1.50 times. Thereafter, the State receives 80% of distributions and WestRiver receives 20% of distributions. Only investments that meet or exceed an internal rate of return of 9% are included in the calculation of the Cash on Cash Multiple. Investment Guidelines: The investments are subject to the following restrictions: (i) not more than 25% of capital commitments may be invested in any single investment and (ii) not more than 30% of capital commitments may be invested in construction financing. The State will be a member of the WestRiver Advisory Committee, allowing the State to review conflict of interest and other issues presented to large limited partners. Documents: Amended and Restated Limited Partnership Agreement ( Agreement ), Subscription and Commitment Agreement, Private Placement Memorandum and Side Letter.
6 WESTRIVER CAPITAL, L.P. Page 2 ISSUE Liquidity; Redemption Rights COMMENTS This is a closed-end fund which means the State does not have the right to redeem its interest in the Fund until the end of the term. The expiration of the Fund s term is expected to be approximately the first quarter of 2018 and the General Partner has the right to extend the term for up to two successive oneyear periods. Investment Period The limited partners have the ability to suspend or terminate the investment period of the Fund in certain circumstances, including if the key man provision is triggered or if the general partner is terminated. The investment period is for three years commencing on the initial closing for the Fund. The General Partner has the right to extend the investment period for one one-year period. Leverage Right to Recall Distributions Transfer of Interest Disclosure, Transparency & Reporting Conflicts of Interest Default; Lien The Fund is limited to a leverage ratio of 2:1 of debt to equity, calculated on a portfolio-wide basis. The General Partner shall have the right to recall any distributions previously made to cover a limited partner s share of indemnification obligations that arose prior to the time of such distribution; provided, however, this obligation is limited to the lesser of 20% of our capital commitment or the amount of distributions we have actually received. Any distributions made to a limited partner in error must be paid back to the Fund. The State is not allowed to transfer its interest in the Fund without the Manager s consent, but the Manager has agreed that such consent is subject to commercially reasonable discretion and that the Manager will not unreasonably withhold its consent to any such transfer. Limited partners will have access to the books and records of the Fund. The Fund shall provide a report no less than quarterly with an unaudited statement of the balance sheet and income statement for the Fund, a statement of the State s capital account with the Fund and a status report of the Fund s investments and activities. In addition, the Fund will provide an annual report with audited financial statements for the Fund. Finally, the General Partner has agreed to language acknowledging that all obligations of the State are subject to the Wyoming Public Records Act. The General Partner must obtain the approval of the Fund s Advisory Committee prior to entering into a transaction where the Fund acquires an investment from, or transfers an investment to, the Sponsor, the Manager or any of their affiliates. The Sponsor, the General Partner, the Manager and any of their affiliates can provide property management services to the Fund under certain terms provided in the Agreement but such an arrangement does not require Advisory Committee approval; provided however, agreements with related parties to provide professional services will require the Advisory Committee s approval. If any limited partner were to default in its commitment to the Fund, the General Partner could take any number of actions to the extent permitted by law. One such action includes redeeming up to 75% of our interest in the Fund at a price equal to $1.00. If such a remedy were pursued after the State s default, the State would lose a significant amount of its original investment in the Fund, along with the associated earnings. In addition, the Fund holds a lien against the State s interest in the Fund to secure the payment of any amounts it
7 WESTRIVER CAPITAL, L.P. Page 3 Most Favored Nations Status Indemnification Sovereign Immunity Replacement of General Partner; Key Man Provision Co-Investment may owe the Fund. At the State s request, the Manager has agreed to include a most favored nations provision which states that no investor in the Fund investing a comparable amount of money in the Fund shall receive more favorable terms than the State. The Manager has agreed that any indemnifications in the documents to be made by the limited partners of the Fund shall be waived with respect to the State. The Fund itself (not the limited partners individually) is required to indemnify the Advisory Committee members, the Sponsor, the General Partner and the Manager from and against all losses, claims, damages or liabilities arising out of or in connection with the Agreement or the business of the Fund, except such (if any) as they shall incur or sustain by or through their own gross negligence, willful misconduct or bad faith. The Manager has agreed to the State s standard sovereign immunity provision. The limited partners are able to replace the General Partner without cause, with a 75% vote of the limited partners. There is a key man provision, which allows for halting of the investment period in case key personnel leave the organization. In such a case, either the investment period will terminate or the limited partners can approve the replacement of the key personnel. Since this is a closed-end fund, the State cannot redeem out of the Fund if the key man provision is violated. The Manager is investing 5% of the capital committed to the Fund, not to exceed $10,000,000. Therefore, the Manager s interest in the Fund s success should be aligned with the State s and its investment provides a strong incentive for the Manager to insure that the Fund performs well.
October 4, 2012 BOARD MATTER NO. D-3
October 4, 2012 BOARD MATTER NO. D-3 ACTION: AUTHORITY: Hiring Fixed Income Investment Managers W.S. 9-4-718(a)(iv) ANALYSIS: The State issued requests for proposal on behalf of the State Treasurer in
More informationPomona Investment Fund
Pomona Investment Fund A Registered Fund Structured To Provide Streamlined Access To Private Equity An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully
More informationResource Credit Income Fund (the Fund )
Resource Credit Income Fund (the Fund ) Supplement No. 2 dated December 3, 2018 to the Prospectus dated February 1, 2018, as supplemented July 2, 2018 (the Prospectus ) Effec ve December 3, 2018: 1. In
More informationPrincipal Real Estate Investors, LLC ADV Part 2A 801 Grand Ave Des Moines, IA Phone:
Principal Real Estate Investors, LLC ADV Part 2A 801 Grand Ave Des Moines, IA 50309 Phone: 800-533-1390 www.principalglobal.com March 30, 2017 This brochure provides information about the qualifications
More informationVIVALDI OPPORTUNITIES FUND PROSPECTUS
VIVALDI OPPORTUNITIES FUND PROSPECTUS September 14, 2017 The Vivaldi Opportunities Fund (the Fund ) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the Investment
More informationA guide to investing in hedge funds
A guide to investing in hedge funds What you should know before you invest Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,
More informationBMO PRIVATE PORTFOLIOS
ANNUAL INFORMATION FORM BMO PRIVATE PORTFOLIOS BMO PRIVATE CANADIAN MONEY MARKET PORTFOLIO BMO PRIVATE CANADIAN SHORT-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN MID-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN
More informationUBS Prime Reserves Fund UBS Tax-Free Reserves Fund
UBS Prime Reserves Fund UBS Tax-Free Reserves Fund Prospectus August 28, 2017 Ticker symbols: UBS Prime Reserves Fund UBS Tax-Free Reserves Fund UPRXX STFXX As with all mutual funds, the Securities and
More informationPrivate Real Estate Funds
What They Are, How They Work There are various types of private real estate funds. Understanding the basic structure can help mitigate against associated risks. The information contained in this white
More informationGOVERNMENT OF THE VIRGIN ISLANDS EMPLOYEES' RETIREMENT SYSTEM ALTERNATIVE INVESTMENT MANAGEMENT PROGRAM
GOVERNMENT OF THE VIRGIN ISLANDS EMPLOYEES' RETIREMENT SYSTEM ALTERNATIVE INVESTMENT MANAGEMENT PROGRAM I. PURPOSE This document sets forth the Statement of Investment Policy ( the Policy ) for the Virgin
More informationResource Real Estate Opportunity REIT II, Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
More informationABS Commentary: Evaluating the Role of Representations and Warranties in Marketplace-Lending Securitization
ABS Commentary: Evaluating the Role of Representations and Warranties in Marketplace-Lending Securitization September 2015 Author: Diana Lande Vice President, Asset-Backed Securities diana.lande@morningstar.com
More informationAPPENDIX C PRIVATE MARKETS INVESTMENT POLICY
APPENDIX C PRIVATE MARKETS INVESTMENT POLICY Pursuant to Iowa Code 97B, the Iowa Public Employees Retirement System (IPERS) Investment Board (Board) establishes this Private Markets Investment Policy (Policy)
More informationBMO PRIVATE PORTFOLIOS
ANNUAL INFORMATION FORM BMO PRIVATE PORTFOLIOS BMO PRIVATE CANADIAN MONEY MARKET PORTFOLIO BMO PRIVATE CANADIAN SHORT-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN MID-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN
More informationMorgan Stanley Credit Suisse J.P. Morgan
13,900,000 Shares COMMON STOCK Apollo Residential Mortgage, Inc. is a residential real estate finance company that invests in, finances and manages mortgagebacked securities, residential mortgage loans
More informationPRIVATE EQUITY STRATEGIES WORKSHOP Hyatt Regency Hotel May 7, 2018
1 PRIVATE EQUITY STRATEGIES WORKSHOP Hyatt Regency Hotel May 7, 2018 Guy Maisnik, Vice Chair JMBM - Global Hospitality Group Jonathan Falik, CEO JF Capital Advisors WHAT SHOULD A SPONSOR HAVE BEFORE APPROACHING
More informationVERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC
PROSPECTUS DATED APRIL 18, 2017 VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC Limited Liability Company Shares of Beneficial Interest: Class F Shares (VCMRX) & Class I Shares (VCMIX) Versus
More informationPHILLIPS EDISON GROCERY CENTER REIT II, INC.
PHILLIPS EDISON GROCERY CENTER REIT II, INC. CORPORATE GOVERNANCE GUIDELINES Amended and Restated as of March 7, 2017 The Board of Directors (the Board ) of Phillips Edison Grocery Center REIT II, Inc.
More informationBMO PRIVATE PORTFOLIOS
ANNUAL INFORMATION FORM BMO PRIVATE PORTFOLIOS BMO PRIVATE CANADIAN MONEY MARKET PORTFOLIO BMO PRIVATE CANADIAN SHORT-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN MID-TERM BOND PORTFOLIO BMO PRIVATE CANADIAN
More informationMAXIMUM COMMISSIONS AND EXPENSES (2) PRICE TO PUBLIC (1)
$2,000,000,000 Maximum Offering $2,000,000 Minimum Offering $2,000 Minimum Purchase Industrial Property Trust Inc. was formed in 2012 to make investments in income producing real estate assets consisting
More information2017 Wells Fargo Thought Leadership Forum
2017 Wells Fargo Thought Leadership Forum Apollo Investment Corporation Howard Widra President December 6, 2017 Information is as of September 30, 2017 except as otherwise noted. It should not be assumed
More informationSUMMARY PROSPECTUS SIIT Dynamic Asset Allocation Fund (SDLAX) Class A
September 30, 2018 SUMMARY PROSPECTUS SIIT Dynamic Asset Allocation Fund (SDLAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and its
More informationDENALI INVESTORS ACCREDITED FUND, LP LIMITED PARTNERSHIP AGREEMENT
DENALI INVESTORS ACCREDITED FUND, LP LIMITED PARTNERSHIP AGREEMENT Dated as of October 1, 2007 DENALI INVESTORS ACCREDITED FUND, LP AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT TABLE OF CONTENTS
More informationBLACKSTONE REAL ESTATE INCOME FUND II
BLACKSTONE REAL ESTATE INCOME FUND II INSTITUTIONAL CLASS II COMMON SHARES OF BENEFICIAL INTEREST The Fund. Blackstone Real Estate Income Fund II (the Fund ) is a Delaware statutory trust registered under
More informationTerm Sheet. Celernus Realty Income Properties LP October 28, Celernus Investment Partners Inc. (the Manager )
Term Sheet Celernus Realty Income Properties LP October 28, 2015 Issuer LP Manager LP General Partner Investment Strategy Celernus Realty Income Properties LP (the LP ), a limited partnership established
More informationHartford Mutual Funds
Hartford Mutual Funds SIMPLIFIED PROSPECTUS MAY 14, 2010 Series A and Series B (and other series as indicated) HARTFORD PORTFOLIOS Hartford Growth Portfolio 1 Hartford Balanced Growth Portfolio 1 Hartford
More informationPreserver Alternative Opportunities Fund Institutional Shares PAOIX Retail Shares PAORX
PROSPECTUS December 29, 2017 Preserver Alternative Opportunities Fund Institutional Shares PAOIX Retail Shares PAORX Preserver Partners, LLC 8700 Trail Lake Drive West, Suite 105 Memphis, Tennessee 38125
More informationClosed-End Strategy: Select Opportunity Portfolio
Closed-End Strategy: Select Opportunity Portfolio 2018-2 The unit investment trust named above (the Portfolio ), included in Invesco Unit Trusts, Series 1861, seeks to provide current income and the potential
More informationINVESTMENT ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT For: John Sample Portfolio: Long-Term Growth Financial Advisor: Advisor Name Company Name 307-673-5675 July 1, 2015 201 North Connor Street, Suite 250, Sheridan, Wyoming 82801
More informationKINETICS PORTFOLIOS TRUST STATEMENT OF ADDITIONAL INFORMATION
KINETICS PORTFOLIOS TRUST STATEMENT OF ADDITIONAL INFORMATION May 1, 2017 Name of Portfolio The Alternative Income Portfolio The Internet Portfolio The Global Portfolio The Paradigm Portfolio The Medical
More informationTerra Income Fund 6, Inc.
Terra Income Fund 6, Inc. Maximum Offering of 80,000,000 Shares of Common Stock We are a specialty finance company that invests primarily in commercial real estate loans, preferred equity real estate investments
More informationInStorage Real Estate Investment Trust. Consolidated Financial Statements December 31, 2006
InStorage Real Estate Investment Trust Consolidated Financial Statements PricewaterhouseCoopers LLP Chartered Accountants North American Centre 5700 Yonge Street, Suite 1900 North York, Ontario Canada
More informationPrivate Equity CHAPTER 2
Private Equity CHAPTER 2 Concept and Emergence of private equity Structure of private equity firm Life cycle of private equity Types of private equity investments Divestment in private equity fund Due
More informationFundrise Equity REIT, LLC (the Growth ereit )
253G2 1 tv476969_253g2.htm 253G2 Filed Pursuant to Rule 253(g)(2) File No. 024-10504 As filed with the Securities and Exchange Commission on October 20, 2017 OFFERING CIRCULAR Fundrise Equity REIT, LLC
More informationGOLUB CAPITAL BDC, INC.
GOLUB CAPITAL BDC, INC. FORM 497 (Definitive materials filed by investment companies.) Filed 05/07/13 Address 666 FIFTH AVENUE, 18TH FLOOR NEW YORK, NY, 10103 Telephone (212) 750-6060 CIK 0001476765 Symbol
More informationThe Higgins Group at Morgan Stanley. Building relationships based on understanding, integrity, accountability and mutual trust.
The Higgins Group at Morgan Stanley Building relationships based on understanding, integrity, accountability and mutual trust. 401 East Market Street Charlottesville, Virginia 22902 434-244-0123 / MAIN
More informationPORTFOLIO MANAGEMENT AGREEMENT
PORTFOLIO MANAGEMENT AGREEMENT THIS PORTFOLIO MANAGEMENT AGREEMENT (this Agreement ) is effective as of November, 2018 (the Effective Date ), by and among CIC MEZZANINE INVESTORS, L.L.C., an Illinois limited
More informationStatement of Investment Policies and Procedures. Trent University Endowment Fund SPECIAL RESOLUTION II.8. January 2006
SPECIAL RESOLUTION II.8 Statement of Investment Policies and Procedures Trent University Endowment Fund January 2006 APPROVED on this 28 th day of April, 2006 By the Trent University Board of Governors
More informationPenderFund Capital Management Ltd. Pender Corporate Bond Fund. Pender Small Cap Opportunities Fund. Pender Balanced Fund. Pender Canadian Equity Fund
No securities regulatory authority has expressed an opinion about these units and it is an offence to claim otherwise. None of the securities described in this document nor the Funds are registered with
More informationCole Real Estate Income Strategy (Daily NAV), Inc.
PROSPECTUS Cole Real Estate Income Strategy (Daily NAV), Inc. Maximum Offering of $4,000,000,000 of Wrap Shares, Advisor Shares and Institutional Shares of Common Stock Cole Real Estate Income Strategy
More informationIFC CORPORATE GOVERNANCE PROGRESSION MATRIX FOR FUNDS. expresses the fund s. commitment to good governance. 1. Same, and the fund manager
ATTRIBUTES LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 A. COMMITMENT TO 1. Same, and the fund manager expresses the fund s FUND (& INVESTEE COMPANY CORPO- commitment to good governance in the form of an established
More informationFORM 10-Q. Williams Energy Partners L.P. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationHighland Energy MLP Fund
Semi-Annual Report TABLE OF CONTENTS Fund Profile... 1 Financial Statements... 2 Investment Portfolio... 3 Statement of Assets and Liabilities... 4 Statement of Operations... 5 Statement of Changes in
More informationTrimaran Fund II (Cayman) Limited
Trimaran Fund II (Cayman) Limited Investment Manager s Report I. MARKET AND FUND PERFORMANCE At, the Net Asset Value of the Notes was $172,648 per $100,000 invested. The portfolio value of Trimaran Fund
More informationFifth Street Finance Corp.
PROSPECTUS 10,000,000 Shares Fifth Street Finance Corp. Common Stock We are a specialty finance company that lends to and invests in small and mid-sized companies in connection with investments by private
More informationPROCEEDS TO COMPANY BEFORE PRICE TO
$2,000,000,000 Maximum Offering $2,000,000 Minimum Offering $2,000 Minimum Purchase Industrial Property Trust Inc. was formed in 2012 to make investments in income producing real estate assets consisting
More informationSUMMARY PROSPECTUS. MetWest Floating Rate Income Fund JULY 27 I SHARE: MWFLX M SHARE: MWFRX
MetWest Floating Rate Income Fund I SHARE: MWFLX M SHARE: MWFRX JULY 27 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund
More informationEQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationREPRESENTATIVE INVESTMENT OPPORTUNITY
Income-Producing Commercial Real Estate Partnerships REPRESENTATIVE INVESTMENT OPPORTUNITY [Insert Property Address Here] OVERVIEW OF THE COMPANY AND OPPORTUNITY What We Do [Company Name] places capital
More informationN E W Y O R K C H I C A G O H O U S T O N L O S A N G E L E S L O N D O N. December 31, 2018
N E W Y O R K C H I C A G O H O U S T O N L O S A N G E L E S L O N D O N December 31, 2018 Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking
More informationFIRST AMENDED AND RESTATED LIMITED LIABILITY OPERATING AGREEMENT DLP LENDING FUND, LLC
FIRST AMENDED AND RESTATED LIMITED LIABILITY OPERATING AGREEMENT DLP LENDING FUND, LLC THIS AMENDED AND RESTATED OPERATING AGREEMENT (the Agreement ) is made as of the 1st day of January, 2017, by the
More informationNorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest
PROSPECTUS DATED MARCH 27, 2017 Shares (XNTFX) of Beneficial Interest Maximum Offering of 20,000,000 Common Shares NorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest NorthStar
More informationMaiden Lane III LLC (A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York)
(A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York) Financial Statements for the Year Ended December 31, 2009, and for the Period October 31, 2008 to December 31, 2008, and
More informationSUMMARY OF PRINCIPAL TERMS. Jennifer J. Burleigh Debevoise & Plimpton LLP
From PLI s Course Handbook Ninth Annual Private Equity Forum #14028 8 SUMMARY OF PRINCIPAL TERMS Jennifer J. Burleigh Debevoise & Plimpton LLP Copyright 2007 Attachment I: Copyright 2006 Peter K. Yu. Reprinted
More informationTHE TRUST COMPANY PHILANTHROPY FUND
THE TRUST COMPANY PHILANTHROPY FUND Product Disclosure Statement CONTENTS 1. About Perpetual Investment Management Limited 2. How The Trust Company Philanthropy Fund works 3. Benefits of investing in The
More informationMASTER LOAN AND SECURITY AGREEMENT. among. FEDERAL RESERVE BANK OF NEW YORK, as Lender. and
Revised as of August 4, 2009 MASTER LOAN AND SECURITY AGREEMENT among FEDERAL RESERVE BANK OF NEW YORK, as Lender and THE PRIMARY DEALERS PARTY HERETO, each on behalf of itself and its respective Applicable
More informationBlackRock Liquidity Funds Prospectus FEBRUARY 21, Cash Reserve Shares
BlackRock Liquidity Funds Prospectus FEBRUARY 21, 2006 Cash Reserve Shares The Securities and Exchange Commission has not approved or disapproved the Funds shares or determined if this prospectus is accurate
More informationBlackRock Liquidity Funds Prospectus FEBRUARY 21, Administration Shares
BlackRock Liquidity Funds Prospectus FEBRUARY 21, 2006 Administration Shares The Securities and Exchange Commission has not approved or disapproved the Fund s shares or determined if this prospectus is
More informationUBS Select Government Capital Fund UBS Select Treasury Capital Fund
UBS Select Government Capital Fund UBS Select Treasury Capital Fund Prospectus August 28, 2017 Ticker symbols: UBS Select Government Capital Fund UBS Select Treasury Capital Fund SGKXX STCXX As with all
More informationU. S. Endowment for Forestry and Communities, Inc. and Subsidiaries. Consolidated Financial Statements
U. S. Endowment for Forestry and Communities, Inc. and Subsidiaries Consolidated Financial Statements Years Ended December 31, 2016 and 2015 Table of Contents Independent Auditors Report... 1 2 Consolidated
More informationSIR Royalty Income Fund. Consolidated Financial Statements December 31, 2014 and 2013
Consolidated Financial Statements March 13, 2015 Independent Auditor s Report To the Unitholders of SIR Royalty Income Fund We have audited the accompanying consolidated financial statements of SIR Royalty
More informationBrookfield Real Estate Finance V BREF V
70 Brookfield Real Estate Finance V BREF V Eric Rovelli, CFA Alexander Campbell, CAIA Chris Alexander Investment Recommendation Up to $100M commitment to BREF V BREF V is a $3B real estate debt vehicle
More informationTriton Pacific Investment Corporation A Private Equity Business Development Company
Triton Pacific Investment Corporation A Private Equity Business Development Company Disclaimers and Risk Disclosure This is not an offer to sell nor a solicitation of an offer to buy the securities described
More informationARES CAPITAL CORPORATION DECLARES SECOND QUARTER 2018 DIVIDEND OF $0.38 PER SHARE AND ANNOUNCES MARCH 31, 2018 FINANCIAL RESULTS
ARES CAPITAL CORPORATION DECLARES SECOND QUARTER 2018 DIVIDEND OF $0.38 PER SHARE AND ANNOUNCES MARCH 31, 2018 FINANCIAL RESULTS SECOND QUARTER 2018 DIVIDEND DECLARED New York, NY May 2, 2018 Ares Capital
More informationSIDE LETTER AGREEMENT RE REAL PROPERTY COLLATERAL AND SUBORDINATION December 5, 2016
SIDE LETTER AGREEMENT RE REAL PROPERTY COLLATERAL AND SUBORDINATION December 5, 2016 Michael Newell Black Hawk III, LLC 1950 Bellerive Ln., Suite 109 Coeur d'alene, ID 83814 Re: Side Letter Agreement re
More informationGOTHAM ABSOLUTE RETURN FUND Institutional Class Shares GARIX. GOTHAM ENHANCED RETURN FUND Institutional Class Shares GENIX
GOTHAM ABSOLUTE RETURN FUND Institutional Class Shares GARIX GOTHAM ENHANCED RETURN FUND Institutional Class Shares GENIX GOTHAM NEUTRAL FUND Institutional Class Shares GONIX GOTHAM INDEX PLUS FUND Institutional
More informationLower Risk, Higher Yield Investing
Lower Risk, Higher Yield Investing Real Estate Based Investments Providing Stable Income & Principal Protection For most investors, the nirvana of investing would be finding an investment that provides
More informationGOTHAM SHORT STRATEGIES FUND
GOTHAM SHORT STRATEGIES FUND A Series of FundVantage Trust Summary Prospectus February 1, 2018 Class/Ticker: Institutional Class Shares (GSSFX) Click here to view the Fund s Statutory Prospectus or Statement
More informationPROJECT IMPLEMENTATION AGREEMENT September 1, 2009
PROJECT IMPLEMENTATION AGREEMENT September 1, 2009 This Project Implementation Agreement (this "Agreement") is entered into as of, 20, by and between the Climate Action Reserve, a California nonprofit
More informationGLACIER CREDIT CARD TRUST
INFORMATION MEMORANDUM GLACIER CREDIT CARD TRUST Series 1997-1 Short Term Asset-Backed Commercial Paper Notes This Information Memorandum has been prepared for use in connection with the sale in Canada
More informationKBS STRATEGIC OPPORTUNITY REIT II, INC. Maximum Offering of 180,000,000 Shares of Common Stock Minimum Offering of 200,000 Shares of Common Stock
KBS STRATEGIC OPPORTUNITY REIT II, INC. Maximum Offering of 180,000,000 Shares of Common Stock Minimum Offering of 200,000 Shares of Common Stock KBS Strategic Opportunity REIT II, Inc. is a newly organized
More informationStatement of Investment Policies and Goals. Saskatchewan Pension Plan Contribution Fund. As of January 1, 2018
Statement of Investment Policies and Goals Saskatchewan Pension Plan Contribution Fund As of January 1, 2018 APPROVED on this 13 th day of December, 2017 Tim Calibaba, Chair on behalf of the Board of Trustees
More informationPROSPECTUS. Initial Public Offering and Continuous Distribution April 6, 2018
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been and will not be registered under the United States
More informationEnterprise Community Loan Fund, Inc. Financial Statements and Independent Auditor's Report. December 31, 2017 and 2016
Financial Statements and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements Statements of Financial Position 3 Statements of Activities 4 Statements of Functional
More informationReturn On Innovation Fund Inc.
Prospectus dated August 28, 2012 This Prospectus constitutes a public offering of these securities only in the Province of Ontario and therein only by persons permitted to sell such securities. No securities
More informationADVANCED RESEARCH INVESTMENT SOLUTIONS, LLC
DISCLOSURE BROCHURE ADVANCED RESEARCH INVESTMENT SOLUTIONS, LLC a Registered Investment Adviser 9150 Wilshire Boulevard, Suite 220 Beverly Hills, CA 90212 (424) 283-3800 www.arisconsulting.com March 18,
More information2. Investment Policies I. DEFINITIONS
2. Investment Policies I. DEFINITIONS PURPOSE The purpose of this Investment Policy Statement is to establish a clear understanding of the philosophy and the investment objectives for The University at
More informationImportant Information about a Fund of Hedge Funds
Robert W. Baird & Co. Incorporated Important Information about a Fund of Hedge Funds Fund of Hedge Fund Investing at Baird Baird offers eligible clients the opportunity to invest in funds of hedge funds
More informationM E K E T A I N V E S T M E N T G R O U P DIRECT LENDING. Timothy Atkinson
M E K E T A I N V E S T M E N T G R O U P BOSTON MA CHICAGO IL MIAMI FL PORTLAND OR SAN DIEGO CA LONDON UK Timothy Atkinson MEKETA INVESTMENT GROUP 100 Lowder Brook Drive, Suite 1100 Westwood, MA 02090
More informationreit real estate income trust
reit real estate income trust THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SHARES OF THE OAKTREE REIT. AN OFFERING IS ONLY MADE BY PROSPECTUS, WHICH DESCRIBES MORE FULLY ALL OF
More informationANNUAL REPORT O Hare Distribution Center Chicago
ANNUAL REPORT 2014 O Hare Distribution Center Chicago April 2015 Dear Stockholders: We at Industrial Property Trust are excited about our 2014 achievements. We acquired our first industrial property in
More informationANCHOR SERIES TRUST SA BLACKROCK MULTI-ASSET INCOME PORTFOLIO
SUMMARY PROSPECTUS MAY 1, 2017 ANCHOR SERIES TRUST SA BLACKROCK MULTI-ASSET INCOME PORTFOLIO (CLASS 1 AND 3 SHARES) s Statutory Prospectus and Statement of Additional Information dated May 1, 2017, and
More information$100,000, % Senior Notes due 2022
Filed Pursuant to Rule 497 File No. 333-219377 PROSPECTUS SUPPLEMENT (to Prospectus dated September 26, 2017) $100,000,000 6.25% Senior Notes due 2022 We are an externally managed, non-diversified, closed-end
More informationDreyfus Variable Investment Fund: International Value Portfolio
Dreyfus Variable Investment Fund: International Value Portfolio Prospectus May 1, 2017 Initial Shares Service Shares As with all mutual funds, the Securities and Exchange Commission has not approved or
More informationGOTHAM ABSOLUTE RETURN FUND GOTHAM ABSOLUTE 500 FUND GOTHAM ABSOLUTE 500 CORE FUND GOTHAM ENHANCED RETURN FUND GOTHAM ENHANCED 500 FUND
GOTHAM ABSOLUTE RETURN FUND Institutional Class Shares GARIX GOTHAM ABSOLUTE 500 FUND Institutional Class Shares GFIVX GOTHAM ABSOLUTE 500 CORE FUND Institutional Class Shares GACFX GOTHAM ENHANCED RETURN
More informationU.S. Endowment for Forestry and Communities, Inc. and Subsidiary
U.S. Endowment for Forestry and Communities, Inc. and Subsidiary Consolidated Financial Statements and Supplemental Schedules as of and for the Years Ended December 31, 2014 and 2013, and Independent Auditors
More informationJANNEY MONTGOMERY SCOTT LLC 1717 Arch Street Philadelphia, PA Main: Toll-free:
JANNEY MONTGOMERY SCOTT LLC 1717 Arch Street Philadelphia, PA 19103 Main: 215.665.6000 Toll-free: 800.526.6397 www.janney.com INVESTMENT MANAGEMENT DISCLOSURE BROCHURE MARCH 31, 2018 This Brochure provides
More informationGovernment of Saskatchewan Saskatchewan Teachers Superannuation Commission
Government of Saskatchewan Saskatchewan Teachers Superannuation Commission INVESTMENT POLICY AND OBJECTIVE STATEMENT (IP&OS) Version 2.2 December 2018 TABLE OF CONTENTS SECTION 1. PURPOSE AND MISSION STATEMENT...
More informationRPH GLOBAL SOVEREIGN BOND FUND L.P.
Financial Statements of RPH GLOBAL SOVEREIGN BOND FUND L.P. KPMG LLP Telephone (416) 777-8500 Chartered Accountants Fax (416) 777-8818 Bay Adelaide Centre Internet www.kpmg.ca 333 Bay Street Suite 4600
More informationConsolidated Statement of Financial Condition May 30, 2003
Consolidated Statement of Financial Condition May 30, 2003 Goldman, Sachs & Co. Established 1869 New York Hong Kong London Tokyo Atlanta Baltimore Bangkok Beijing Bermuda Boston Buenos Aires Calgary Chicago
More informationRENAISSANCE CAPITAL GREENWICH FUNDS
RENAISSANCE CAPITAL GREENWICH FUNDS ETF SERIES Prospectus January 31, 2018 Fund Principal U.S. Listing Exchange Ticker Renaissance IPO ETF NYSE Arca, Inc. IPO Renaissance International IPO ETF NYSE Arca,
More informationREADY ASSETS PRIME MONEY FUND (the Fund ) Supplement dated September 2, 2015 to the Prospectus of the Fund, dated August 28, 2015
READY ASSETS PRIME MONEY FUND (the Fund ) Supplement dated September 2, 2015 to the Prospectus of the Fund, dated August 28, 2015 This Supplement was previously filed on July 29, 2015. The Board of Trustees
More informationKohlberg Capital Corporation
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationPrivate Debt: The opportunity for diversification with illiquid assets.
September 2016 Private Debt: The opportunity for diversification with illiquid assets. Heather Davis President and CIO Nuveen Private Markets Brian Roelke Sector Head, Private Capital Jason Strife Head
More informationHedgeRow Income and Opportunity Fund Class A Shares (Ticker Symbol: HROAX) Institutional Class Shares (Ticker Symbol: HIOIX) a series of the 360 Funds
HedgeRow Income and Opportunity Fund Class A Shares (Ticker Symbol: HROAX) Institutional Class Shares (Ticker Symbol: HIOIX) a series of the 360 Funds PROSPECTUS December 21, 2015 This Prospectus relates
More informationCenturion Asset Management Inc.
Centurion Asset Management Inc. Investing in Apartments for Income & Stability FOR ADVISOR USE ONLY Centurion Asset Management Inc. A Real Estate Investment Solution Provider with a Strategic Approach
More informationTIAA REAL ESTATE ACCOUNT FREQUENTLY ASKED QUESTIONS
TIAA REAL ESTATE ACCOUNT FREQUENTLY ASKED QUESTIONS A. INVESTMENT OBJECTIVE AND STRATEGY/ACCOUNT COMPOSITION A1. About the TIAA Real Estate Account A2. What is the investment objective and the investment
More informationWPT INDUSTRIAL REAL ESTATE INVESTMENT TRUST
Condensed Consolidated Interim Financial Statements (In U.S. dollars) WPT INDUSTRIAL REAL ESTATE Condensed Consolidated Interim Statements of Financial Position (In thousands of U.S. dollars) June 30,
More informationKCAP FINANCIAL, INC.
KCAP FINANCIAL, INC. FORM 10-K (Annual Report) Filed 03/18/13 for the Period Ending 12/31/12 Address 295 MADISON AVENUE 6TH FLOOR NEW YORK, NY 10017 Telephone 212-455-8300 CIK 0001372807 Symbol KAP Industry
More informationRodin Global Property Trust, Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More information