DMS Governance ("DMS"), the world's leading fund governance + risk + compliance firm, together with Tennenbaum Capital Partners, LLC ("TCP"), a leading U.S. alternative investment manager, is delighted to announce the launch of the TCP DLF VIII ICAV ("the ICAV"), a closed-ended, Irish collective asset-management vehicle authorised by the Central Bank of Ireland as a loan origination QIAIF (L-QIAIF). Advised by Irish leading legal advisor Dillon Eustace, the ICAV's investment objective is to achieve high risk-adjusted returns produced primarily from current income generated by investing primarily in performing senior secured debt issued by U.S.-based middle-market companies.
L-QIAIFs are subject to specific requirements as laid out by the Central Bank of Ireland which require that L-QIAIFs have in place a number of procedures, policies, and processes including collateral management and credit monitoring, which DMS can prepare and monitor on an ongoing basis through its independent risk management capability. By reason of DMS acting as alternative investment fund manager to the ICAV operating under the Alternative Investment Fund Managers Directive (AIFMD), the L-QIAIF can also avail of the AIFMD marketing passport.
Conor MacGuinness, Managing Director at DMS commented "as our AIFM Management Company services and particularly direct lending strategies continue to grow, it has been exciting to launch one of the first L-QIAIFs in Ireland which is another achievement and testament to the confidence investment managers have in DMS. We continue to see a continued interest in this type of structure and look forward to welcoming TCP as a client".
Lee R. Landrum, Managing Partner of TCP said, "Since our Firm's first institutional fund in 1999, we have invested approximately $19Bn in more than 500 companies. As a result, we have a demonstrated track record of delivering strong risk-adjusted returns to our investors across market cycles. We are extremely pleased with the response to our DLF VIII fundraise that included a wide variety of global institutional investors and investment consultants. The strong demand for our fund in a competitive market illustrates the confidence our investors place in TCP's longstanding execution of its middle-market Direct Lending strategy. We want to thank all new and existing investors for their trust and confidence in our Firm and express our appreciation for the valuable assistance and expertise of professional service firm partners including MVision Private Equity Advisers, DMS Governance, Dillon Eustace and Skadden, Arps, Slate, Meagher & Flom LLP."
Etain de Valera, Partner at Dillon Eustace, "We are proud to have been selected by TCP and DMS to advise them on legal and regulatory issues, and help them establish their first L-QIAIF in Ireland. We at Dillon Eustace, have been able to capitalize on our extensive experience in advising fund managers, in particular those employing credit strategies in order to assist in bringing this product to market. As one of the first L-QIAIFs in Ireland, we believe that the stage is now firmly set for Dillon Eustace to assist other managers in establishing similar funds employing similar strategies. This product represents a definite advantage for asset managers looking to market their loan origination strategy both inside and outside the EU, particularly in the context of uncertainty around Brexit"
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