Strategies

NPC Strategies Control Equity Strategy CLO Mezzanine Strategy Customized Solutions
Target Net Return 4 ~15%+ IRR 7 – 8% IRR Various
Available Vehicles Closed-ended comingled vehicle, SMA SMA Customized
Description – Subordinate and mezzanine tranches of CLO and CLO-adjacent structured credit products – BBB and BB tranches of CLO and CLO-adjacent structured credit products – Strategies tailored to meet specific portfolio exposure, capital and return targets
– Opportunistic and situational bespoke investments

About The Control Equity Strategy

A private equity-style approach to investing in externally managed control CLO equity positions and similarly structured bespoke equity investments with an ability to opportunistically allocate to CLO mezzanine tranches

ANTICIPATED BENEFIT TO INVESTORS

Credit Diversification

Actively managed portfolios of senior secured loans broadly diversified across issuers, sectors, collateral management styles and vintages

Return
Enhancement

High potential returns relative to investments with comparable risk and liquidity

Portfolio Complement

Benefit from a reduced J-curve and a less correlated return stream versus other private equity and private credit capital allocations

Exploit Market Dislocations

We provide an opportunity to be "long volatility" and CLO equity additionally benefits from a structural framework that provides optionality in a variety of markets

Target returns are neither guaranteed nor a projection of future performance. Targeted returns are presented on a net basis (i.e., calculated based on returns after management fees and carried interest before taxes or withholdings incurred by investors directly or indirectly and excludes servicing fees, as applicable, organizational expenses, certain tax liabilities, certain non-fee and/or non-carry bearing parties, and adds back the effect of any tax distributions paid for carried interest already reflected in the returns.) The Firm believes its performance targets to be reasonable and sound under the current circumstances, but they are based on material assumptions, and there can be no assurance that they will be achieved. The Firm may cause clients to make portfolio investments for which the Firm’s cash flow analysis indicates higher or lower target returns. Actual returns will be based on numerous factors, including the pace and duration of investment, expenses and fees, the availability and cost of leverage and financing, market conditions and broad general macro economic factors, all of which would significantly impact any returns and distributions

4 No representation is made that any investment strategy, approach or process described will or can be successful, especially in periods of extreme volatility. past performance is not indicative of future results. the investment strategies described do not take into account the particular investment objectives or financial circumstances of any specific person or entity, may not be suitable for all investors, and may result in a risk of loss of all or a portion of the amount invested