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Submitted URL:
https://aesif.com/
Effective URL:
https://www.areswms.com/non-us/aesif
Submission: On May 04 via api (May 4th 2024, 9:52:31 am UTC) from US — Scanned from DE

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Text Content

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LOGIN
* Financial Advisor
* Investor

ARES EUROPEAN STRATEGIC INCOME FUND ("AESIF")

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1. Ares Wealth Management Solutions | EMEA and APAC
2. Ares European Strategic Income Fund ("AESIF")

Fund Menu
Product Overview Literature & Resources

OVERVIEW

The Ares European Strategic Income Fund (AESIF) is a private credit strategy
focused on European companies operating in the middle markets. AESIF seeks to
primarily self-originate investments and provide debt capital to European
mid-market companies with a target EBITDA of EUR 10m +. The primary focus is on
investing in senior secured loans with an emphasis on capital preservation and
low return volatility.

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WHY CONSIDER ARES EUROPEAN STRATEGIC INCOME FUND?

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Access to Ares’ experienced credit platform

Opportunity to invest with an experienced manager in the credit markets and a
leader in the direct lending space.

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Defensive portfolio

Diversified portfolio invested within defensive industries.1 Focus on first lien
instruments, with covenant protections.2 Predominantly floating rate assets.

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Focus on current income

Core income solution designed to provide an opportunity for enhanced yields with
expected monthly distributions.3

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Beneficial structure

Open-ended format offering monthly subscriptions and redemptions.

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ESG integration

Article 8 SFDR classification. Incorporating negative screens, collecting and
reporting ESG KPIs and promoting sustainability linked loans.

FUND DETAILS⁴

AESIFAccess Fund DetailsStructure• Ares European Credit Solutions Fund SICAV
(AECS) will be the umbrella structure with Ares European Strategic Income Fund
(AESIF) as the first sub fund that is launched. The intention is to launch
further sub funds under AECS as strategic opportunities present themselves.
• Perpetual life Luxembourg Part II UCILeverage• Leverage up to 70% LTV on
eligible gross asset valueCurrency• Share classes to be available in EUR, USD
and other currencies (subject to investor demand)
• FX hedging policy to be determinedOffering Price / NAV Frequency• Equal to the
most recently published net asset value (NAV) per share for each share class
• Calculated monthly and in line with monthly valuation cycleSubscription
Frequency• Monthly with shares issued at NAV per Share as of the end of the
immediately preceding monthDistributions• Expected monthly as of the last
calendar day of each month for distributing share classesRedemption Program•
Redemptions are expected to be offered each month at the NAV per Share as of the
last calendar day of the preceding month
• Shares not held for at least 18 months will be redeemed at 95% of that month's
transaction price
• Under normal circumstances, overall limit on net redemptions equal to 2% per
month and 5% per quarter of aggregate NAVMinimum Initial Investment• €25,000 (or
as required under local jurisdiction distribution requirements)

FUND RESOURCES

Access the related literature and resources

VIEW FUND LITERATURE AND RESOURCES
LET’S START A CONVERSATION

Talk to us about how we can help you when it comes to private market investing.

EXPLORE MORE

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AWMS for Non-U.S. Investors

Note: The use of leverage magnifies the potential for gain or loss on the amount
invested and may increase the risk of investment. Diversification does not
assure profit or protect against market loss. There is no guarantee that the
target pricing or returns will be achieved or that there will be any current
income component. Actual results may differ materially.

Interests in the Fund have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the “Securities Act”), or the
applicable securities laws of any United States state or any non-United States
jurisdiction. The interests in the Fund may not be offered, sold or delivered
directly or indirectly in the United States or to or for the account or benefit
of any “U.S. Person” except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the U.S. Securities Act and any
applicable state laws. As such, any “U.S. Person” may not receive and should not
act or rely on this website or any other materials related to the Fund.

Diversification does not assure profit or protect against market loss.

The Fund seeks to invest primarily in first lien senior secured loans, second
lien senior secured loans, subordinated secured and unsecured loans,
subordinated debt, and other types of credit instruments.

Distributions are not guaranteed. Distributions are calculated by annualizing
the current month’s declared distribution per share and dividing by the prior
month’s net asset value (“NAV”). Distributions may be funded from cash flow from
operations, as well as other sources including the sale of assets, borrowings,
return of capital or offering proceeds. Distributions may be funded, directly or
indirectly, from temporary waivers or from expense reimbursements borne by the
Fund’s investment adviser that may be subject to reimbursement. The Fund has not
yet established limits on the amounts it may distribute from such sources. Yield
is an attribute of underlying investments and does not represent a return to
investors.

As of September 30, 2023. The above briefly summarizes certain material
indicative terms and conditions and does not contain all terms and conditions
that will be included in any definitive documentation for the proposed
investment vehicle and is subject to change. The above summary does not
constitute a commitment, a contract to provide a commitment, or an offer to make
a commitment to Ares on these or any other terms. No legally binding terms shall
be created until definitive documentation is executed and delivered.

Disclaimer

Ares Management

In the UK, this communication (and any document to which it is attached or with
which it is supplied, together the "communication") is issued by Ares Management
UK Limited ("AMUKL") and/or Ares Management Limited ("AML") of 10 New Burlington
Street, 6th Floor, London W1S 3BE, United Kingdom, which is authorized and
regulated in the United Kingdom by the Financial Conduct Authority ("FCA") with
firm reference numbers 613497 and 455547, respectively. In the European Economic
Area (“EEA”) this communication is prepared by Ares Management Luxembourg
(“AMLux”) of 14-16 Avenue Pasteur, L-2310 Luxembourg, which is authorized in
Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”) with
reference number A00002345 and is issued and made available by an appropriately
licenced EEA distributor. AMLux additionally has MiFID permissions under Reg ID
S00001060 on the CSSF register.

MPMF Fund Management (Ireland) Limited, an Irish law private company limited by
shares (the “AIFM”), has been appointed as the external alternative investment
fund manager of AECS. The AIFM is in charge inter alia of the risk management
function of AECS Feeder SICAV.

Ares Management Limited, (the “Investment Manager”) is an affiliate of Ares and
is authorized and regulated by the FCA. The Investment Manager is responsible
for initiating, structuring and negotiating AESIF Feeder’s Investments.

AMUKL, AML, and AMLux are wholly owned subsidiaries of Ares Management LLC
(together with AMUKL, AML and AMLux, "we", or "Ares Management"). Ares
Management is wholly owned by Ares Management Corp ("Ares Corp") (together,
"Ares").

Certain Ares Funds may be offered through the Ares affiliate Ares Management
Capital Markets LLC (a broker dealer registered with the SEC, and a member of
FINRA and SIPC).

Marketing communication

This is a marketing communication. Please refer to the legal documentation of
the Fund before making any final investment decisions. This is not an offer to
sell, or a solicitation to purchase, any security or other financial instrument,
or a solicitation of interest in any fund, account or investment strategy.

Contents of the communication

Any offer or solicitation with respect to any securities that may be issued by
any investment vehicle managed or sponsored by Ares Management or one of its
affiliated entities (each an "Ares Fund") will be made only by means of a
definitive Prospectus (as modified or supplemented from time to time, a
"Prospectus"). You should refer to the Prospectus and constitutional documents
and any other subscription documents relating to the relevant Ares Fund before
making any investment decision.

The Prospectus, constitutional documents and subscription documents will contain
complete information concerning the rights, privileges and obligations of
investors in the relevant Ares Fund. The information contained in any such
Prospectus, constitutional documents or subscription documents will supersede
this communication and any other marketing materials (in whatever form) issued
or communicated by Ares Management.

This communication contains information about Ares and certain of its personnel
and affiliates and the historical performance of certain Ares Funds and/or
investment vehicles whose portfolios are managed by Ares. This information is
supplied to provide information as to Ares’ general portfolio management
experience. Neither Ares nor any third party makes any representation or
warranty (express or implied) with respect to the information contained herein
(including, without limitation, information obtained from third parties) and
Ares expressly disclaims any and all liability based on or relating to the
information contained in, or errors or omissions from, this communication; or
based on or relating to your use of the communication; or any other written or
oral communications transmitted to you in the course of your evaluation of Ares
or a potential investment in any Ares Fund.

The content of this communication should not be construed as legal, tax, or
investment advice. Regarding sustainability-related aspects of the investment
included herein the decision to invest in the Fund should take into account all
the characteristics or objectives as described in the legal documentation of the
Fund.

Confidentiality

This communication is intended only for the person(s) to whom it has been sent,
is strictly confidential, and must not be forwarded without the prior consent of
Ares Management.

By acceptance of this communication (whether received directly from Ares
Management or otherwise) you hereby acknowledge and agree that:

* its content includes confidential and proprietary information (“Confidential
Information”) that is not publicly available or otherwise prepared for public
dissemination;
* Confidential Information may include information received and held in
confidence by Ares Management from third parties (for example, Ares Fund
portfolio companies) (a "Third-Party"); and
* you must hold all Confidential Information in the strictest confidence, and
will not use it or disclose it other than in accordance with this disclaimer.

You further acknowledge and agree that:

* your obligations under this confidentiality requirement (and any other
confidentiality requirement which otherwise applies to the communication) are
owed to Ares Management and any Third-Party;
* damages would not be an adequate remedy for breach of such obligations; and
* in the event of a breach, Ares Management, the relevant Ares Fund and any
Third-Party shall be entitled to seek the remedies of injunctive relief,
specific performance and any other equitable relief.

Recipient

For recipients in the UK, this communication is directed solely at recipients
who fall into both of the following categories:

* "Professional Clients" as defined in the Glossary to the FCA Handbook;
* one or more of: (a) investment professionals falling within Article 14(5) of
the Financial Services and Markets Act 2000 (Promotion of Collective
Investment Schemes) (Exemptions) Order 2001 (the “CIS Promotion Order”)
and/or (as applicable) article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”);
(b) persons who are high net worth companies, unincorporated associations,
partnerships or trusts falling within any of the categories of persons
described in Article 22 of the CIS Promotion Order and/or (as applicable)
Article 49 of the Financial Promotion Order; or (c) any other person to whom
it may otherwise be lawfully directed in accordance with the CIS Promotion
Order, the General Promotion Order or COBS 4 of the FCA Handbook of Rules and
Guidance.

For recipients within the EEA, this communication is only made to (i) persons
who are “Professional Clients” for the purposes of the European Union Markets in
Financial Instruments Directive (Directive 2014/65/EU) or (ii) certain
non-professional investors who meet the thresholds and/or conditions as
applicable in a given member state.

Investment in any related fund will be restricted accordingly.

Persons of any other description may not receive and should not rely on these
materials or any other materials relating to an Ares Fund.

These Materials are not intended for distribution to, or use by, any person in
any jurisdiction or country where such distribution or use would be contrary to
law or regulation.

Forward-looking statements

This communication may contain “forward‐looking” statements that are not purely
historical in nature. Any such statements are based upon estimates, projections,
plans and assumptions about future events or conditions (not all of which will
be specified herein). They are intended only as illustrations and by their
nature are uncertain. No representations are made as to the accuracy of such
statements. Not all relevant events or conditions may have been considered in
developing such statements and assumptions. The achievement of results and
objectives is dependent upon a multitude of factors, many of which are beyond
the control of Ares and/or any referenced portfolio company. The statements may
not consider or address all aspects of a referenced portfolio investment,
including aspects that might be material or important. You must not rely upon
any forward-looking statement contained in this communication, and you
acknowledge and agree that you shall have no claim at law or in equity by virtue
of anything contained in or omitted from any such statement. Past performance is
not indicative of future results. There is no assurance that an Ares Fund will
be able to generate returns for its investors (as stated herein or otherwise).

Third-party information

Certain information contained in this communication has been obtained from
sources outside Ares, which in certain cases have not been updated through the
date hereof. While such information is believed to be reliable for purposes used
herein, no representations are made as to the accuracy or completeness thereof
and none of Ares, its funds, nor any of their affiliates takes any
responsibility for, and has not independently verified, any such information.

Summary Risk Factors

An investment in the relevant Ares Fund (for the purposes of these Risk Factors,
the “Fund”) entails a significant degree of risk and, therefore, should be
undertaken only by investors capable of evaluating the risks of the Fund and
bearing the risks it represents. The Prospectus provides a non-exhaustive list
of risk factors and conflicts of interest that should be considered in
evaluating an investment in the Fund. The following list is not a complete list
of all risks described in the Prospectus or involved in connection with an
investment in the Fund, and prospective investors should carefully review the
Prospectus for additional information about these and other risks associated
with an investment in the Fund, including the sections entitled “Risk Factors
and Other Considerations”. As a result of these factors, as well as other risks
inherent in such an investment and/or as set forth in the Prospectus, there can
be no assurance that the Fund will meet its investment objectives or otherwise
be able to successfully carry out its investment program. There can be no
assurance that an investor will receive a return on its capital, and therefore,
an investor should only invest in the Fund if such investor is able to withstand
a total loss of its investment. Capitalized terms below are as defined in the
Prospectus.

No assurance of investment return or return of capital contributions

None of the Fund, the General Partner, the AIFM, the Investment Manager, any of
their respective affiliates or any other person can provide any assurance that
the Fund will be able to choose, make or realize any particular investment or
the investment strategy of the Fund in general. Further, there can be no
assurance that the Fund will be able to generate returns for the Investors or
that such returns will be commensurate with the risks of investing in the types
of companies and transactions described herein or that such returns will be
comparable to the Fund’s targeted returns. The marketability and value of any
such investment will depend upon many factors beyond the control of the Fund,
the General Partner and the AIFM. The Fund will bear the expenses of
transactions that are not consummated, including any break-up fees. As a result,
the Fund could incur a substantial cost with no opportunity for a return.

Past Performance

The past performance of the Investment Manager, its affiliates and their
respective investment professionals with respect to other portfolios, investment
vehicles or accounts is not indicative of the results that the Fund will
achieve. The Investment Manager (and not any of its affiliates or their
respective investment professionals) will be responsible for its obligations
under the alternative investment management agreement in respect of the Fund
and, thus, the results obtained by such affiliates or investment professionals
with respect to other portfolios, investment vehicles or accounts is not
relevant to the Interests. Similarly, the past performance of the Investment
Manager, its affiliates and their respective investment professionals over a
particular period is not indicative of the results that may be expected in
future periods.

The Fund’s assets will generally be illiquid

An investment in the Fund should be viewed as a semi-illiquid investment. The
Fund’s assets will generally have no, or only a limited, trading market. The
Fund’s investment in illiquid assets may restrict its ability to dispose of
investments in a timely fashion or for a fair price. Illiquid assets may trade
at a discount from comparable, more liquid assets. The prices realized from the
sale of any of the Fund’s assets could be less than the cost of such assets to
the Fund or less than what may be considered the fair value of such assets. The
Fund is subject to the available supply and market competition in its ability to
originate or purchase assets on advantageous terms or at all.

Shares in the Fund will have reduced liquidity

An investment in the Fund requires a commitment, with no certainty of return on
investment or return of advances. There is no public trading market for the
Interests, and none is expected to develop. Withdrawal of the investment by the
Investors is allowed but subject to certain terms and conditions.

Portfolio Concentration

Although the Prospectus restricts the amount that the Fund may invest in any
single portfolio company, diversification is not an objective of the Fund. The
Fund’s portfolio may include a small number of large positions or may be
concentrated in a small number of industries, countries, and sectors. If the
Fund’s investments are concentrated in a few issuers or industries, any adverse
change in one or more of such issuers or industries could have a material
adverse effect on the Fund’s investments. Therefore, while this portfolio
concentration may enhance total returns to Investors, if any large position has
a material loss, returns to the Investors may be lower than if they had invested
in a more diversified portfolio.

General Risks of Debt Securities

Debt securities in general are subject to various risk, including: (i) limited
liquidity and secondary market support, (ii) the possibility that earnings of
the relevant obligor may be insufficient to meet its debt service, (iii) the
declining creditworthiness and potential for (or actual) insolvency of the
relevant obligor of such debt during period of economic downturn, (iv) that the
relevant obligor may be a company serving only local or regional interests, (v)
spread compression over the reference interest rate available for reinvestment
during any period in which prepayments are received and/or (vi) subordination to
the prior claims of other debt or senior lenders. Debt instruments are generally
subject to market value volatility that may not be apparent from historical
volatility studies and that could be significant at times. An economic downturn
could severely disrupt the market for debt instruments and adversely affect the
value of outstanding debt and the ability of the borrowers thereof to repay
principal and interest. It is expected that the Fund’s assets will consist
primarily of non-investment grade middle market loans, which are considered to
be speculative in nature and are expected to be subject to greater risks than
investment grade corporate obligations.

Credit Risk and Interest Rate Risks of Debt Securities

Debt securities are subject to general market and credit and interest rate
risks. Credit risk refers to the likelihood that an obligor will default on the
payment of principal, interest or other amounts owed on an instrument. Certain
investments may have an interest-only payment schedule with the principal amount
remaining outstanding and at risk until the maturity of the investment.
Financial strength and solvency of an obligor are the primary factors
influencing credit risk, but other factors, including, but not limited to, an
obligor’s failure to meet its business plan, a downturn in its industry or
negative economic conditions may also contribute to credit risk. In addition,
lack of, inadequacy of, or a deterioration in value of, collateral or other
assets expected to be the source of repayment or credit enhancement for a debt
instrument may affect its credit risk. Credit risk may change over the life of
an instrument and debt instruments that are rated by rating agencies are subject
to downgrade at a later date. There can be no assurance that the AIFM will be
successful in assessing the credit risk of the different portfolio investments
or mitigating the impact of credit risk changes on the Fund. Interest rate risk
refers to the risks associated with market changes in interest rates. Interest
rate changes may affect the value of a debt security indirectly (especially in
the case of fixed rate obligations) or directly (especially in the case of
instruments whose rates are adjustable). In general, rising interest rates will
negatively affect the price of a fixed rate debt instrument and falling interest
rates will have a positive effect on the price of a fixed rate debt instrument.
Adjustable-rate instruments also react to interest rate changes in a similar
manner although generally to a lesser degree (depending, however, on the
characteristics of the reset terms, including the index chosen, frequency of
reset and reset caps or floors, among other factors). Interest rate sensitivity
is generally more pronounced and less predictable in instruments with uncertain
payment or prepayment schedules. In addition, interest rate increases generally
will increase the interest carrying cost to the Fund of borrowed securities.

Volatility of leveraged loan and credit markets

Significant risks for the Fund and the Investors exist as a result of the
potential for disruptions in the credit markets and uncertain economic
conditions. These risks include, among others, (i) the likelihood that the Fund
may find it more difficult to sell any of its assets in the secondary market,
thus rendering it more difficult to dispose of such assets if and when it
desires to sell them, (ii) the possibility that the price at which assets can be
sold by the Fund will have deteriorated from the cost of such investment to the
Fund, (iii) the possibility of accelerated prepayments of attractively priced
(i.e. the all-in yield), structured or performing Fund assets as a result of
increased liquidity and competition in the middle-market private debt asset
class driven by economic conditions, relative performance, monetary policy or
other governmental action or other factors and (iv) the impact of adverse
economic conditions on the obligors of the Fund’s assets. These risks may affect
the returns, if any, to the Investors or the ability of the Fund to return any
or all of the Investors’ contributions. Disruptions in the credit markets may
reduce opportunities for the Fund to make investments and may also heighten
refinancing risk in respect of maturing Fund assets. Any events that slow,
delay, or reverse economic recovery or cause a deterioration in loan performance
generally may affect the returns, if any, to the Investors or the ability of the
Fund to return any or all of the Investors’ contributions. The bankruptcy or
insolvency of a major financial institution may have a material adverse effect
on the Fund, particularly if such financial institution is the administrative
agent of a Fund asset or is otherwise the counterparty to a contract with the
Fund (including a hedging-related contract). In addition, the bankruptcy,
insolvency, or financial distress of one or more additional financial
institutions, or one or more sovereigns, could trigger additional disruptions in
the global credit markets or the global economy which could have a material
adverse effect on the Fund and its assets.

Macroeconomic factors

The performance of the Fund’s investments could be adversely affected by
macroeconomic factors, including general economic conditions affecting capital
markets and participants therein. Such macroeconomic factors include but are not
limited to the continuing uncertainties affecting economies and capital markets
worldwide; incidents arising from natural disasters, extreme weather conditions,
global warming endemics, epidemics, pandemics, military conflicts, political or
social unrest and similar events; concerns about financial performance,
accounting and other issues relating to various companies including recent and
proposed changes to laws and regulations affecting the financial industry,
including banking, credit default swaps and other derivatives, mortgage lending,
accounting and reporting standards.

Public Health Emergencies; COVID-19

Pandemics and other widespread public health emergencies, including outbreaks of
infectious diseases such as SARS, H1N1/09 flu, avian flu, Ebola and the current
outbreak of COVID-19 (as defined below), have and are resulting in market
volatility and disruption, and future such emergencies have the potential to
materially and adversely impact economic production and activity in ways that
are impossible to predict, all of which may result in significant losses to the
Fund.

Inflation and Deflation

Inflation risk is the risk that the value of certain investments or income
thereon will be worth less in the future as inflation decreases the value of
money. As inflation increases, the real value of the Fund’s investments can
decline. Deflation risk is the risk that prices decline over time – the opposite
of inflation. Deflation may have an adverse effect on the creditworthiness of
any companies underlying the Fund’s investments and may make defaults more
likely, which may result in a decline in the value of the Fund’s investments.

Leveraged Investments

It is expected that the Fund will make use of leverage by incurring or having
its subsidiary holding entities incur debt to finance a portion of its
investment in a portfolio company. Leverage generally magnifies the Fund’s
opportunities for gain and its risk of loss from a particular investment. The
cost and availability of leverage is highly dependent on the state of the
broader credit markets (and such credit markets may be impacted by regulatory
restrictions and guidelines), which state is difficult to accurately forecast,
and at times it may be difficult to obtain or maintain the desired degree of
leverage. The use of leverage by the Fund will also result in interest expense
and other costs to the Fund that may not be covered by distributions made to the
Fund or appreciation of its investments and is also subject to governmental and
regulatory oversight, and certain governmental bodies may restrict or otherwise
discourage lending that results in companies carrying large amounts of debt.

The use of leverage by a portfolio company imposes restrictive financial and
operating covenants on a company, in addition to the burden of debt service, and
may impair its ability to operate its business as desired and/or finance future
operations and capital needs. The leveraged capital structure of portfolio
companies will increase the exposure of the Fund’s investments to any
deterioration in a company’s condition or industry, competitive pressures, an
adverse economic environment, or rising interest rates and could accelerate and
magnify declines in the value of the Fund’s investments in the leveraged
portfolio companies in a down market. In the event any portfolio company cannot
generate adequate cash flow to meet its debt service, the Fund may suffer a
partial or total loss of capital invested in the portfolio company, which could
adversely affect the returns of the Fund.

Privately Owned Companies

The obligors of the Fund’s assets will primarily be privately owned
middle-market businesses. There is generally no publicly available information
about these businesses. Some obligors may not meet net income, cash flow and
other coverage tests typically imposed by banks and other lenders. Numerous
factors may affect an obligor’s ability to repay its related obligations,
including the failure to meet its business plan, a downturn in its industry or
continuing negative economic conditions. A deterioration in an obligor’s
financial condition and prospects may be accompanied by deterioration in the
collateral securing the Fund’s assets. Such deterioration might impair the
ability of such obligor to obtain refinancing or force it to seek to have the
Fund’s asset restructured.

Subordinated Debt

Subordinated loans are subordinate in right of payment to one or more senior
secured loans and, therefore, are subject to additional risks that the cash
flows of the related obligor(s) and any property securing such subordinated loan
may be insufficient to make the scheduled payments after giving effect to any
senior secured loans of the related obligor(s). Subordinated loans are expected
to be more illiquid investments than senior secured loans, which, as discussed,
are themselves illiquid investments.

Unsecured loans are unsecured obligations of the applicable obligor(s), may be
subordinated to other obligations of such obligor(s) and generally have greater
credit, insolvency and liquidity risk than is typically associated with secured
obligations. Unsecured obligations will generally have lower rates of recovery
than secured obligations following a default. Also, in the event of the
insolvency of an obligor of an unsecured obligation, the holders of such
unsecured obligation will be considered general, unsecured creditors of such
obligor, will have fewer rights than secured creditors of such obligor and will
be subordinate to the secured creditors of such obligor with respect to the
related collateral.

Issuers of subordinated debt obligations may be highly leveraged and may not
have available to them more traditional sources of financing. During an economic
downturn or a sustained period of rising interest rates, such issuers may be
more likely to experience financial stress and may be unable to meet their
obligations.

Mezzanine Debt

Mezzanine obligations may provide that all or a part of the interest accruing
thereon will not be paid on a current basis but will be deferred. Mezzanine
obligations also generally involve greater credit and liquidity risks than those
associated with senior secured loans. They are often entered into in connection
with leveraged acquisitions or recapitalizations in which the obligors
thereunder incur a substantially higher amount of indebtedness than the level at
which they previously operated and such loans sit at a subordinated level in the
capital structure of such company.

Equity Investments

The Fund is permitted to invest in common and preferred stock and other equity
securities in connection with providing debt financing to issuers of such equity
securities. Equity securities generally involve a high degree of risk and will
be subordinate to the debt securities and other liabilities of the issuers of
such equity securities. Prices of equity securities generally fluctuate more
than prices of debt securities and are more likely to be affected by poor
economic or market conditions. In addition, these equity securities may be
illiquid or trade at significant discounts to otherwise comparable investments.
Equity securities may not produce current income for the Fund and may be
speculative.

Currency Fluctuations

The Fund is denominated in Euros. The Fund has the ability to issue share
classes in different currencies. Currency fluctuations may have an adverse
effect on the value price or income of the product which may increase or
decrease as a result of changes in exchange rates.

Tax Treatment

Prospective investors should note that the tax treatment of each investor, and
of any investment, depends on individual circumstances and may be subject to
change in the future.

Connect with our Wealth Management Solutions team that works with Financial
Advisors and Private Wealth Managers to provide alternative solutions. For
investors based in EMEA and APAC, please visit our Non-U.S. Investors Contact
section.

INDIVIDUAL INVESTORS

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