Carey Credit Income Fund invests in middle-market firms via stock sale

By Toni Weeks

San Luis Obispo, Calif., Sept. 10 – Cary Credit Income Fund – Series 2015 A plans to offer common shares in its initial public offering, according to an N-2 filing with the Securities and Exchange Commission.

The externally managed, non-diversified, closed-end management investment company seeks to provide current income, capital preservation and, to a lesser extent, long-term capital appreciation. The fund seeks to reach its objectives by investing substantially all of its assets in the Carey Credit Income Fund, which has the same investment objectives and strategies as the series 2015 A fund.

Both funds’ investment strategy is to invest primarily in large, privately negotiated loans to private middle-market U.S. companies. The portfolio focuses on floating-rate investments whose revenue streams may increase in a rising-interest-rate environment.

The fund is offering on a continuous, best-efforts basis up to 50 million shares at $10 apiece over a one-year period. The minimum offering is 200,000 shares.

There will be a maximum sales load of 10%, which combines selling commissions and dealer manager fees. There will also be a management fee of up to 2% based on the average value of the master fund’s gross assets.

Carey Credit Advisors, LLC (W.P. Carey) and Guggenheim Partners Investment Management, LLC share investment adviser duties to the New York-based fund.

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