Griffin-Bain Capital Credit Interval Fund Closes First Direct Origination Investment
El Segundo, Calif. (July 9, 2018) – Griffin Capital Company, LLC, on behalf of Griffin Institutional Access Credit Fund (the “Fund,” a ’40 Act continuously offered closed-end fund commonly referred to as an interval fund) recently closed on its first directly-originated investment.
Dr. Randy Anderson, President of Griffin Capital Asset Management Company, said “We are excited to announce the closing of our first directly-originated investment in the Fund. With exemptive relief in hand, Griffin Institutional Access Credit Fund shareholders can now gain exposure to the full breadth and expertise of the Bain Capital Credit Platform, including these direct origination opportunities, as well as senior direct lending and non-performing loan (NPL) investments sourced from financial institutions in Europe. Our ability to provide investors access to true institutional investment opportunities is a hallmark of our fund platform at Griffin.”
The Griffin Institutional Access Credit Fund commenced operations on April 3, 2017.
“We are proud of our performance thus far, outperforming the leveraged loan index as well as traditional bonds,” said Jeff Hawkins, COO of Bain Capital Credit. “Alternative credit has historically performed well within a variety of market conditions and we believe the Fund is well positioned in today’s dynamic market environment.”
About Griffin Institutional Access Credit Fund
Griffin Institutional Access Credit Fund (the “Fund”), a closed-end, interval fund registered under the Investment Company Act of 1940, is an actively managed, diversified portfolio of credit instruments, which may include bank loans, high-yield bonds, structured credit, middle-market direct lending, and non-performing loans. The Fund offers daily pricing and periodic liquidity at net asset value, and the Fund will make quarterly offers to repurchase between five percent and 25 percent of its outstanding shares at net asset value. The Fund began reporting on NASDAQ on April 3, 2017 with an initial share price of $25.00. The adviser of the Fund is Griffin Capital Credit Advisor, LLC, a majority owned subsidiary of Griffin Capital Company, LLC.
About Griffin Capital Company, LLC
Griffin Capital Company, LLC (“Griffin Capital”) is a leading alternative investment asset manager with approximately $10.45 billion* in assets under management. Founded in 1995, the privately held firm is led by a seasoned team of senior executives with more than two decades of investment and real estate experience and who collectively have executed more than 650 transactions valued at over $22 billion. The firm manages, sponsors or co-sponsors a suite of carefully curated, institutional quality investment solutions distributed by Griffin Capital Securities, LLC to retail investors through a community of partners, including independent and insurance broker-dealers, national wirehouses, registered investment advisory firms and the financial advisors who work with these enterprises.
*As of March 31, 2018.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com), founded as Sankaty Advisors in 1998, invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus
Additional information is available at www.griffincapital.com.
Griffin Institutional Access Credit Fund (the “Fund”) is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the Fund’s shares outstanding at net asset value. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.
Griffin Institutional Access Credit Fund Risk Considerations
Investors should carefully consider the investment objectives, risks, charges and expenses of Griffin Institutional Access Credit Fund (the “Fund”). This and other important information about the Fund is contained in the prospectus, which can be obtained by visiting www.griffincapital.com. The prospectus should be read carefully before investing.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to allocate effectively the assets of the Fund among the various securities and investments in which the Fund invests. There can be no assurance that the actual allocations will be effective in achieving the Fund’s investment objective or delivering positive returns. Investors will pay offering expenses and, with regard to those share classes that impose a front-end sales load, a sales load of up to 5.75%. An investor will need to receive a total return at least in excess of these expenses to receive an actual return on the investment.
Diversification does not eliminate the risk of experiencing investment losses. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
The Fund’s investments may be negatively affected by the broad investment environment and capital markets in which the Fund invests, including the real estate market, the debt market and/or the equity securities market. The value of the Fund’s investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund’s shares to increase or decrease. The Fund is “non-diversified” under the Investment Company Act of 1940 since changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund’s net asset value than in a “diversified” fund. However, at times the Fund may temporarily operate as “diversified.” The Fund is not intended to be a complete investment program.
When the Fund invests in debt securities, the value of your investment in the Fund will fluctuate with changes in interest rates. There is a risk that debt issuers will not make payments, resulting in losses to the Fund. The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular sector and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. The Fund will ordinarily accrue and pay distributions from its net investment income, if any, once a quarter, however, the amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as a return of capital and borrowings.
Investors in the Fund should understand that the net asset value (“NAV”) of the Fund will fluctuate, which may result in a loss of the principal amount invested. The Fund is a closed-end interval fund, the shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund’s shares, liquidity for the Fund’s shares will be provided only through quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares at NAV, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage.
The Fund’s investment in private investment funds will require it to bear a pro rata share of the vehicles’ expenses, including management and performance fees. Also, once an investment is made in a private investment fund, neither the Adviser nor Sub-Adviser will be able to exercise control over investment decisions made by the private investment fund.
By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment.
Griffin Institutional Access Credit Fund is sub-advised by BCSF Advisors, LP, an SEC-registered investment adviser. BCSF is an affiliate of Bain Capital Credit, LP.
Griffin Capital Securities, LLC, Member FINRA/SIPC, is the exclusive wholesale marketing agent for Griffin Institutional Access Credit Fund. ALPS Distributors, Inc. (1280 Broadway, Suite 1100, Denver, CO 80203, Member FINRA) is the distributor of Griffin Institutional Access Credit Fund. Griffin Capital and ALPS Distributors, Inc. are not affiliated.
