Welcome to CCP Investor Portal

Terms and Conditions of access to the Portal

Access to this restricted area of the Website (the “Portal”) is intended only for the person whose access has been given by an authorised representative of CCP (the “Recipient”). The content contained in this Portal is designated solely to provide the Recipient with non-exhaustive private asset market information (the “Purpose”). All information, including but not limited to the identity, business, affairs, customers, clients, suppliers, plans, intentions,  market opportunities, operations, processes, product information, know-how, technical information, designs, trade secrets or software, of any counterparties in or of the Purpose, available in this Portal and otherwise made available in writing, visual or machine readable form (including email) or orally to the Recipient or their Representatives by CCP in relation to the Purpose, including any analyses, compilations, notes, studies, memoranda or other documents containing, reflecting or otherwise derived from such information, is “Confidential Information”.

In accessing this Portal, the Recipient agrees that:

(a) the Portal is for informational purposes only and they will not treat or represent the Portal as investment advice;

(b) CCP do not recommend or endorse any product;

(c) The Portal is not intended to address the Recipient’s particular requirements. CCP are not aware of circumstances specific to the Recipient and which could influence which financial products are more or less suitable and do not represent that we are aware of any such circumstances. CCP do not recommend that any particular product is suitable for the Recipient;

(d) No information on the Portal constitutes or should be interpreted as a solicitation to engage in any investment activity;

(e) Any investment decision made by the Recipient is entirely at their own risk; the Recipient acknowledges that an investment opportunity will involve significant risks due to, among other things, the nature of the opportunity and that they will have due regard to the risk factors and investment considerations. Investors must have the financial ability and willingness to accept the risks and each liquidity characteristic of the opportunity described in the governing documents. The Recipient should make their own investigations and evaluations of the merits and risks of any potential investment opportunity and should consult their own legal, regulatory, tax, business, investment, financial, and accounting advisers;

(f) The Recipient may not use the Portal in, or generate based on the Portal, any advice, recommendations, guidance, publications or alerts made available to their clients or other third parties.

“CCP” means Credit Capital Partners LLP. “Representatives” means the entity the Recipient is employed by and such entity’s directors, officers, and employees.

Confidential Information

In accessing this Portal, the Recipient agrees with the following conditions:

·      Keep the Confidential Information confidential and not disclose any of it to any person other than to their Representatives who need to know the same information for the Purpose. In such a case, ensure that any Representatives to whom Confidential Information is to be made available are fully aware of the confidential nature of the Confidential Information and shall be directed to treat such information confidentially in accordance with the requirements of these Terms and Conditions;

·      Only use the Confidential Information or disclose it in accordance with these Terms and Conditions for the sole purpose of considering, evaluating, advising on or furthering the Purpose and shall not use it for any other purpose;

·      Keep the Confidential Information and any copies thereof (if granted access to perform such action) secure and in such a way so as to prevent unauthorised access by any third party;

·      Not make any copies of Confidential Information or reproduce it in any form except for the purpose of supplying the same to those to whom disclosure is permitted in accordance with these Terms and Conditions;

·      Inform CCP promptly if the Recipient becomes aware that Confidential Information has been disclosed to an unauthorised third party or of any breach of which it becomes aware;

·      Inform CCP promptly, to the extent permitted by law, if any disclosure of the Confidential Information is required by law or by any competent or regulatory authority;

·      Be responsible for any breach of the obligations under these Terms and Conditions by any Representative; and

·      Return or, at Recipient’s option, destroy all written Confidential Information provided to the Recipient or their Representatives which is in the Recipient’s possession or under the Recipient’s custody and control without keeping any copies thereof and direct such Representatives to do the same and, upon request by CCP, provide written confirmation of such destruction.

The Recipient represents that, to their knowledge, none of their or their Representatives’ employees directly involved in the Purpose is acting as a broker for or representative of any person unless otherwise disclosed to in advance and agreed by CCP.

Unauthorised Use

The unauthorised use and disclosure of the Confidential Information constitutes a breach of these Terms and Conditions and a breach of the General Data Protection Regulation 2016/679. Please see CCP’s Privacy Notice at: https://www.creditcapitalpartners.com/privacy/

The Recipient agrees that damages would not be an adequate remedy for any breach of the terms hereof and that CCP shall be entitled to the remedies of injunction, specific performance and any other equitable relief for a threatened or actual breach of the foregoing provisions in addition to any other remedy to which CCP may be entitled at law or in equity.

Disclaimer

The Confidential Information is believed to be accurate only at the date of posting and does not imply that the Confidential Information is correct at any time subsequent to the date of posting and such Confidential Information may be subject to change at any time.

Neither CCP nor any of their officers, employees or advisors makes any representation or warranty, express or implied, as to, or assumes responsibility for, the accuracy, reliability or completeness of any of the Confidential Information, or shall be under any obligation to update or correct any inaccuracy in the Confidential Information or be otherwise liable to the Recipient or any other person in respect of the Confidential Information. The Recipient agrees that neither they, their Representatives nor any other person or entity with which they share the Confidential Information shall sue CCP for any matter relating to the Confidential Information.

Certain information contained on the Portal constitutes forward-looking statements which are based on certain assumptions that may be subject to change. Due to various risks and uncertainties, actual events or results or the actual performance of the investment opportunity may differ materially from those reflected or contemplated in such forward-looking statements.

The Recipient acknowledges that certain materials included on the Portal may have been prepared by third parties and acknowledges that while such materials have been obtained from sources believed to be reliable and current, their accuracy cannot be guaranteed and in certain cases, the information contained therein has not been updated through the date hereof. The Recipient understands and agrees that the CCP do not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in such materials, and nothing contained therein should be relied upon as a promise or representation as to past or future performance of a fund or any other investment opportunity.

Nothing in these Terms and Conditions is intended to, or shall be deemed to, establish any partnership or joint venture between the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party.

Portal Use

The Recipient will receive a username and create a password (together, the “Credentials”) to access the Portal. The Recipient is solely responsible for maintaining the confidentiality and security of their Credentials. The Recipient may not disclose their Credentials to any third party. The Recipient accepts full responsibility for any use of their Credentials. The Recipient must notify CCP immediately of any actual or suspected loss, theft or unauthorized use of their Credentials. CCP is not obligated to inquire as to the authority or propriety of any use of or action taken under the Recipient’s Credentials. CCP will not be responsible for any loss to the Recipient that arises from such use or action or from the Recipient’s failure to comply with these provisions.

CCP have the right to disable any Recipient’s Credentials, whether chosen by the Recipient or allocated to them, at any time, if in our reasonable opinion the Recipient has failed to comply with any of the provisions of these Terms and Conditions.

The Recipient agrees that all or any portion of the Portal may not be available and may not function properly at any time. At any time, the Portal may have and may cause technological problems such as viruses and other damaging computer programming routines or engines. CCP disclaims any liability for any interception of data or communications and does not guarantee the security of the Portal. CCP is not liable for any damage or injury caused by the performance or failure of performance of all or any portion of the Portal, or for any defects, delays or errors in or resulting from the Recipient’s use of the Portal.

If any provision of these Terms and Conditions is held to be invalid or unenforceable by any judicial or other competent authority, the provision in question will apply with the minimum modifications necessary to make it valid and enforceable and all other provisions of these Terms and Conditions will remain in full force and effect and shall in no way be affected, impaired or invalidated.

These Terms and Conditions shall be governed by the laws of, and each party irrevocably submits to the courts of, England and Wales.

Tel: +44(0) 203 633 0709.  www.creditcapitalpartners.com

By ticking the ‘Please accept’ box on this page, the Recipient acknowledges that they (i) have read, understand, and agree to, the above Terms and Conditions of use of the Portal, as well as the legal provisions governing use of the Website (available on https://www.creditcapitalpartners.com/legal) , and (ii) are authorised to legally bind the entity that employs them and whom they are accessing the Confidential Information on behalf of. Each time the Recipient uses the Portal, their use indicates their full acceptance of and agreement to abide by the Terms and Conditions in their then current form.

Advisory Themes

Recent market activity characterised by the below themes, currently at play in the asset class :

1. Relative value

Where does value sit in alternative lending?

Since GFC, Private Debt markets have changed dramatically, in Europe in particular. In a zero to negative interest rate environment, significant influx of institutional interest and capital has transformed the general landscape, making it much more diverse through a burgeoning of strategies, raising the need for better understanding and analysing the various fields and new sub-niches constantly enriching the market.

In addition, continued investor interest has significantly increased market competition, putting pressure on deal flow, capital roll out (dry powder starting to accumulate), deal and structure terms, making it imperative to be able to carry out in-depth risk-return and relative value analysis across the board.

2. Manager Selection

Who are the talented managers?

Given the plethora of new managers entering the market, raising funds and rolling out new strategies in the space, it has become increasingly challenging to spot talent, discern through profiles and analyse performance, investment thesis and perspectives. Benefiting from a depth of knowledge and array of relationships is paramount in order to back the appropriate project and manager.

Furthermore, fund structural nuances between managers (e.g. subscription facility, outright leverage, catch-up clause) can significantly impact investors’ risk return within a same strategy. CCP covers more than 200 managers globally on more than 400 funds in 16 niche markets.

3. Asset Class perspectives

What are the asset class perspectives: consolidation, acquisitions, partnerships?

Considering the profusion of managers and the influx of money to the space, many private debt market participants currently have high expectations of acquisitions, consolidation, or partnerships in the field. In addition, this trend may be fuelled by the harsh reality of the high fixed cost nature of these credit businesses, potentially subject to significant pressure, should they fail to generate sufficient deal flow opportunities.

Appropriate market intelligence and timely contacts can make a world of difference in how to take advantage of trends shaping the market.

4. Performance issues

Alternative lending is an illiquid asset class and is sometimes used with additional leverage, whether or not in mark-to-market products. CCP helps investors understand if their portfolio has been designed to take an appropriate level of risk and the nature of potential losses in a credit cycle downturn.

Timing on fund or manager program exposure reduction can often be tricky with poorly timed decisions due to lack of knowledge on the asset class and can lead to opportunity loss or capital preservation damage.

CCP can be a particularly helpful partner in analysing performance issues across portfolios or manager programs. CCP can help tackle challenging situations that require a deep understanding of the underlying market, its liquidity and value as well as recovery potentials.