Griffin Launches $1 Billion Interval Fund
Griffin Capital has launched a $1 billion closed-end interval fund called the Griffin Capital Institutional Access Credit Fund. The fund is actively managed by global investment management firm Bain Capital Credit.
“We are very pleased to announce the launch of the Griffin Institutional Access Credit Fund,” said the fund’s president, Randy Anderson. “By providing individual investors with access to a portfolio of institutional, diversified credit instruments that draws upon the expertise and investment management skills of Bain Capital Credit, we are potentially enabling ‘Main Street’ investors to capitalize on opportunities for income generation and capital appreciation that have previously been available only to large institutions.”
Assets in the fund’s portfolio may include bank loans, high-yield bonds, structured credit, middle-market direct loans and non-performing loans. The fund is structured as a ’40 Act interval fund and offers individual investors periodic liquidity due to its obligation to repurchase a limited number of shares at certain intervals, typically quarterly.
The fund is offering three share classes, Class A (CRDTX); Class C (CGCCX); and Class I (CRDIX).
Class A shares are priced at $25.00 each and include a maximum sales load of 5.75 percent (or $1.44 per share). A portion of the sales load, up to 0.75 percent, is paid to the fund’s dealer manager. Class A shares have no distribution fee, but include a 0.25 percent shareholder servicing fee. The minimum initial investment for Class A shares is $2,500 for regular accounts and $1,000 for retirement plan accounts.
Class C shares are priced at $25.00 each, have no sales load, but include a 0.25 percent shareholder servicing fee and a 0.75 percent distribution fee. The minimum initial investment for Class C shares is $2,500 for regular accounts and $1,000 for retirement plan accounts.
Class I shares, which are typically sold to institutional investors, are priced at $25.00 each and have no sales load, distribution fee, or shareholder servicing fee. The minimum investment is $1 million.
The shares are offered through ALPS Distributors Inc.
Griffin Capital Company is a privately held investment and asset management company that sponsors real estate investment vehicles and manages institutional capital. The company and its affiliates own, manage, sponsor and/or co-sponsor a 42 million-square-foot portfolio valued at $7.3 billion.
Bain Capital Credit is the credit investing arm of Bain Capital, one of the world’s largest alternative investment firms, with more than $75 billion in assets under management.
