W.P. Carey Partners with Guggenheim to Launch Non-Traded BDC
W. P. Carey Inc. (NYSE: WPC), a publicly traded real estate investment trust and sponsor of non-traded REITs, and Guggenheim Partners, a privately held, global financial services firm, announced that Carey Credit Income Fund will begin to raise capital through its initial feeder fund, Carey Credit Income Fund 2016 T.
Carey Credit Income Fund is a non-traded business development company that intends to invest primarily in large, privately-negotiated loans to private middle market U.S. companies, with a focus on senior secured debt investments. The fund is advised by Carey Credit Advisors LLC, an affiliate of W. P. Carey, as the advisor, and Guggenheim Partners Investment Management, LLC, an affiliate of Guggenheim Partners, as the sub-advisor.
Trevor P. Bond, chief executive officer of W. P. Carey, said, “Since its founding in 1973, W. P. Carey’s core business has focused on credit underwriting, providing sale-leaseback financing to growing companies. Carey Credit Income Fund is a natural extension of that competency. We believe that the partnership between W. P. Carey and Guggenheim will combine the collective expertise and provide the required know-how to successfully manage Carey Credit Income Fund while delivering a dependable income stream to its shareholders. We also believe that W. P. Carey and Guggenheim’s combined $50 million initial capital investment in Carey Credit Income Fund demonstrates our commitment to the market and our fellow shareholders.”
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On July 24, 2015, the registration statement for CCIF 2016 T, a non-traded feeder fund, was declared effective by the Securities and Exchange Commission. CCIF 2016 T intends to raise a maximum of $1.0 billion at an initial public offering price of $9.55 per share.
W. P. Carey is a publicly-traded global net-lease real estate investment fund that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. At March 31, 2015, W. P. Carey had an enterprise value of approximately $11.2 billion. In addition to its own portfolio of diversified global real estate, W. P. Carey manages a series of non-traded publicly registered investment programs with assets under management of approximately $9.5 billion.
