Investment Policy
Robust stewardship of a diversified European portfolio
Company Asset Allocation
The Company’s investment policy is to invest predominantly in debt instruments issued by companies domiciled, or with material operations, in Western Europe across various industries. The Company’s investments are focused on the senior secured obligations of such companies, but investments are also made across the capital structure of such companies.
The Company pursues its investment policy by investing all of its assets, save for a working capital balance, in CVC Credit Partners Liquid Credit SCA SICAV-RAIF – Compartment 1 – European Credit Opportunities Fund (the “Investment Vehicle”).
The investment policy of the Investment Vehicle is subject to the following limits (the “Investment Limits”):
- a minimum of 50 per cent. of the Investment Vehicle’s gross assets will be invested in senior secured obligations (which, for the purposes of this Investment Limit will include cash and cash equivalents);
- a minimum of 60 per cent. of the Investment Vehicle’s gross assets will be invested in obligations of companies/borrowers domiciled, or with material operations, in Western Europe;
- a maximum of 7.5 per cent. of the Investment Vehicle’s gross assets will be invested at any given time in obligations of a single borrower subject to a single exception at any one time permitting investment of up to 15 per cent. in order to participate in a loan to a single borrower, provided the exposure is sold down to a maximum of 7.5 per cent. within 12 months of acquisition;
- a maximum of 20 per cent. of the Investment Vehicle’s gross assets will be invested in collateralised loan obligation securities; and
- a maximum of 25 per cent. of the Investment Vehicle’s gross assets will be invested in CVC Capital Portfolio Company debt obligations calculated as invested cost as a percentage of the Investment Vehicle’s gross assets.
The Investment Vehicle is permitted to borrow up to an amount equal to 100 per cent. of the net asset value of the Investment Vehicle at the time of borrowing (the “Borrowing Limit”).
General
The investment objective and investment policy of the Investment Vehicle are consistent with the investment objective and investment policy of the Company. In the event that changes are made to the investment objective or investment policy of the Company or of the Investment Vehicle (including the Investment Limits and/or the Borrowing Limit) the Directors will seek Shareholder approval for changes which are either (a) material in their own right or, (b) when viewed as a whole, together with previous non-material changes, constitute a material change from the published investment objective or policy of the Company.
Borrowing Limit
The Company may borrow up to 15% of its NAV for the sole purpose of purchasing or redeeming its own shares otherwise than pursuant to Contractual Quarterly Tenders.
- Investment Policy
- 01/09/25 Investment Policy adopted 1 September 2025
- 22/08/25 Investment Policy adopted 23 June 2025
- 18/05/22 Investment Policy adopted 18 May 2022
- 19/11/18 Investment Policy adopted 26 June 2018
- 19/11/18 Changes in Investment Policy approved on 26 June 2018
- 03/04/17 Investment Policy adopted 3 April 2017
- 02/04/17 Changes in Investment Policy approved on 3 April 2017
- 01/04/17 Investment Policy prior to 3 April 2017