Third Eye Asset Management Inc (TEAM), an affiliate of Toronto-based alternative capital firm Third Eye Capital (TEC), has held the initial closing of the TEC Credit Income Fund with approximately USD201 million of subscriptions of preferred units.
TEC and its employees have invested a total of USD29 million, including USD23 million in common shares, which provides first loss protection for investors and the pre-funding of an income reserve. The Income Fund is targeting a total raise of USD500 million, which may be increased due to investor demand.
The Income Fund was formed to transition the Third Eye Capital Alternative Credit Trust (ACT Fund), managed by TEAM, into a longer, fixed-term investment vehicle that better aligns with the liquidity profile of the underlying loan investments and to meet demand from institutional and high net worth investors for a more predictable, stable-return exposure to TEC’s special situations credit strategy.
