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GLOBAL DISTRESSED & SPECIAL SITUATIONS END NOTES

END NOTES 

(Global Distressed & Special Situations Product)

 

All figures are correct as of the date of publication. All information, figures, and numbers on the PM Alpha Global Distressed & Special Situations Product page related to underlying managers are based on the most recent marketing materials provided directly by those managers or via their file sharing services. For full sourcing and underlying data, please contact the platform team at support@pmalpha.co.uk. PM Alpha is not liable for any errors or changes to these numbers. Past performance is not a reliable indicator of future results. These pages do not express a particular investment recommendation in relation to, or express an opinion as to the present or future value of, particular financial instruments. The value of investments and the income from them may go down as well as up, and investors may not get back the money originally invested. 

 

 

(1- Overview Page) Figures by PM Alpha sourced from Pitchbook.com and data taken from Oaktree Special Situations III, Oaktree Opportunities XII and Apollo EPF manager materials as of 30th June 2022, 30th September 2022 & 31st March 2023, respectively. 
(2) Current investments held by managers as of  31st March 2023
(3) Target returns over the 6-year fund term
(4) Top-Quartile performing managers according to Pitchbook rankings
(5) Apollo EPF data refers to the blended Net IRR and Net Income achieved for EPF I-III as of December 31, 2022 since inception of the strategy in September 2007
(6 - Investment Portfolio Page) PM Alpha’s estimates for Global Distress and Special Situations portfolio
(7 - Investment Portfolio Page) Asset backed instruments secured by collateral
(8 - Strategy Portfolio Page) Based on current expectation of final EPF IV fund size and deals closed to date as of 11th April 2023, though this is subject to change as the fundraise progresses 
(9 - Strategy Portfolio Page) The Fund targets a net average annualized return of 13-15% based on the targeted gross returns of the underlying asset classes in which the Fund is expected to invest, along with the impact of management fees, carried interest, and Fund-level expenses. The Fund’s target net return assumes annualized gross returns ranging from approximately 15%-20% across NPLs and REOs, Asset-Backed Capital Solutions, Credit and Real Asset Operating Platforms and Special Situations. This range is based upon underwriting criteria historically used by Apollo when evaluating potential investments in such asset classes. The Fund’s target net return also assumes management fees of 1.5% of adjusted cost basis per investment per annum, carried interest of 20% charged across all of the Fund’s underlying investments, and assumed Fund-level expenses of approximately 0.3-0.4%.These calculations are hypothetical and do not represent the net IRR or net MOIC to any investor, and the assumptions described may not be indicative of any investor’s actual experience. The target returns contained herein are neither guarantees nor predictions or projections of future performance. There can be no assurance that targeted returns will be met, that any Apollo fund or investment will achieve its objectives or avoid substantial losses. (Strategy Portfolio Page)
(10) Strategy fees are payable to the investment manager engaged for each respective fund.

Track Record Chart represents: Oaktree Opportunities Funds (Oaktree Opps) as of 30th September 2022, Oaktree Special Situations Funds (Oaktree Spec. Sit.) as of 30th June 2022 and Apollo European Principal Finance Funds (Apollo EPF) as of 31st December 2022.

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