Carey Credit
Income Fund

Carey Credit Income Fund (CCIF) is a non-traded business development company (BDC)
managed by affiliates of W. P. Carey and Guggenheim Partners, LLC that seeks to provide
investors of its feeder funds with current income, capital preservation and, to a lesser extent,
capital appreciation.

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What Is Carey Credit Income Fund?

CCIF's current offering, Carey Credit Income Fund – I (CCIF – I), is a feeder fund
in a master/feeder structure that is designed to provide its investors with:

There is no guarantee these objectives and goals will be achieved.

HOW DOES CCIF CREATE VALUE FOR ITS INVESTORS?

CCIF intends to invest primarily in large, privately-negotiated loans to private middle market U.S. companies, focusing on senior secured debt investments. CCIF seeks to provide value for the investors of its feeder funds through its experienced management team and disciplined investment strategy that seeks to capitalize on the supply/demand imbalances in the market.

  • management

    Management

    W. P. Carey Inc. and Guggenheim Partners, LLC, parent companies of the Advisors to CCIF, have a 50+ year aggregate track record, and both play an active role in sourcing, evaluating and monitoring portfolio investments.


  • alignment

    Alignment

    W. P. Carey Inc. and Guggenheim Partners, LLC have made an initial commitment of $50 million in CCIF, effectively aligning their interests with those of the feeder fund shareholders.1


  • opportunity

    Opportunity

    U.S. middle market companies are continuously looking for capital to invest into their businesses. CCIF seeks to capitalize on the shortage in supply of financing from traditional lenders by providing loans to these companies.2

1Guggenheim’s $25 million investment is held within a variable life insurance policy where Guggenheim maintains a 100% economic exposure.
2CCIF seeks to primarily invest in the senior secured debt of private middle market American companies.

Investing in privately held middle market companies involves a number of risks including reduced access to capital, diminished ability to withstand financial distress and limited liquidity.

HOW WILL CCIF GUIDE INVESTORS IN THEIR SEARCH FOR INCOME?

CCIF is the master fund, which pools investor capital raised through its feeder funds—such as the current fund offering, CCIF – I. Both master and feeder share the same investment objectives and strategies. All portfolio investments are made by Carey Credit Income Fund, the master fund.

Investors can only acquire shares in a feeder fund, which invests substantially all of its assets in the common shares of CCIF at net asset value, which will vary over time. CCIF, the master fund, and the feeder funds share the same investment objectives and strategies. The imposition of fees and expenses may affect a non-traded BDC’s ability to generate income.

Experienced
Management Team

W. P. Carey Inc. and Guggenheim Partners, LLC have a 50+ year aggregate investment track record. Both firms have a shared commitment to protecting shareholders’ wealth.

  • W. P. Carey Inc. is a publicly traded REIT that provides long-term sale-leaseback and build-to-suit financing for companies worldwide. Its portfolio of global real estate has an enterprise value of $10.7 billion. In addition, W. P. Carey manages a series of investment programs with approximately $13.0 billion in AUM.1



  • Guggenheim Partners, LLC is a global investment and advisory firm with more than $260 billion in AUM.2 Its Corporate Credit team’s long-term investment focus combined with its emphasis on downside protection has made it the investment manager of choice for many insurance companies, public pensions, foundations, and high-net-worth investors.


1As of March 31, 2017.
Assets under management are as of December 31, 2016. Assets include consulting services for clients whose assets are valued at approximately $63 billion.

Investors in a feeder fund will not be acquiring an interest in W. P. Carey Inc. or Guggenheim Partners, LLC, parent companies of the Advisors to CCIF.

CCIF'S NON-TRADED BDC OFFERINGS

CCIF 2016 T Overview


Account Type
Brokerage
Holding Period
5 years from close1
Close Date
April 28, 2017

Share Repurchase
Quarterly at NAV2
Distribution Frequency
Monthly3
Distribution Reinvestment
Net Asset Value

1CCIF 2016 T’s Board of Trustees must consider a liquidity event on or before December 31, 2021; however, the Board of Trustees could delay pursuing a liquidity event for at most an additional one year period if it determines that it would not be in the best interests of shareholders to pursue a liquidity event at that time due to adverse market conditions.
2CCIF 2016 T is designed to be a long-term investment. However, investors may be able to submit their shares for repurchase at NAV. In any calendar year, share repurchase may be no more than 10% of the weighted average number of outstanding shares in any 12-month period. There is no assurance that the Board of Trustees will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of the shareholders' requests for repurchase. The share repurchase program may be amended, suspended or terminated at any time.
3The payment of future distributions on the common stock of CCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed.

Key Facts: CCIF 2016 T

$9.11

Net Asset Value

 

As 12/31/16

6.92%

Annualized Distribution Rate ±

 

The annualized distribution rate is calculated by dividing the annualized distributions by the net asset value for CCIF 2016 T. Regular cash distributions do not include declared special cash or share distributions, if any. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of CCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Future distributions to shareholders of CCIF 2016 T may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF 2016 T. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. The repayment of amounts owed to the advisors will reduce the future distributions to which investors would otherwise be entitled.

Cumulative total return for CCIF 2016 T from October 8, 2015 to March 31, 2017 is 13.34% (without upfront sales load) and 6.83% (with upfront sales load). An investment in CCIF 2016 T is subject to a maximum upfront sales load of 5.75% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF 2016 T’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the Advisors’ election to continue expense support, the future occurrence of distribution and shareholder servicing fees and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF 2016 T, were 16.35% and 10.74% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Key Facts: CCIF 2016 T

$9.11

Net Asset Value

 

As 12/31/16

6.92%

Annualized Distribution Rate ±

 

The annualized distribution rate is calculated by dividing the annualized distributions by the net asset value for CCIF 2016 T. Regular cash distributions do not include declared special cash or share distributions, if any. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of CCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Future distributions to shareholders of CCIF 2016 T may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF 2016 T. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. The repayment of amounts owed to the advisors will reduce the future distributions to which investors would otherwise be entitled.

Cumulative total return for CCIF 2016 T from October 8, 2015 to March 31, 2017 is 13.34% (without upfront sales load) and 6.83% (with upfront sales load). An investment in CCIF 2016 T is subject to a maximum upfront sales load of 5.75% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF 2016 T’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the Advisors’ election to continue expense support, the future occurrence of distribution and shareholder servicing fees and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF 2016 T, were 16.35% and 10.74% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

DISTRIBUTION HISTORY

Search CCIF 2016 T's distribution history by payment date below:

Search by Payment Date:

Record Date Payment Date Declared Distribution per Share
05/30/2017 05/31/2017 $0.012130
05/23/2017 05/31/2017 $0.012130
05/16/2017 05/31/2017 $0.012130
05/09/2017 05/31/2017 $0.012130
05/02/2017 05/31/2017 $0.012130
04/25/2017 04/26/2017 $0.012250
04/18/2017 04/26/2017 $0.012250
04/11/2017 04/26/2017 $0.012250
04/04/2017 04/26/2017 $0.012250
03/28/2017 03/29/2017 $0.012400
03/21/2017 03/29/2017 $0.012400
03/14/2017 03/29/2017 $0.012400
03/07/2017 03/29/2017 $0.012400
02/28/2017 03/01/2017 $0.012400
02/21/2017 03/01/2017 $0.012400
02/14/2017 03/01/2017 $0.012400
02/07/2017 03/01/2017 $0.012400
01/31/2017 02/01/2017 $0.012400
01/24/2017 02/01/2017 $0.012400
01/17/2017 02/01/2017 $0.012400
01/10/2017 02/01/2017 $0.012400
01/03/2017 02/01/2017 $0.012400
12/27/2016 12/28/2016 $0.012400
12/20/2016 12/28/2016 $0.012400
12/13/2016 12/28/2016 $0.012400
12/06/2016 12/28/2016 $0.012400
11/29/2016 11/30/2016 $0.012600
11/22/2016 11/30/2016 $0.012600
11/15/2016 11/30/2016 $0.012600
11/08/2016 11/30/2016 $0.012600
11/01/2016 11/30/2016 $0.012600
10/25/2016 10/26/2016 $0.012600
10/18/2016 10/26/2016 $0.012600
10/11/2016 10/26/2016 $0.012600
10/04/2016 10/26/2016 $0.012600
09/27/2016 09/28/2016 $0.012600
09/20/2016 09/28/2016 $0.012600
09/13/2016 09/28/2016 $0.012600
09/06/2016 09/28/2016 $0.012600
08/30/2016 08/31/2016 $0.012600
08/23/2016 08/31/2016 $0.012600
08/16/2016 08/31/2016 $0.012600
08/09/2016 08/31/2016 $0.012600
08/02/2016 08/31/2016 $0.012600
07/26/2016 07/27/2016 $0.012600
07/19/2016 07/27/2016 $0.012600
07/12/2016 07/27/2016 $0.012600
07/05/2016 07/27/2016 $0.012600
06/28/2016 06/29/2016 $0.012600
06/21/2016 06/29/2016 $0.012600
06/14/2016 06/29/2016 $0.012600
06/07/2016 06/29/2016 $0.012600
05/31/2016 06/01/2016 $0.012600
05/24/2016 06/01/2016 $0.012600
05/17/2016 06/01/2016 $0.012600
05/10/2016 06/01/2016 $0.012600
05/03/2016 06/01/2016 $0.012600
04/26/2016 04/27/2016 $0.012600
04/19/2016 04/27/2016 $0.012600
04/12/2016 04/27/2016 $0.012600
04/05/2016 04/27/2016 $0.012600
03/29/2016 03/30/2016 $0.012460
03/22/2016 03/30/2016 $0.012460
03/15/2016 03/30/2016 $0.012460
03/08/2016 03/30/2016 $0.012460
03/01/2016 03/30/2016 $0.012460
02/23/2016 02/24/2016 $0.012860
02/16/2016 02/24/2016 $0.012860
02/09/2016 02/24/2016 $0.012860
02/02/2016 02/24/2016 $0.012860
01/26/2016 01/27/2016 $0.012860
01/19/2016 01/27/2016 $0.012860
01/12/2016 01/27/2016 $0.012860
01/05/2016 01/27/2016 $0.012860
12/29/2015 12/30/2015 $0.012860
12/22/2015 12/30/2015 $0.012860
12/15/2015 12/30/2015 $0.012860
12/08/2015 12/30/2015 $0.012860
12/01/2015 12/30/2015 $0.012860
11/24/2015 11/25/2015 $0.012860
11/17/2015 11/25/2015 $0.012860
11/10/2015 11/25/2015 $0.012860
11/03/2015 11/25/2015 $0.012860
10/27/2015 10/28/2015 $0.012860
10/20/2015 10/28/2015 $0.012860
10/13/2015 10/28/2015 $0.012860

Past performance is not a guarantee of future results.

Key Facts: CCIF 2016 T

$9.11

Net Asset Value

 

As 12/31/16

6.92%

Annualized Distribution Rate ±

 

The annualized distribution rate is calculated by dividing the annualized distributions by the net asset value for CCIF 2016 T. Regular cash distributions do not include declared special cash or share distributions, if any. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of CCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Future distributions to shareholders of CCIF 2016 T may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF 2016 T. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. The repayment of amounts owed to the advisors will reduce the future distributions to which investors would otherwise be entitled.

Cumulative total return for CCIF 2016 T from October 8, 2015 to March 31, 2017 is 13.34% (without upfront sales load) and 6.83% (with upfront sales load). An investment in CCIF 2016 T is subject to a maximum upfront sales load of 5.75% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF 2016 T’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the Advisors’ election to continue expense support, the future occurrence of distribution and shareholder servicing fees and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF 2016 T, were 16.35% and 10.74% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Key Facts: CCIF 2016 T

$9.11

Net Asset Value

 

As 12/31/16

6.92%

Annualized Distribution Rate ±

 

The annualized distribution rate is calculated by dividing the annualized distributions by the net asset value for CCIF 2016 T. Regular cash distributions do not include declared special cash or share distributions, if any. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of CCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Future distributions to shareholders of CCIF 2016 T may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF 2016 T. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. The repayment of amounts owed to the advisors will reduce the future distributions to which investors would otherwise be entitled.

Cumulative total return for CCIF 2016 T from October 8, 2015 to March 31, 2017 is 13.34% (without upfront sales load) and 6.83% (with upfront sales load). An investment in CCIF 2016 T is subject to a maximum upfront sales load of 5.75% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF 2016 T’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the Advisors’ election to continue expense support, the future occurrence of distribution and shareholder servicing fees and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF 2016 T, were 16.35% and 10.74% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Portfolio Overview

As of March 31, 2017, CCIF’s portfolio consisted of 61 companies in 24 U.S. states across 19 industries.



Education Center

Download our collection of industry-related pieces below to learn more about W. P. Carey and Guggenheim, alternative investments and BDCs.

CONTACT US

  • Financial Advisors

    Please contact our Carey Financial Sales Team:

    1-877-WPC REIT (972-7348)

    CCIF@wpcarey.com

  • Individual Investors

    Please contact our Investor Relations Team:

    1-800 WP CAREY (972-2739)

    CCIF@wpcarey.com

  • RIAs

    Please contact our RIA Specialist Team:

    1-844-WPC RIAS (972-7427)

    CCIF@wpcarey.com

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, if any. Only a prospectus for Carey Credit Income Fund – I  can make such an offer. This material is authorized only when it is accompanied or preceded by a CCIF – I prospectus. Neither the SEC nor the Attorney General of the State of New York nor any other state regulator has passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense. Securities are offered through Carey Financial, LLC, member of FINRA/SIPC, as Dealer Manager.


Master/Feeder Structure

Carey Credit Income Fund (“CCIF” or the “Master Fund”) is a master fund in a master/feeder structure. In this structure, each Feeder Fund, such as CCIF – I”, is capitalized by investors and in turn invests all or substantially all of its assets in the master fund, CCIF. Investors in CCIF – I are purchasing shares of a feeder fund, not the master fund. The investment results of CCIF – I are directly dependent on the investment results of the master fund. Further explanation of the master/feeder structure appears in the prospectus for CCIF – I under “Master/Feeder Fund Structure.”

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