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Carlyle Credit Income Fund
Carlyle Credit Income Fund is a closed-ended fixed income mutual fund. It invests primarily in fixed-income securities across various sectors.
Carlyle Credit Income Fund
Carlyle Credit Income Fund is a closed-ended fixed income mutual fund. It invests primarily in fixed-income securities across various sectors. The fund benchmarks its performance against the Barclays Capital U.S. Mortgage Backed Securities Index.
General information
Firm type
Asset Manager
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Lauren Basmadjian
Managing Director, Global Head of Credit
Sector focus
Frequently asked questions
What does the Carlyle Credit Income Fund actually own?
The fund primarily owns the residual equity and junior debt tranches of collateralized loan obligations (CLOs). These tranches are the first-loss and mezzanine positions in structured vehicles that hold diversified pools of senior secured corporate loans. The value derives from the spread between the yield on the underlying loan portfolios and the cost of the CLO's senior debt liabilities.
Who runs investment decisions for this specific fund?
Investment decisions are made by Carlyle's Global Credit division, led by Managing Director Lauren Basmadjian. The management team draws on Carlyle's institutional CLO platform, which has issued vehicles across multiple market cycles. The fund's board, a majority of whom are independent of Carlyle, provides governance oversight.
Is this fund structured as a single family office, a venture firm, or an asset manager?
The Carlyle Credit Income Fund is neither a family office nor a venture firm. It is a publicly traded closed-end fund that invests in credit instruments. Its external manager is an SEC-registered investment adviser and an affiliate of The Carlyle Group, a global alternative asset manager listed on the Nasdaq.
How does this fund's structure differ from a typical private credit drawdown fund?
The critical difference is permanence of capital. The fund is listed on the New York Stock Exchange and has no finite life. Unlike a 10-year private credit fund with a defined investment and harvest period, this vehicle can hold CLO equity through a full market cycle, reinvesting distributions opportunistically without a contractual obligation to liquidate and return capital by a set date.
Does the fund make direct loans to companies or only invest through CLOs?
The strategy is indirect. The fund gains exposure to corporate credit by owning tranches of CLOs, not by originating bilateral loans to individual borrowers. This means the fund's performance is tied to the structural leverage and cash-flow waterfalls of the CLOs it holds, rather than to the outcomes of specific directly negotiated loan positions.
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