Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 47

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 47
---
/an/aTotal other investments$930,278 100 %At December 31, 2023Multi-strategy funds$24,619 3 %Quarterly60-90 daysDirect lending funds192,270 20 %Quarterly(1)90 daysPrivate equity funds301,712 32 %n/an/aReal estate funds317,325 33 %Quarterly(2), Annually(3)45-90 daysCLO-Equities5,300 1 %n/an/aOther privately held investments108,187 11 %n/an/aTotal other investments$949,413 100 %n/a – not applicable(1)Applies to one fund with a fair value of $3 million (2023: $17 million).(2)Applies to one fund with a fair value of $51 million (2023: $66 million).(3)Applies to one fund with a fair value of $21 million (2023: $25 million). The investment strategies for the above funds are as follows: •Multi-strategy funds: Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies.•Direct lending funds: Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers.•Private equity funds: Seek to achieve attractive risk-adjusted returns by investing in private transactions over the course of several years.•Real estate funds: Seek to achieve attractive risk-adjusted returns by making and managing investments in real estate and real estate securities and businesses.

147

AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20225.    INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund’s net assets which may otherwise hinder the general partner or investment manager’s ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is