# EDGAR Filing Document

**Accession Number:** 0001948565
**File Stem:** 0001193125-23-025657
**Filing Date:** 2023-2
**Character Count:** 687389
**Document Hash:** c1652efbd3d2bad3297c2404f2e19904
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025657.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001193125-23-025657

**CONFORMED SUBMISSION TYPE**: 10-12G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investcorp US Institutional Private Credit Fund
- **CENTRAL INDEX KEY:** 0001948565
- **IRS NUMBER:** 881960243
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56501
- **FILM NUMBER:** 23596119

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-257-5193

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

##### [**Table of Contents**](#toc)
**File No. 000-56501** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Form 10** 

**(Amendment No. 1)** 

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**GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

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## Investcorp US Institutional Private Credit Fund
**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Delaware** | **88-1960243** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **280 Park Avenue, 39th Floor**<br> **New York, New York** | **10017** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: 1-212-257-5193** 

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***with copies to:***

**Harry S. Pangas** 

**Dechert LLP** 

**1900 K Street NW** 

**Washington, DC 20006** 

**Securities to be registered pursuant to Section 12(b) of the Act:** 

**None** 

**Securities to be registered pursuant to Section 12(g) of the Act:** 

Common Shares of Beneficial Interest, par value $0.01 per share

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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##### [**Table of Contents**](#toc)
**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | **Page** |
|  [Explanatory Note](#rom405295_1) | 1 |
|  [Forward-Looking Statements](#rom405295_2) | 1 |
|  [Item 1. *Business*](#rom405295_3) | 2 |
|  [Item 1A. *Risk Factors*](#rom405295_4) | 39 |
|  [Item 2. *Financial Information*](#rom405295_5) | 72 |
|  [Item 3. *Properties*](#rom405295_6) | 80 |
|  [Item 4. *Security Ownership of Certain Beneficial Owners and Management*](#rom405295_7) | 81 |
|  [Item 5. *Trustees and Executive Officers*](#rom405295_8) | 82 |
|  [Item 6. *Executive Compensation*](#rom405295_9) | 87 |
|  [Item 7. *Certain Relationships and Related Transactions, and Director Independence*](#rom405295_10) | 88 |
|  [Item 8. *Legal Proceedings*](#rom405295_11) | 90 |
|  [Item 9. *Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters*](#rom405295_12) | 91 |
|  [Item 10. *Recent Sales of Unregistered Securities*](#rom405295_13) | 93 |
|  [Item 11. *Description of Registrant's Securities to be Registered*](#rom405295_14) | 94 |
|  [Item 12. *Indemnification of Trustees and Officers*](#rom405295_15) | 101 |
|  [Item 13. *Financial Statements and Supplementary Data*](#rom405295_16) | 102 |
|  [Item 14. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*](#rom405295_17) | 103 |
|  [Item 15. *Financial Statements and Exhibits*](#rom405295_18) | 104 |

---

-i-

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##### [**Table of Contents**](#toc)
**EXPLANATORY NOTE** 

Investcorp US Institutional Private Credit Fund, a Delaware Statutory Trust, is filing this registration statement on Form 10 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis to permit it to file an election to be regulated as a business development company (a "BDC"), under the Investment Company Act of 1940, as amended (the "1940 Act"), to provide current public information to the investment community and to comply with applicable requirements for possible future quotations or listing of its securities on a national securities exchange or other public trading market.

Unless indicated otherwise in this Registration Statement or the context requires otherwise, the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," "Fund," and the "Company" refer to
Investcorp US Institutional Private Credit Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Investcorp" refers to Investcorp Credit Management US LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adviser" and our "Investment Adviser" refers to CM Investment Partners LLC.

The Fund is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, the Fund is eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act").

Upon the effective date of this Registration Statement, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated under the Exchange Act, which will require us to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. We will also be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. The Fund is subject to the proxy rules in Section 14 of the Exchange Act, and the Fund and its trustees, officers and principal shareholders are subject to the reporting requirements of Sections 13 and 16 of the Exchange Act. The SEC maintains a website (http://www.sec.gov) that contains the reports mentioned in this section.

**Investing in common shares of beneficial interest may be considered speculative and involves a high degree of risk, including the following:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our common shares of beneficial interest (the "Shares") will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), and will be subject to substantial restrictions on transfer. An investment in us is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high
risks and lack of liquidity inherent in an investment in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our Shares is not suitable for you if you might need access to the money you invest in the
foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The below-investment-grade securities in which we will invest will be difficult to value and are illiquid; below
investment grade securities, which are often referred to as "junk" have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should not expect to be able to sell your Shares regardless of how we perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are unable to sell your Shares, you will be unable to reduce your exposure on any market downturn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Shares are not currently listed on an exchange and given that we have no current intention of pursuing any
such listing, it is unlikely that a secondary trading market will develop for our Shares. The purchase of our Shares is intended to be a long-term investment. We do not intend to list our Shares on a national securities exchange;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have elected to be regulated as a BDC under the 1940 Act, which imposes numerous restrictions on our
activities, including restrictions on leverage and on the nature of its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may pay distributions in significant part from sources that may not be available in the future and that are
unrelated to our performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a
return of capital and reduce the amount of capital available to us for investment and reduce your adjusted tax basis in the Shares, thereby increasing your potential taxable gain or reducing the potential taxable loss on the sale of Shares. Any
capital returned to you through distributions will be distributed after payment of fees and expenses.

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##### [**Table of Contents**](#toc)
**FORWARD-LOOKING STATEMENTS** 

*This Registration Statement on Form 10 contains forward-looking statements regarding the plans and objectives of management for future operations. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "target," "goals," "plan," "forecast," "project," other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors discussed in Item 1A entitled "Risk Factors" of this Registration Statement and elsewhere in this Registration Statement. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and duration of the COVID-19 pandemic in the United States as well as worldwide and the magnitude of the economic impact of the COVID-19 pandemic; the effect of the COVID-19 pandemic on our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to effectively manage our business and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our operating areas.* 

*We have based the forward-looking statements included in this Registration Statement on information available to us on the date of this Registration Statement, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, including subsequent amendments to this Registration Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.* 

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##### [**Table of Contents**](#toc)
**Item 1.** **Business.** <br>

**The Fund** 

The Fund was formed in April 2022, as a Delaware statutory trust structured as an externally managed, non-diversified closed-end management investment company. The Fund has elected to be regulated as a BDC under the 1940 Act and to be treated, and expects to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund is externally managed by the Adviser. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is majority owned by Investcorp and is led by Co-Chief Investment Officers Michael C. Mauer and Suhail A. Shaikh. The Adviser is responsible for sourcing investment opportunities, conducting industry research, performing diligence on potential investments, structuring the Fund's investments and monitoring the Fund's investments on an ongoing basis. Investcorp is a leading global credit investment platform with assets under management of $14.9 billion as of December 31, 2022. Investcorp manages funds that invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. Investcorp has a strong track record of consistent performance and growth, employing approximately 36 investment professionals in London and New York.

The Fund commenced investment activities in portfolio securities on May 26, 2022. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity*." The Fund is seeking to raise capital commitments to purchase Shares ("Capital Commitments") up to the one-year anniversary of the Initial Closing (as defined herein). The Fund's investment objective is to generate current income and capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Investment Team (as defined below) will focus on directly originated and highly negotiated transactions with a primary focus on the debt of middle-market companies in the United States. The Fund will invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA (earnings before interest, taxes, depreciation and amortization) of at least $15 million through first lien, unitranche (loans that combine both senior and subordinated debt, generally in a first lien position), second lien, and unsecured debt financing, often with corresponding equity of portfolio companies through warrants. The Fund expects that such equity investments will make up less than 1% of the Fund's total assets (measured at the time of investment).

The Adviser anticipates that the Fund's investments will typically range in size from $5 million to $25 million. The investment size will vary with the size of the Fund's capital base. The typical term of the loans will be 7 years with an average realized duration of 4 years. The companies in which the Fund invests are typically leveraged, and, in most cases, its investments in such companies will not be rated by national rating agencies. If such investments were rated, the Fund believes that they would likely receive a rating below investment grade (i.e., below BBB or Baa), which are often referred to as "junk."

The Fund expects to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes), directly or indirectly in private credit obligations and related instruments of U.S. issuers. The Fund defines "credit obligations and related instruments" for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. Derivative instruments will be counted towards the Fund's 80% policy to the extent they have economic characteristics similar to private credit obligations. To the extent we determine to invest indirectly in private credit obligations and related instruments, we may invest through certain synthetic instruments, which we will value at market value or, if no market value is ascertainable, at fair value for the purpose of complying with the above-mentioned policy. We will notify shareholders of the Fund at least

60 days prior to any change to the 80% investment policy described above.

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The Adviser expects that the Fund's portfolio companies will use the Fund's capital for organic growth, acquisitions, market or product expansions, refinancings, and/or recapitalizations. The Fund may seek to invest in smaller or larger companies if there is an attractive opportunity, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets. During such dislocations, the Adviser expects to see more deep value investment opportunities offering prospective returns that are disproportionate to the associated risk profile. The Fund will seek to focus on companies with leading market positions, significant asset or franchise values, strong free cash flow and experienced senior management teams, with an emphasis on companies with both high-quality sponsors (equity holders), that have demonstrated capabilities in building enterprise value and serve as committed partners and advisers that will actively work with the Adviser and the Fund, and non-sponsor transactions.

Investcorp US Institutional Private Credit SPV LLC is a wholly owned subsidiary of the Company that was formed as a Delaware limited liability company for the purpose of entering into the senior secured revolving credit facility (the "Capital One Revolving Financing Agreement") with Capital One, N.A. ("Capital One"). Investcorp US Institutional Private Credit SPV LLC is consolidated in the Company's consolidated financial statements commencing from the date of its formation.

We may in the future make investments through our wholly-owned subsidiaries. Such subsidiaries are expected to be organized as a corporation or limited liability company, and would not be registered under the 1940 Act. Such subsidiaries may be formed to obtain favorable tax benefits or to obtain financing on favorable terms due to their bankruptcy-remote characteristics. Our Board of Trustees (the "Board") has oversight responsibility for our investment activities, including our investment in any subsidiary, and our role as sole stockholder of any wholly-owned subsidiary. To the extent applicable to the investment activities of a wholly-owned subsidiary, the subsidiary would follow the same compliance policies and procedures as the Company. We would "look through" any such subsidiary to determine compliance with our investment policies and would generally expect to consolidate any such wholly owned subsidiary for purposes of our financial statements and compliance with the 1940 Act. See "*Item 1. Business—Certain Legal Considerations" and "Item 1. Business—Certain Tax Considerations.*"

This Registration Statement also sets forth the investment program of the Fund, certain terms of the subscription agreement to be entered into by investors in the Fund ("Subscription Agreement") and a summary of the declaration of trust ("Declaration of Trust"), the bylaws ("Bylaws"), the investment advisory agreement to be entered into between the Fund and the Adviser (the "Investment Advisory Agreement") and the administration agreement (the "Administration Agreement", and together with the Subscription Agreement, the Declaration of Trust, the Bylaws and the Investment Advisory Agreement, the "Organizational Documents"), to be entered into between the Fund and the Adviser, as the Fund's administrator (in such capacity, the "Administrator"), and certain other pertinent information regarding an investment in the Fund, including certain liquidity options and conflicts of interests related to the Adviser. However, the Registration Statement does not set forth all the terms of the Organizational Documents that may be significant to a particular prospective investor in the Fund. Each prospective investor should thoroughly read this Registration Statement and the Organizational Documents to assure itself, among other things, that it understands the terms of the Organizational Documents and that the Fund's investment program and related risk factors are satisfactory to it.

The Adviser and the Fund will afford prospective investors the opportunity to ask questions of, and receive answers from, their representatives concerning the terms and conditions of the offering and to obtain any additional information to the extent that the Adviser or the Fund possesses such information or can acquire it without unreasonable effort or expense; *provided* that neither the Adviser nor the Fund will be required to provide any information which in the Adviser's and the Fund's discretion would compromise or violate the confidentiality obligations or other duties of the Adviser or the Fund to any third parties.

Prospective investors in the Fund should consider an investment in the Fund to be a speculative investment that is not intended to be a complete investment program. The Fund is designed only for sophisticated persons who are able to bear a loss of all or a substantial portion of their investment in the Fund.

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Investors in the Fund acknowledge that none of the Fund, its respective affiliates or any of their respective partners, members, officers, trustees or employees is providing legal, regulatory, credit, tax or accounting advice to clients through this Registration Statement or otherwise.

**The Private Offering** 

The Shares are being sold under the exemption provided by Section 4(a)(2) of the Securities Act only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made.

On May 26, 2022, Investcorp Funding Limited, an affiliate of the Adviser, purchased 1,250,000 Shares of the Company at $20.00 per Share.

One January 18, 2023, the Fund completed a closing of capital commitments (the "Initial Closing") in its first private offering of Shares to investors (the "Initial Private Offering") in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws. In connection with the Initial Closing, the Fund issued 1,267,659 Shares to shareholders for an aggregate purchase price of $25,353,180.

**Investment Team** 

The Adviser's investment team, led by Messrs. Mauer and Shaikh, is supported by eight additional investment professionals, who, together with Messrs. Mauer and Shaikh, are referred to herein as the "Investment Team." The members of the Investment Team have over 100 combined years of experience structuring customized debt solutions for middle-market companies, which the Adviser believes will enable the Fund to generate favorable returns across credit cycles with an emphasis on preserving capital. The Investment Team has developed an investment process for reviewing lending opportunities, structuring transactions and monitoring investments throughout multiple credit cycles. The members of the Investment Team have extensive networks for sourcing investment opportunities through direct corporate relationships and relationships with private equity firms, investment banks, restructuring advisers, law firms, boutique advisory firms and distressed/specialty lenders. The members of the Investment Team also have extensive experience across various industries, including aviation, cable, defense, healthcare, media, mining, oil and gas, power, retail, telecommunications, trucking and asset-backed special situations.

As a result, the Adviser believes that the Fund will be able to achieve appropriate risk-adjusted returns, in part, by investing in companies that do not have sufficient size of track records to receive traditional lending terms from a commercial bank or the broadly syndicated leveraged finance market. The Adviser believes that the members of the Investment Team share a common investment philosophy built on a framework of rigorous business assessment, extensive due diligence and disciplined risk valuation methodology.

**The Adviser** 

The Adviser is majority owned by Investcorp, a leading global credit investment platform with assets under management of $14.9 billion as of December 31, 2022. Investcorp manages funds that invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. Investcorp has a strong track record of consistent performance and growth, employing approximately 36 investment professionals in London and New York. Investcorp is a subsidiary of Investcorp Holdings B.S.C. ("Investcorp Holdings"). Investcorp Holdings and its consolidated subsidiaries, including Investcorp, are referred to as "Investcorp Group".

Investcorp Group is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. As of December 31, 2022, Investcorp Group

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had $50 billion in total assets under management, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp Group receives fees calculated on the basis of assets under management. Investcorp Group employs approximately 510 people across its offices in Los Angeles, New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai, Dehli, Beijing and Singapore. Investcorp Group has been engaged in the investment management and related services business since 1982 and brings enhanced capabilities to the Adviser.

Unless earlier terminated, the Investment Advisory Agreement will remain in effect for a period of two years from the date it first becomes effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the trustees who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees").

The Investment Advisory Agreement will automatically terminate in the event of its assignment, within the meaning of the 1940 Act and related SEC guidance and interpretations. In accordance with the 1940 Act, without payment of penalty, the Fund may terminate the Investment Advisory Agreement with the Adviser upon 60 days' written notice. The decision to terminate the agreement may be made by a majority of the Board or the Fund's shareholders holding a "majority of the outstanding voting securities" of the Fund. "Majority of the outstanding voting securities" means the lesser of (1) 67% or more of the outstanding Shares present at a meeting, if the holders of more than 50% of the outstanding Shares are present or represented by proxy or (2) a majority of outstanding Shares. In addition, without payment of penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days' written notice.

**Investment Approach** 

The Fund's investment objective is to generate current income and capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Fund will invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million. The Fund will seek to invest in unitranche loans, standalone second and first lien loans, and, selectively, in mezzanine loans/structured equity and in the equity of portfolio companies through warrants (each a "Portfolio Investment" and collectively, the "Portfolio Investments"), in most cases taking advantage of a potential benefit from an increase in the value of such portfolio company as part of an overall relationship. The Fund expects that equity investments will make up less than 1% of the Fund's total assets.

The Adviser anticipates that the Fund's investments will typically range in size from $5 million to $25 million. The investment size will vary with the size of the Fund's capital base. The typical term of the loans will be 7 years with an average realized duration of 4 years. The companies in which the Fund invests are typically leveraged, and, in most cases, its investments in such companies will not be rated by national rating agencies. If such investments were rated, the Fund believes that they would likely receive a rating below investment grade (i.e., below BBB or Baa), which are often referred to as "junk."

The Fund expects to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes), directly or indirectly in private credit obligations and related instruments of U.S. issuers. The Fund defines "credit obligations and related instruments" for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. Derivative instruments will be counted towards the Fund's 80% policy to the extent they have economic characteristics similar to private credit obligations. To the extent we determine to invest indirectly in private credit obligations and related instruments, we may invest through certain synthetic instruments, which we will value at market value or, if no market value is ascertainable, at fair value for the purpose of complying with the above-mentioned policy. We will notify shareholders of the Fund at least 60 days prior to any change to the 80% investment policy described above.

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The Adviser expects that the Fund's portfolio companies will use the Fund's capital for organic growth, acquisitions, market or product expansions, refinancings, and/or recapitalizations. The Fund may seek to invest in smaller or larger companies if there is an attractive opportunity, especially when there are dislocations in the capital markets, including the high yield and broadly syndicated loan markets. During such dislocations, the Adviser expects to see more deep value investment opportunities offering prospective returns that are disproportionate to the associated risk profile. The Fund will seek to focus on companies with leading market positions, significant asset or franchise values, strong free cash flow and experienced senior management teams, with an emphasis on companies with both high-quality sponsors (equity holders), that have demonstrated capabilities in building enterprise value and serve as committed partners and advisers that will actively work with the Adviser and the Fund, and non-sponsor transactions.

The Adviser will seek to pursue investments for the Fund with favorable risk-adjusted returns, including debt investments that offer cash origination fees and lower leverage levels. The Adviser will seek to structure the Fund's debt investments with strong protections, including default penalties, information rights, and affirmative and negative financial covenants, such as lien protection and restrictions concerning change of control. The Adviser believes these protections, coupled with the other features of the Fund's investments, will allow the Fund to reduce its risk of capital loss and achieve attractive risk-adjusted returns, although there can be no assurance that the Adviser will always be able to structure the Fund's investments to minimize risk of loss and achieve risk-adjusted returns. The Fund may make or obtain exposure to "covenant-lite" loans, which generally are loans that do not require a borrower to comply with financial maintenance covenants. Generally, covenant-lite loans permit borrowers more opportunity to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following certain actions of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, because the Fund may have exposure to covenant-lite loans, it may have less protection from borrower actions and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

**Investment Process** 

***Deal Origination***

The Fund will invest primarily through direct originations of debt in U.S. middle-market companies. The Adviser's deal-originating efforts are focused on its direct corporate relationships and relationships with private equity firms, investment banks, restructuring advisers, law firms, boutique advisory firms and distressed/specialty lenders. The Investment Team continues to enhance and expand these relationships. The Investment Team will focus on directly originated and highly negotiated transactions with a primary focus on the debt of middle-market companies in the United States. However, to the extent that the Fund invests in foreign companies, the Fund intends to do so in accordance with the limitations under the 1940 Act.

The origination process is designed to thoroughly evaluate potential financings and to identify the most attractive of these opportunities on the basis of risk-adjusted returns. Each investment is analyzed from its initial stages through the Fund's investment by one of the Co-Chief Investment Officers of the Adviser and a senior investment professional of the Investment Team. If an opportunity fits the Adviser's criteria for a Fund investment and merits further review and consideration, the investment is presented to the Adviser's investment committee (the "Investment Committee"). The Investment Committee currently consists of Messrs. Mauer and Shaikh and Andrew Muns, a Director of Investcorp, Zachary Alpern, a Director of Investcorp, Branko Krmpotic, a Managing Director of Investcorp and Timothy Waller, a Director of Investcorp.

This first stage of analysis involves a preliminary, but detailed, description of the potential financing. An investment summary is then generated after preliminary due diligence. The opportunity may be discussed several times by members of the Investment Team. Prior to funding, every initial investment requires approval by a majority of the Investment Committee and such majority must include Messrs. Mauer and Shaikh. Follow-on investment decisions in existing portfolio companies and investment dispositions require approval by a majority of the Investment Committee.

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If the Adviser decides to pursue an opportunity, a preliminary term sheet may be produced for the target portfolio company. This term sheet serves as a basis for the discussion and negotiation of the critical terms of the proposed financing. At this stage, the Adviser begins its formal underwriting and investment approval process as described below. After the negotiation of a transaction, the financing is presented to the Investment Committee for approval. Upon approval of a financing transaction, the parties will prepare the relevant loan documentation. An investment is funded only after all due diligence is satisfactorily completed and all material closing conditions have been satisfied. Each of the investments in the Fund's portfolio is monitored on a regular basis by the senior investment professionals of the Investment Team, who also perform credit updates on each investment quarterly.

***Underwriting***

***Underwriting process and investment approval***

The Adviser makes investment decisions only after considering a number of factors regarding the potential investment, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical and projected financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• company- and industry-specific characteristics, such as strengths, weaknesses, opportunities and threats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• composition and experience of the management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• track record and other data regarding the private equity sponsor leading the transaction, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This methodology is employed to screen a high volume of potential investment opportunities on a consistent basis.

If an investment is deemed appropriate to pursue, a more detailed and rigorous evaluation is made after considering relevant investment parameters. The following outlines the general parameters and areas of evaluation and due diligence for investment decisions, although not all are necessarily considered or given equal weighting in the evaluation process.

***Business model and financial assessment***

The Adviser undertakes a review and analysis of the financial and strategic plans for the potential investment. There is significant evaluation of and reliance upon the due diligence performed by the private equity sponsor, if applicable, and third party experts, including accountants and consultants. Areas of evaluation typically include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical and projected financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quality of earnings, including source and predictability of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer and vendor interviews and assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential exit scenarios, including probability of a liquidity event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• internal controls and accounting systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assets, liabilities and contingent liabilities.

***Industry dynamics***

The Adviser evaluates the portfolio company's industry, and may, if considered appropriate, consult or retain industry experts. The following factors are among those the Adviser typically analyzes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sensitivity to economic cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive environment, including number of competitors, threat of new entrants or substitutes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fragmentation and relative market share of industry leaders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth potential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and legal environment.

***Management assessment***

The Adviser makes an in-depth assessment of the management team, including evaluation along several key metrics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• background checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of years in their current positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management incentive, including the level of direct investment in the enterprise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completeness of the management team (positions that need to be filled or added).

***Sponsor assessment (if applicable)***

Among critical due diligence investigations is the evaluation of a private equity sponsor or specialty lender that has, or is also making, an investment in the portfolio company. A private equity sponsor is typically a controlling shareholder upon completion of an investment and as such is considered critical to the success of the investment. In addition, a management team with meaningful equity ownership can serve as committed a partner to the Fund as any private equity sponsor or specialty lender. The Adviser evaluates a private equity sponsor or specialty lender along several key criteria, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capacity and willingness to provide additional financial support to the company through additional capital
contributions, if necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reference checks.

***ESG Assessment***

The Adviser may integrate environmental, social and governance ("ESG") factors into its investment process, including as a part of its due diligence, underwriting and portfolio management process for each of the Fund's investments. For example, in the investment screening process, all investments are assessed to determine any ESG 'red flags' which are then discussed by the Investment Committee. Additionally, all new investment opportunities are evaluated against an ESG-focused review conducted by a third-party ESG solutions provider that provides a benchmark ESG score which considers size, industry and geographic location. However, the Fund will not pursue a specific ESG investment strategy and will not make an investment in a portfolio company solely on the basis of ESG factors. The Adviser also will likely not make investment decisions for the Company solely on the basis of ESG considerations. In evaluating an investment that may have scored less favorably on ESG factors initially, the Adviser will consider other factors in its investment decision. As a result of the Fund's ESG assessment process, the Fund will not generally invest in companies that are significantly involved in certain industries, product lines or services, including but not limited to, tobacco, controversial weapons, the speculative extraction of oil from tar sands and thermal coal.

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***Risk Rating***

In addition to various risk management and monitoring tools, the Adviser utilizes an internal investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in the Fund's portfolio. This investment rating system uses a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

*Investment Rating 1:* Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment.

*Investment Rating 2:* Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, new loans are initially rated 2.

*Investment Rating 3:* Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with their financial covenants.

*Investment Rating 4:* Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 are those for which some loss of return but no loss of principal is expected.

*Investment Rating 5:* Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 are those for which some loss of return and principal is expected.

If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and update the Investment Committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser's monitoring of an investment is determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the reporting requirements in the credit agreement and the type of collateral securing the investment.

***Realizations of Portfolio Investments***

The Adviser lends to businesses that it believes have the ability to pay off or refinance at or prior to maturity assuming a reasonable margin of safety in the performance of the business. While the Adviser may opportunistically sell assets prior to repayment for purposes of managing portfolio risk, price appreciation or "buy low" and "sell high", trading is never the investment thesis, and as such, the Adviser's credit process considers the merits of an investment on a hold-to-maturity basis. The final maturity of a portfolio loan is typically four to six years.

***Derivatives***

The Fund may utilize hedging techniques such as interest rate swaps to mitigate potential interest rate risk on the Fund's indebtedness. Such interest rate swaps would principally be used to protect the Fund against higher costs on the Fund's indebtedness resulting from increases in both short-term and long-term interest rates. The Fund may also seek to use various hedging and other risk management strategies to seek to manage various risks, including changes in currency exchange rates and market interest rates. Such hedging strategies would be utilized to seek to protect the value of the Fund's Portfolio Investments, for example, against possible adverse changes in the market value of securities held in the Fund's portfolio.

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***Valuation of Portfolio Investments***

We value our investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and U.S. generally accepted accounting principles ("GAAP"), and in accordance with the Company's valuation methodologies. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers.

Investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company's valuation procedures. Because a readily available market value for many of the investments in our portfolio is often not available, we value many of our Portfolio Investments at fair value as determined in good faith by the Board using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by the Board. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a "forced" sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid ask spread.

With respect to investments for which market quotations are not readily available, the Board will undertake a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly valuation process begins with each investment being initially valued by the investment
professionals of the Adviser responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with our senior management and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an
independent valuation firm engaged by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audit committee of the Board will then review these preliminary valuations and make a recommendation to the
Board regarding the valuations; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will then discuss these preliminary valuations and determine the fair value of each investment in our
portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the audit committee of the Board.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the portfolio company's performance against our expectations, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments are categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level I Investments valued using unadjusted quoted prices in active markets for identical assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level II Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets
that are not active or quotes for comparable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level III Investments that are valued using quotes and other observable market data to the extent available,
but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

Determination of fair value involves subjective judgments. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

***Drawdowns; Investment Period***

Investors will be required to fund drawdowns ("Drawdowns") to purchase Shares up to the amount of their respective Capital Commitments each time the Fund delivers a notice (a "Drawdown Notice"). Drawdown Notices will specify (i) the amount of the Drawdown (the "Drawdown Amount"); (ii) the portion of the Drawdown Amount to be paid by such investor; and (iii) the date (the "Drawdown Date") on which such Drawdown Amount is due. The Fund will deliver each Drawdown Notice at least ten calendar days prior to the Drawdown Date. All purchases pursuant to a Drawdown Notice will generally be made pro rata, in accordance

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with the remaining Capital Commitments of all investors; provided that the subscription agreement will provide that the Fund retains the right, at its discretion, to call drawdown capital on a non-pro rata basis. With respect to each Drawdown, the Fund, at its sole discretion, may determine to exempt one or more investors from the requirement to fund that Drawdown for any reason or no reason ("Drawdown Exemption"). Purchases pursuant to a Drawdown Notice will be made at a per share price equal to the net asset value per Share, and subject to adjustment as described under "Subsequent Closings" below and in the Subscription Agreement, to appropriately reflect any Subsequent Investor's pro rata portion of the Fund's organizational and offering expenses.

In addition to all legal remedies available to the Fund, failure by an investor to fund a Drawdown after receiving a Drawdown Notice will (following a cure period of ten calendar days after the Drawdown Date) result in that investor being subject to certain default provisions set forth in that investor's Subscription Agreement. Defaulting investors may also forfeit their right to participate in purchasing additional Shares on any future Drawdown Date and may be charged interest on the defaulted commitment.

The investment period commenced on May 26, 2022 and ends on the fourth anniversary of the Initial Closing (such period, the "Investment Period"). Subsequent to the Investment Period, investors will be released from any further obligation with respect to their undrawn Capital Commitments (the "Unused Capital Commitments"), except to the extent necessary to pay amounts due under funding notices that the Fund may thereafter issue to: (a) pay its expenses, including management fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Investment Period, (b) complete investments in any transactions for which there are binding written agreements as of the end of the Investment Period (including investments that are funded in phases), (c) fund amounts required to fund financing commitments entered into on or before the end of the Investment Period, and any amounts paid on exercise of warrants or to otherwise protect the value of existing investments (for example, follow on debt or equity investments made to protect existing investments and/or pursuant to pay-to-play provisions in a portfolio company's charter documents, or in a "down round" of equity to avoid dilution, or to take advantage of negotiated super pro rata rights under which the acceptability of a previous investment was augmented by the right to make a disproportionate follow-on investment) as needed prior to the termination of the Fund, (d) fund obligations under any guarantee or indemnity made by the Fund during the Investment Period and/or (e) fulfill obligations with respect to any defaulted Capital Commitment by one or more other investors in the Fund.

***Closings***

*Initial Closing* 

The Initial Closing of this offering occurred on January 18, 2023. In connection with the Initial Closing, the Fund issued 1,267,659 Shares to stockshareholders for an aggregate purchase price of $25,353,180.

*Subsequent Closings* 

The Fund will accept additional Capital Commitments at subsequent closings ("Subsequent Closings") up to the one-year anniversary of the Initial Closing. Investors that make a Capital Commitment at any Subsequent Closing, or existing investors that wish to increase their Capital Commitment upon a Subsequent Closing (each, an "Additional Investor") will be required to purchase Shares (a "Catch-up Purchase") on a date or dates (such date, the "Catch-up Date") to be determined by us. Investors that make a Capital Commitment prior to any Subsequent Closing will not be required to fund a Drawdown on a Drawdown Date until all Additional Investors have made their entire Catch-up Purchase, unless such Additional Investors have received a Drawdown Exemption. For the avoidance of doubt, if a Catch-up Date and Drawdown Date occur on the same calendar day, the Catch-up Date will be deemed to have occurred immediately prior to the Drawdown Date for purposes of calculating the amount of the Catch-up Purchase. The aggregate amount of the Catch-up Purchase (the "Catch-up Purchase Amount") will be equal to an amount necessary to ensure that, upon payment of the Catch-up Purchase Amount, such Additional Investor will have contributed the same percentage of its Capital Commitment to the Fund as all investors whose subscriptions were accepted at previous closings. Catch-up Purchases will be made at

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a per share price equal to the net asset value per share of the Shares as of the closing date of the Catch-up Purchase, and adjusted, as described in the Subscription Agreement to appropriately reflect such Additional Investor's pro rata portion of the Fund's organizational expenses and the expenses incurred in connection with this offering.

***Term***

Following the end of the Investment Period and except as otherwise noted under "Drawdowns; Investment Period" above, the Fund intends to begin an orderly liquidation of the Fund's remaining assets with an intent to distribute the net proceeds therefrom to its shareholders and thereafter dissolve the Fund prior to the eleven-year anniversary of the Initial Closing.

***Investor Optionality; Potential Spin-Off***

If our Board determines that it is in our best interests to extend the life of the Fund beyond the term described above, then we will offer our shareholders the option to either: (i) remain with the Fund, which would continue to operate as described herein, including to begin an orderly liquidation of its remaining assets with an intent to distribute the net proceeds therefrom to its shareholders and thereafter dissolve prior to the eleven-year anniversary of the Initial Closing, or (ii) exchange their Shares for interests of a newly formed entity (the "Spin-Off Fund") which will, among other things, have a new or extended investment period and/or term.

In order to effectuate this option, we expect that we would need to, among other things, transfer to the Spin-Off Fund, in exchange for interests of the Spin-Off Fund, a pro rata portion of the Fund's assets and liabilities attributable to the shareholders that have elected to invest in the Spin-Off Fund.

We may exclude any investor from exchanging their Shares for interests in a newly formed entity, if in our reasonable discretion, there is a substantial likelihood that such investor's exchange of Shares at such time would cause such investor, the Fund, the Spin-Off Fund, the Adviser, any other investor or a portfolio company to (i) be in violation of, or noncompliance with, any law or regulation to which such entity is or would be subject, (ii) be deemed to hold "plan assets" for purposes of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the Code or (iii) engage in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a non-exempt violation of any laws similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code.

Because the Adviser would be managing each of the Fund and the Spin-Off Fund and the 1940 Act prohibits entities under common control from engaging in certain transactions, we will likely be required to obtain exemptive and/or no-action relief from the SEC with respect to various aspects relating to this option. All costs associated with seeking to obtain exemptive and/or no-action relief from the SEC and others matters associated the spin-off will be borne by the Spin-Off Fund and, as a result, indirectly by the shareholders electing to go into the Spin-Off Fund. There can be no assurance that we will be able to obtain such exemptive and/or no-action relief from the SEC. If we are unable to do so, then we will not be able to offer this option to our shareholders.

***Competition***

The Adviser anticipates that the Fund's primary competitors in providing financing to middle-market companies will include public and private funds, other BDCs, commercial and investment banks, commercial finance companies, and, to the extent they provide an alternative form of financing, private equity funds and hedge funds. Many of the Fund's competitors will be substantially larger and have considerably greater financial, technical and marketing resources than the Fund. For example, the Adviser believes some competitors may have access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments than the Adviser.

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***Market Opportunity***

We believe that the current investment environment presents a compelling case for investing in secured debt (including unitranche debt and standalone second and first lien loans) and unsecured debt (including mezzanine/structured equity) of middle-market companies. The following factors represent the key drivers of our focus on this attractive market segment:

*Reduced Availability of Capital for Middle-Market Companies.* We believe there are fewer providers of financing and less capital available for middle-market companies compared to prior to the economic downturn. We believe that, as a result of that downturn:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• many financing providers have chosen to focus on large, liquid corporate loans and syndicated capital markets
transactions rather than lending to middle-market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory changes have caused decreased capacity to hold non-investment grade leveraged loans, causing banks to curtail lending to middle-market companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hedge funds and collateralized loan obligation managers are less likely to pursue investment opportunities in our
target market as a result of reduced availability of funding for new investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation of regional banks into money center banks has reduced their focus on middle-market lending.

As a result, we believe that less competition facilitates higher quality deal flow and allows for greater selectivity throughout the investment process.

*Robust Demand for Debt Capital*. According to Pitchbook, a market research firm, private equity firms had approximately $748 billion of uncalled capital as of June 30, 2022. They have expanded their focus to include middle-market opportunities due to the lack of opportunities in large capital buyout transactions. We expect the large amount of uninvested capital and the expanded focus on middle-market opportunities to drive buyout activity over the next several years, which should, in turn, continue to create lending opportunities for the Fund.

*Attractive Deal Pricing and Structures.* We believe that, in general, middle-market debt investments are priced more attractively to lenders than larger, more liquid, public debt financings, due to the more limited universe of lenders as well as the highly negotiated nature of these financings. Middle-market transactions tend to offer stronger covenant packages, higher interest rates, lower leverage levels and better call protection compared to larger financings. In addition, middle-market loans typically offer other investor protections such as default penalties, lien protection, change of control provisions and information rights for lenders.

*Specialized Lending Requirements.* We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the Investment Team's experience, lending to private U.S. middle-market companies is generally more labor-intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies. Lending to smaller capitalization companies requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and may require more extensive ongoing monitoring by the lender. As a result, middle-market companies historically have been served by a limited segment of the lending community.

***Competitive Strengths***

We believe that the Adviser's disciplined approach to origination, portfolio construction and risk management should allow us to achieve favorable risk-adjusted returns while preserving our capital. We believe that the following competitive strengths will allow us to provide positive returns for our investors:

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*Large and Experienced Team with Substantial Resources.* The Adviser, including its Investment Team, is led by Messrs. Mauer and Shaikh, who each have over 30 years of experience investing in providing corporate finance services to, and restructuring and consulting with, middle-market companies. The members of the Investment Team, which include Messrs. Mauer and Shaikh and eight additional investment professionals, have over 100 combined years of experience structuring strategic capital for business expansion, refinancings, capital restructuring, post-reorganization financing and servicing the general corporate needs of middle-market companies. We believe that the Investment Team and its resources provide a significant advantage, contribute to the strength of our business, and enhance the quantity and quality of investment opportunities available to the Fund.

*Capitalize on the Investment Team's Extensive Relationships with Middle-Market Companies, Private Equity Sponsors (and non-sponsor transactions) and Intermediaries*. The members of the Investment Team have extensive networks for sourcing investment opportunities through corporate relationships and relationships with private equity firms, investment banks, restructuring advisers, law firms, boutique advisory firms and distressed/specialty lenders. We believe that the strength of these relationships, in conjunction with the Investment Team's ability to structure financing solutions for companies that incorporate credit protections at attractive returns, provide us with a competitive advantage in identifying investment opportunities for us in our target market.

*Disciplined Underwriting Policies and Rigorous Portfolio Management.* The Adviser has an established credit analysis and investment process to analyze investment opportunities thoroughly. This process includes structuring loans with appropriate covenants and pricing loans based on its knowledge of the middle-market and its rigorous underwriting standards. We focus on capital preservation by extending loans to portfolio companies with assets that we believe will retain sufficient value to repay us even in depressed markets or under liquidation scenarios. Each investment is analyzed from its initial stages by either Mr. Mauer or Mr. Shaikh, as the Adviser's Co-Chief Investment Officers, and a senior investment professional of the Investment Team. Every initial investment by the Fund requires approval by a majority of the Investment Committee and such majority must include Messrs. Mauer and Shaikh. Follow-on investment decisions in existing portfolio companies and any investment dispositions require approval by a majority of the Investment Committee. Under the supervision of Messrs. Mauer and Shaikh, the Investment Team's senior investment professionals monitor the portfolio for developments on a daily basis, perform credit updates on each investment, review financial performance on at least a quarterly basis, and have regular discussions with the management of portfolio companies. We believe that the Adviser's investment and monitoring process and the depth and experience of the Investment Team gives us a competitive advantage in identifying investments and evaluating risks and opportunities throughout the life cycle of an investment.

*Ability to Structure Investments Creatively.* Our Investment Team has the expertise and ability to structure investments across all levels of a company's capital structure. These individuals have extensive experience in cash flow, asset-based lending, workout situations and investing in distressed debt, which should enable the Fund to take advantage of attractive investments in recently restructured companies. We believe that current market conditions allow us to structure attractively priced debt investments and may allow us to incorporate other return-enhancing mechanisms, such as commitment fees, original issue discounts ("OID"), which may arise if the Company receives warrants in connection with the origination of a loan or possibly in other circumstances, early redemption premiums, payment-in-kind ("PIK") interest, which represents contractual interest added to the loan balance and due at the end of the loan term, and certain forms of equity securities.

***Investment Criteria***

The Investment Team typically uses the following investment criteria and guidelines to evaluate prospective direct origination opportunities or portfolio companies in which the Fund may invest. However, not all of these criteria and guidelines are used or met in connection with each of our investments.

*Established Companies with a History of Positive Operating Cash Flow*. We seek to invest in established companies with sound historical financial performance. The Adviser typically focuses on companies with a history of profitability on an operating cash flow basis. We do not intend to invest in start-up companies or companies with speculative business plans.

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*Defensible and Sustainable Busines*s. We seek companies with proven products and/or services that provide a competitive advantage versus their competitors or new entrants. The Adviser places an emphasis on the strength and profitability of historical operations and the generation of free cash flow to reinvest in the business or to utilize for debt service. The Adviser also focuses on the relative strength of the valuation and liquidity of collateral used to provide security for our investments, when applicable.

*Seasoned Management Team with Meaningful Equity Ownership.* The Adviser generally requires that our portfolio companies have a seasoned management team, with strong corporate governance. The Adviser also seeks to invest in companies with management teams that have meaningful equity ownership. The Adviser believes that companies that have proper incentives in place, including having significant equity interests, motivate management teams to enhance enterprise value, which is in accordance with our interests.

*Significant Invested Capital.* The Adviser seeks investments in portfolio companies where it believes that the aggregate enterprise value significantly exceeds aggregate indebtedness, after consideration of our investment. The Adviser believes that the existence of significant underlying equity value (i.e., the amount by which the aggregate enterprise value exceeds the aggregate indebtedness) provides important support to our debt investments.

*Investment Partnerships.* We seek to invest where private equity sponsors have demonstrated capabilities in building enterprise value. In addition, we seek to partner with specialty lenders and other financial institutions. The Adviser believes that private equity sponsors and specialty lenders can serve as committed partners and advisers that will actively work with the Adviser, the company and its management team to meet company goals and create value.

*Ability to Exert Meaningful Influence.* We target investment opportunities in which we will be a significant investor in the tranche and in which we can add value through active participation in the direction of the company, sometimes through advisory positions.

*Exit Strategy.* We generally seek to invest in companies that the Adviser believes will provide us with the ability to exit our investments. We typically expect to exit our investments through one of three scenarios: (i) the sale of the company resulting in repayment of all outstanding debt, (ii) the recapitalization of the company through which our loan is replaced with debt or equity from a third party or parties, or (iii) the repayment of the initial or remaining principal amount of our loan then outstanding at maturity. In some investments, there may be scheduled amortization of some portion of our loan, which would result in a partial exit of our investment prior to the maturity of the loan.

***Target Investments***

The following describes the types of loans we generally make:

*Standalone First Lien Loans.* Standalone first lien loans are loans that are typically senior on a lien basis to other liabilities in the issuer's capital structure and have the benefit of a security interest on the assets of the portfolio company. Standalone first lien loans may provide for moderate loan amortization in the early years of the loan, with the majority of the amortization deferred until loan maturity.

*Unitranche Loans*. Unitranche loans are loans structured as first lien loans with certain characteristics of mezzanine loan risk in one security. Unitranche loans typically provide for moderate loan amortization in the initial years of the loan with the majority of the principal repayment deferred until loan maturity. Unitranche loans usually provide us with greater control over a portfolio company's capital structure, as they provide a one-stop financing solution and limit "frictional costs" (e.g., negotiations with, and concessions to, other lien holders) in the event of a workout process. Consistent with the Fund's focus on capital preservation, unitranche loans typically have less volatile returns than standalone second lien or mezzanine loans.

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*Standalone Second Lien Loans.* Standalone second lien loans are loans that are typically senior on a lien basis to other liabilities in the issuer's capital structure and have the benefit of a security interest over the assets of the borrower, although ranking junior to first lien loans. Standalone second lien loans can incur greater "frictional costs" (e.g., increased professional costs relating to resolving conflicts among the lenders) in the event of a workout and, partly because of this possible impact on recovery rates, we expect to demand a significantly higher risk premium, on behalf of the Fund, in the form of higher spreads, call protection and/or warrants for extending standalone second lien loans, compared to first lien loans of similar credit quality.

*Mezzanine Loans/Structured Equity.* Mezzanine loans are subordinated to senior secured loans on a payment basis, are typically unsecured and rank *pari passu* with other unsecured creditors of the issuer. As with standalone second lien loans, we expect to demand, on behalf of the Fund, a significantly higher risk premium in the form of higher spreads, call protection and/or equity warrants for mezzanine loans, given the potential for lower recovery rates for such securities due in part to the greater "frictional costs" (e.g., increased professional costs relating to resolving conflicts among the lenders) in a protracted workout. We take mezzanine type risk in the form of "structured equity" investments. In cases where portfolio companies may be constrained in their ability to raise additional capital in the form of debt, we may have the opportunity to structure preferred equity or other equity-like instruments. These equity instruments typically have redemption rights and will either be convertible into common equity at the Fund's option, or will have detachable warrants compensating the Fund for the additional risk inherent in such investments. In most cases, these equity instruments will have debt-like characteristics, which provide more downside protection than a typical equity instrument.

*Equity Components.* In connection with some of the Fund's debt investments, we will also invest in preferred or common stock or receive nominally priced warrants or options to buy an equity interest in the portfolio company. As a result, as a portfolio company appreciates in value, the Fund may achieve additional investment returns from this equity interest. The Adviser may structure such equity investments and warrants to include provisions protecting the Fund's rights as a minority-interest holder, as well as a "put," or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, the Fund may also seek to obtain registration rights in connection with these equity interests, which may include demand and "piggyback" registration rights. The Fund expects that any equity components of the Fund's investments will make up less than 1% of the Fund's total assets (measured at the time of investment).

***Leverage***

The Fund expects to borrow money for, or "leverage," its Portfolio Investments, on a recourse or non-recourse basis, for the purpose of making Portfolio Investments or follow-on investments and paying its expenses (as defined below).

On September 9, 2022, the Fund, through Investcorp US Institutional Private Credit SPV LLC, its wholly-owned subsidiary, entered into the 1.5 year, $25 million Capital One Revolving Financing Agreement with Capital One, which is secured by collateral consisting primarily of loans in its investment portfolio. On September 29, 2022, the Fund amended the Capital One Revolving Financing Agreement to reduce the size of the Capital One Revolving Financing Agreement to $22.5 million. The Capital One Revolving Financing Agreement, which will expire on March 9, 2024 (the "Maturity Date"), features a one-year reinvestment period and a six-month amortization period. Borrowings under the Capital One Revolving Financing Agreement will generally bear interest at a rate per annum equal to SOFR plus 2.65%, so long as no event of default has occurred (as defined in the Capital One Revolving Financing Agreement). The default interest rate will be equal to the interest rate then in effect plus 2.00%.

The Fund is subject to borrowing restrictions such that, with certain limited exceptions, its asset coverage, as defined in the 1940 Act, will be required to equal at least 150% after each borrowing. In addition, the Fund's borrowings shall not exceed 60% of the Fund's net asset value, as measured immediately after any such borrowings.

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**Summary of Risk Factors** 

An investment in the Fund's Shares involves a high degree of risk and may be considered speculative. The risk factors described below are a summary of the principal risk factors associated with an investment in the Shares. These are not the only risks the Fund faces. You should carefully consider these risk factors, together with the risk factors set forth in "Risk Factors" of this Registration Statement and other reports and documents we file with the SEC.

**Risks Relating to Our Business and Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success will depend on the ability of the Adviser to attract and retain qualified personnel in a competitive
environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the
risk of investing in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial condition and results of operations will depend on our ability to effectively manage and deploy
capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly competitive market for investment opportunities, which could reduce returns and result in
losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional
capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board may change our investment objective, operating policies and strategies without prior notice or
shareholder approval.

**Risks Relating to the Adviser or Its Affiliates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our incentive fee may induce the Adviser to pursue speculative investments and to use leverage when it may be
unwise to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's liability is limited under the Investment Advisory Agreement and we have agreed to indemnify
the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may compete for capital and investment opportunities with other entities managed by the Adviser or its
affiliates, subjecting the Adviser to certain conflicts of interests.

**Risks Relating to our Investment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interest rates of any of our term loans to our portfolio companies might be subject to change based on recent
regulatory changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our
investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited
by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of
significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

**Risks Relating to an Investment in Our Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our Shares will have limited liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk that you may not receive distributions or that our distributions may not grow over time or a
portion of your distributions may be a return of capital.

**Risks Related to U.S. Federal Income Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a
RIC under Subchapter M of the Code.

**Risks Relating to the Current Environment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in
the areas in which we or our portfolio companies may operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic, regulatory and market conditions may adversely affect our business, results of operations and
financial condition, including our revenue growth and profitability.

**Management Agreements** 

The Adviser serves as the Fund's investment adviser and is registered as an investment adviser under the Advisers Act.

***Investment Advisory Agreement***

We entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser manages will manage our day-to-day operations and provides us with investment advisory services.

Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's
portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating and negotiating the structure of the investments the Fund makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring the investments the Fund makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the securities and other assets that the Fund will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing the Fund with such other investment advisory, research and related services as the Fund may, from time
to time, reasonably require for the investment of its funds.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Fund are not impaired.

***Compensation of the Adviser***

The Fund pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee").

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*MANAGEMENT FEE* 

The Management Fee is payable quarterly in arrears. The Management Fee is payable at an annual rate of 0.75% of the average value of the weighted average (based on the number of shares outstanding each day in the quarter) of the Fund's net assets at the end of the two most recently completed calendar quarters. For the Fund's first calendar quarter, the Management Fee is calculated based on the weighted average of the Fund's net assets as of such quarter-end. The Management Fee is payable quarterly in arrears.

*INCENTIVE FEE* 

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not.

The first part of the Incentive Fee is based on the Fund's income (the "Income Incentive Fee") and the second part is based on its capital gains (the "Capital Gains Incentive Fee"), each as described below.

The Fund pays the Adviser an Income Incentive Fee each quarter equal to 12.50% of the amount by which Pre-Incentive Fee Net Investment Income (as defined below) for the quarter exceeds a hurdle rate of 1.5% (which is 6.0% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision.

The 100% "catch-up" provision for Pre-Incentive Fee Net Investment Income in excess of the 1.5% "hurdle rate" is intended to provide the Adviser with an incentive fee of 12.50% on all Pre-Incentive Fee Net Investment Income when that amount equals 1.7143% in a calendar quarter (6.8571% annualized), which, in each case, is the rate at which catch-up is achieved. Once the "hurdle rate" is reached and catch-up is achieved, 12.50% of any Pre-Incentive Fee Net Investment Income in excess of 1.5% in any calendar quarter is payable to the Adviser.

"Pre-Incentive Fee Net Investment Income" means dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus operating expenses for the calendar quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID), debt instruments with PIK interest and zero coupon securities), accrued income that the Fund may not have received in cash. The Adviser is not obligated to reimburse the Fund for any amount of such incentive fee if the Fund incurs losses or does not receive deferred income which was previously accrued. See "Item 1A. Risk Factors – Risks Relating to Our Investments – We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income" and "—PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of incentive fees payable by us to the Adviser."

The second component of the Incentive Fee, the Capital Gains Incentive Fee, will be determined and payable annually in arrears at the end of each calendar year or, in the event of the termination of the Investment Advisory Agreement, the date on which such event occurs. At the end of each calendar year (or termination of the Investment Advisory Agreement), the Fund will pay the Adviser a Capital Gains Incentive Fee equal to (A) 12.50% of the difference, if positive, of the sum of the Fund's aggregate realized capital gains, if any, computed net of the Fund's aggregate realized capital losses, if any, and the Fund's aggregate unrealized capital depreciation, in each case from the Initial Closing Date.

***Administration Agreement***

The Administrator provides all administrative services necessary for the Fund to operate pursuant to the Administration Agreement. The Administration Agreement provides that the Administrator will furnish the Fund

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with office facilities and equipment and will provide the Fund with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Under the Administration Agreement, the Administrator will perform, or oversee the performance of, our required administrative services, which will include being responsible for the financial and other records that the Fund is required to maintain and preparing reports to shareholders and reports and other materials filed with the SEC. In addition, the Administrator will assist the Fund in determining and publishing its net asset value, oversee the preparation and filing of the Fund's tax returns and the printing and dissemination of reports and other materials to shareholders, and generally oversee the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. To the extent that the Administrator outsources any of its functions under the Administration Agreement, the Fund will pay the fees associated with such functions on a direct basis without any incremental profit to the Administrator. While there is no limit on the total amount of expenses the Fund may be required to reimburse to the Administrator under the Administration Agreement, the Administrator will only charge the Fund for the actual expenses it incurs on the Fund's behalf, or the Fund's allocable portion thereof, without any profit to the Administrator.

Under the Administration Agreement, the Administrator will provide managerial assistance on the Fund's behalf to those portfolio companies that have accepted the Fund's offer to provide such assistance. If requested to provide significant managerial assistance to the Fund's portfolio companies, the Administrator will be paid an additional amount based on the services provided, which will not exceed the amount the Fund receives from such portfolio companies for providing this assistance.

The Administration Agreement has an initial term of two years and may be renewed with the approval of the Board. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

***Payment of the Fund's Expenses***

The Fund's primary operating expenses include the payment of fees to the Adviser under the Investment Advisory Agreement, the Fund's allocable portion of overhead expenses under the Administration Agreement, professional fees, and other operating costs described below. The Fund bears all other out-of-pocket costs and expenses of our operations and transactions, including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in valuing the Fund's assets and computing its net asset value per share (including the
cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred by the Adviser or payable to third parties, including agents, consultants or other advisors, in
monitoring financial and legal affairs for the Fund and in monitoring the Fund's investments and performing due diligence on the Fund's prospective portfolio companies or otherwise related to, or associated with, evaluating and making
investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt, if any, incurred to finance the Fund's investments and expenses related to
unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings of the Fund's Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment advisory and management fees payable under the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees payable to the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs of registration and listing the Fund's shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent trustees' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's allocable portion of the fidelity bond, trustees and officers/errors and omissions liability
insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration and operation, including printing, mailing, long distance telephone,
copying, secretarial and other staff, independent auditors and outside legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other non-investment advisory expenses incurred by the Fund or the Adviser in connection with the
administering the Fund's business.

**Certain Legal Considerations** 

***General***

The Fund has elected to be regulated as a BDC under the 1940 Act. A BDC must be organized in the U.S. for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. A BDC may use capital provided by public shareholders and from other sources to make long-term, private investments in businesses.

The Fund may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. The Fund does not anticipate any substantial change in the nature of our business.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of the Fund's trustees must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, the Fund is required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, the Fund is prohibited from protecting any trustee or officer against any liability to us or our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Generally, the Fund will comply with the asset coverage ratio set forth in the 1940 Act and applicable to BDCs. Legislation enacted in March 2018 has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. The Fund may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our trustees who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Fund, the Adviser or respective affiliates and, in some cases, prior approval by the SEC.

The Fund does not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, the Fund generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets

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in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our shareholders to additional indirect expenses. Our investment portfolio is also subject to diversification requirements by virtue of our intent to elect to be treated as a RIC for U.S. federal income tax purposes and our intention to continue to operate in a manner so as to qualify for the tax treatment applicable to RICs.

The Fund is generally not able to issue and sell our Shares at a price below net asset value per share. The Fund may, however, sell its Shares, or warrants, options or rights to acquire the Shares, at a price below the then-current net asset value of the Shares if the Board determines that such sale is in the Fund's best interest and the best interest of the Fund's shareholders, and the Fund's shareholders approve such sale. In addition, the Fund may generally issue new Shares of the Fund's at a price below net asset value in rights offerings to existing shareholders, in payment of dividends and in certain other limited circumstances.

As a BDC, the Fund is generally limited in its ability to invest in any portfolio company in which the Adviser or any of its affiliates currently has an investment or to make any co-investments with the Adviser or its affiliates without an exemptive order from the SEC, subject to certain exceptions. The Fund expects to rely on an exemptive order from the SEC that has been granted to the Adviser, Investcorp Credit Management BDC, Inc. and certain of their affiliates and which would permit the Fund, among other things, to co-invest with certain other persons, including certain funds managed and controlled by the Adviser or its affiliates, including Investcorp Credit Management BDC, Inc.

The Fund is subject to periodic examination by the SEC for compliance with the 1940 Act.

***Qualifying Assets***

Under the 1940 Act, a BDC may not acquire any asset other than Qualifying Assets of the type listed in Section 55(a) of the 1940 Act, unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the BDC's gross assets. The principal categories of Qualifying Assets relevant to our business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities purchased in transactions not involving any public offering from the issuer of such securities,
which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to
such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a
company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of
outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a
director/trustee of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is a small and solvent company having gross assets of not more than $4.0 million and capital and surplus
of not less than $2.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities of any eligible portfolio company which the Fund controls.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an
affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities received in exchange for or distributed on or with respect to securities described in
(1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less
from the time of investment.

If at any time less than 70% of the Fund's gross assets are comprised of Qualifying Assets, including as a result of an increase in the value of any non-Qualifying Assets or decrease in the value of any Qualifying Assets, the Fund would generally not be permitted to acquire any additional non-Qualifying Assets, other than office furniture and equipment, interests in real estate and leasehold improvements and facilities maintained to conduct the business operations of the BDC, deferred organization and operating expenses, and other non-investment assets necessary and appropriate to its operations as a BDC, until such time as 70% of our then current gross assets were comprised of Qualifying Assets. The Fund would not be required, however, to dispose of any non-Qualifying Assets in such circumstances.

***Managerial Assistance to Portfolio Companies***

In addition, a BDC must have been organized and have its principal place of business in the U.S. and must be operated for the purpose of making investments in the types of securities described above in Qualifying Assets categories (1), (2) or (3). However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above in Qualifying Assets category (1)(c)(iv)) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or trustees, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

***Temporary Investments***

Pending investment in other types of Qualifying Assets, as described above, the Fund's investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which the Fund refers to, collectively, as temporary investments, so that 70% of our assets are Qualifying Assets. Typically, the Fund will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as the Fund, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price, which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of the Fund's assets that may be invested in such repurchase agreements. However, if more than 25% of the Fund's gross assets constitute repurchase agreements from a single counterparty, the Fund would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus, the Fund does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser monitors the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

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***Senior Securities***

The Fund is generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to its Shares if its asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On August 31, 2022, the sole shareholder of the Fund approved a resolution to adopt the reduced minimum asset coverage ratio of 150%. In addition, while any senior securities remain outstanding, the Fund must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless the Fund meets the applicable asset coverage ratios at the time of the distribution or repurchase. The Fund may also borrow amounts up to 5% of the value of our gross assets for temporary or emergency purposes without regard to asset coverage. In addition, the Fund's borrowings shall not exceed 60% of the Fund's net asset value, as measured immediately after any such borrowings.

***Code of Ethics***

The Fund and the Adviser have adopted a joint code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act that establishes procedures for personal investments and restricts certain transactions by the Fund's and the Adviser's personnel. The code of ethics generally does not permit investments by the Fund's and the Adviser's employees in securities that may be purchased or held by the Fund.

***Compliance Policies and Procedures***

The Fund and the Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures.

***Sarbanes-Oxley Act of 2002***

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 of the Exchange Act, our chief executive
officer and chief financial officer must certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, our periodic reports must
disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the Exchange Act, our management must
prepare an annual report regarding its assessment of our internal control over financial reporting and, starting from the date on which we cease to be an emerging growth company under the JOBS Act, must obtain an audit of the effectiveness of
internal control over financial reporting performed by our independent registered public accounting firm should we become an accelerated filer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal control over financial reporting or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

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***Proxy Voting Policies and Procedures***

The Fund has delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be reviewed periodically by the Adviser and the Fund's Independent Trustees, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interest of its clients. As part of this duty, the Fund recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interest of the Fund's clients.

These policies and procedures for voting proxies for our investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

*Proxy Policies* 

The Adviser will vote proxies relating to the Fund's portfolio securities in what the Adviser perceives to be the best interest of the Adviser's clients'. The Adviser will review on a case-by-case basis each proposal submitted to a shareholder vote to determine its impact on the portfolio securities held by the Adviser's clients. Although the Adviser will generally vote against proposals that may have a negative impact on the Fund's portfolio securities, the Adviser may vote for such a proposal if there exist compelling long-term reasons to do so.

The Adviser's proxy-voting decisions will be made by the senior officers who are responsible for monitoring each of the Fund's investments. To ensure that the Adviser's vote is not the product of a conflict of interest, the Adviser will require that: (1) anyone involved in the decision-making process disclose to the Adviser's management any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision-making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

*Proxy Voting Records* 

You may obtain information about how we voted proxies by making a written request for proxy voting information to: Investcorp US Institutional Private Credit Fund, 280 Park Avenue, 39th Floor, New York, New York 10017.

***Privacy Principles***

We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Pursuant to our privacy policy, we do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third-party administrator).

We may collect non-public information about investors from our subscription agreements or other forms, such as name, address, account number and the types and amounts of investments, and information about transactions with us or our affiliates, such as participation in other investment programs, ownership of certain types of accounts or other account data and activity. We may disclose the information that we collect from our shareholders or former shareholders, as described above, only to our affiliates and service providers and only as allowed by applicable law or regulation. Any party that receives this information uses it only for the services required by us and as allowed by applicable law or regulation, and is not permitted to share or use this information for any other purpose. To protect the non-public personal information of individuals, we restrict

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access to non-public personal information about our shareholders to employees of the Adviser and its affiliates with a legitimate business need for the information. In order to guard our shareholders' non-public personal information, we maintain physical, electronic and procedural safeguards that are designed to comply with applicable law. Non-public personal information that we collect about our shareholders is generally stored on secured servers located in the U.S. An individual shareholder's right to privacy extends to all forms of contact with us, including telephone, written correspondence and electronic media, such as the Internet.

***Reporting Obligations***

We furnish our shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, as well as reports on Forms 3, 4 and 5 regarding trustees, officers or 10% beneficial owners of us, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Exchange Act, will be made available to investors.

Shareholders and the public may also read and copy any materials we file with the SEC. The SEC maintains a website (http://www.sec.gov) that contains such information.

***JOBS Act***

We will be, and expect to remain, an "emerging growth company," as defined in the JOBS Act, until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year in which the fifth anniversary of the date of the first sale of common equity
securities pursuant to an effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the end of the fiscal year in which our total annual gross revenues first equal or exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our Common Shares
held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter and (2) have been an
Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

Under the JOBS Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), we are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as we cease to be an emerging growth company and become an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to take advantage of the extended transition period.

**Certain Tax Considerations** 

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and to an investment in our Shares. This discussion is based on the provisions of the Code and U.S. Treasury regulations, each as in effect as of the date of this Registration Statement.

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These provisions are subject to differing interpretations and change by legislative or administrative action, and any change may be retroactive. This discussion does not constitute a detailed explanation of all U.S. federal income tax aspects affecting us and our shareholders and does not purport to deal with the U.S. federal income tax consequences that may be important to particular shareholders in light of their individual investment circumstances or to some types of shareholders subject to special tax rules, such as financial institutions, broker-dealers, insurance companies, tax-exempt organizations, partnerships or other pass-through entities, persons holding our Shares in connection with a hedging, straddle, conversion or other integrated transaction, Non-U.S. shareholders (as defined below) engaged in a trade or business in the U.S., persons who have ceased to be U.S. citizens or to be taxed as resident aliens or individual Non-U.S. shareholders present in the U.S. for 183 days or more during a taxable year. This discussion also does not address any aspects of U.S. estate or gift tax or foreign, state or local tax. This discussion assumes that our shareholders hold their shares of our Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No ruling has been or will be sought from the Internal Revenue Service ("IRS") regarding any matter discussed herein.

A "U.S. shareholder" is a beneficial owner of our Shares that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized in or under the laws of the U.S., any state therein or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust, if a court within the U.S. is able to exercise primary supervision over the administration of the trust
and one or more U.S. persons have authority to control all substantial decisions of the trust or the trust was in existence on August 20, 1996, was treated as a U.S. person prior to that date, and has made a valid election to be treated as a
U.S. person.

A "Non-U.S. shareholder" means a beneficial owner of our Shares that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a nonresident alien individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign estate or trust.

If a partnership or other entity classified as a partnership, for U.S. federal income tax purposes, holds our Shares, the U.S. tax treatment of the partnership and each partner generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. A partnership considering an investment in our Shares should consult its own tax advisers regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of shares by the partnership.

Tax matters are very complicated and the tax consequences to an investor of an investment in our Shares will depend on the facts of his, her or its particular situation. We encourage investors to consult their own tax advisers regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty, and the effect of any possible changes in the tax laws.

**Taxation of the Fund** 

We have elected to be treated as a RIC under Subchapter M of the Code for the fiscal year ending June 30, 2023 (or as soon thereafter as is reasonably practicable) and intend to qualify for treatment as a RIC annually thereafter. As a RIC, we generally will not be required to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we timely distribute to our shareholders as dividends.

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To qualify as a RIC, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualify to be regulated as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to
certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to our business of investing in stock, securities or currencies, or net income derived from an interest
in a "qualified publicly traded partnership" ("QPTP") (the "90% Gross Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify our holdings so that, at the end of each quarter of each taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of our total assets is represented by cash and cash items, U.S. government securities,
the securities of other RICs and other securities, with other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of our total assets and not more than 10% of the outstanding voting securities of such
issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not more than 25% of the value of our total assets is invested in the securities of any issuer (other than U.S.
government securities and the securities of other RICs), the securities of any two or more issuers that we control, as determined under applicable Code rules, and that are determined to be engaged in the same business or similar or related trades or
businesses, or the securities of one or more QPTPs (the "Diversification Tests").

As a RIC, we (but not our shareholders) are generally not subject to U.S. federal income tax on investment company taxable income and net capital gains that we timely distribute to our shareholders in any taxable year with respect to which we distribute an amount equal to at least 90% of the sum of our (i) investment company taxable income (which includes, among other items, dividends, interest and the excess of any net realized short-term capital gains over net realized long-term capital losses and other taxable income, other than any net capital gain, reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid and (ii) net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) (the "Annual Distribution Requirement"). We intend to distribute annually all or substantially all of such income. Generally, if we fail to meet this Annual Distribution Requirement for any taxable year, we will not be eligible for RIC tax treatment for such taxable year. To the extent we meet the Annual Distribution Requirement for a taxable year, but retain our net capital gains for investment or any investment company taxable income, we will be subject to U.S. federal income tax on such retained capital gains and investment company taxable income. We may choose to retain our net capital gains for investment or any investment company taxable income, and pay the associated corporate-level U.S. federal income tax, including the 4% U.S. federal excise tax described below.

We are subject to a nondeductible 4% U.S. federal excise tax on certain of our undistributed income, unless we timely distribute (or are deemed to have timely distributed) each calendar year an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 98% of our ordinary net income (not taking into account any capital gains or losses, but taking into
account certain deferrals and elections) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary
losses) for a one-year period ending on October 31 of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of any net ordinary income and net capital gains that we recognized in previous years but were not
distributed during such years and on which we paid no corporate-level U.S. federal income tax.

While we intend to timely distribute any income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not be successful in avoiding entirely the imposition of this tax. In that case, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

We are authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our shareholders while our debt obligations and any

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other senior securities are outstanding unless we meet the applicable asset coverage ratios. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or to avoid the 4% U.S. federal excise tax, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through to its shareholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may, for U.S. federal income tax purposes, have aggregate taxable income for several years that we are required to distribute and that is taxable to our shareholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, shareholders may receive a larger capital gain distribution than they would have received in the absence of such transactions.

**Failure to Qualify as a RIC** 

While we have elected, and expect to qualify, to be treated as a RIC for the fiscal year ending June 30, 2023 and intend to qualify to be treated as a RIC annually thereafter, no assurance can be provided that we will qualify as a RIC for any taxable year. For example, we anticipate that we may have difficulty satisfying the Diversification Tests as we deploy initial capital and build our portfolio. Provided that we satisfy the Diversification Tests for at least one quarter, we generally will not lose our status as a RIC as long as we do not acquire any non-qualifying securities or other property, however, under certain circumstances we may be deemed to have made an acquisition of non-qualifying securities or other property. If we have previously qualified as a RIC, but were subsequently unable to qualify for treatment as a RIC, and certain amelioration provisions are not applicable, we would be subject to U.S. federal income tax on all of our taxable income (including our net capital gains) at regular corporate rates. We would not be able to deduct distributions to shareholders, nor would distributions to shareholders be required to be made for U.S. federal income tax purposes. Distributions, including distributions of net long-term capital gain, would generally be taxable to our shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, certain corporate U.S. shareholders would be eligible to claim a dividends received deduction with respect to such dividends; non-corporate U.S. shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, we would be required to distribute all of our previously undistributed earnings attributable to the period we failed to qualify as a RIC by the end of the first year that we intend to requalify as a RIC. If we fail to requalify as a RIC for a period greater than two taxable years, we may be subject to regular corporate-level U.S. federal income tax on any net built-in gains with respect to certain of our assets (*i.e.*, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five years.

The remainder of this discussion assumes that we qualify as a RIC for each taxable year.

**Fund Investments** 

Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions,

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including the dividends received deduction, (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause us to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not be qualifying income for purposes of the 90% Gross Income Test. We monitor our transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and to prevent disqualification of us as a RIC but there can be no assurance that we will be successful in this regard.

***Debt instruments.***

In certain circumstances, we may be required to recognize taxable income prior to the time at which we receive cash. For example, if we hold debt instruments that are treated under applicable tax rules as having OID (such as debt instruments with an end-of-term payment and/or PIK interest payment or, in certain cases, increasing interest rates or issued with warrants), we must include in taxable income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement and to avoid the 4% U.S. federal excise tax, even though we will not have received any corresponding cash amount.

***Warrants.***

Gain or loss realized by us from the sale or exchange of warrants acquired by us, as well as any loss attributable to the lapse of such warrants, generally are treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term generally depends on how long we held a particular warrant and on the nature of the disposition transaction.

***Foreign investments.***

In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the requirement to pass through to our shareholders their share of the foreign taxes paid by us.

***Passive Foreign Investment Companies.***

We may invest in the stock of a foreign corporation, which is classified as a "passive foreign investment company" within the meaning of Section 1297 of the Code ("PFIC"). In general, unless a special tax election has been made, we are required to pay U.S. federal income tax at ordinary income rates on any gains and "excess distributions" with respect to PFIC stock as if such items had been realized ratably over the period during which we held the PFIC stock, plus an interest charge. Certain adverse tax consequences of a PFIC investment may be limited if we are eligible to elect alternative tax treatment with respect to such investment. No assurances can be given that any such election will be available or that, if available, we will make such an election. Income inclusions from a PFIC investment for which we have made such an election will be qualifying income for purposes of the 90% Gross Income Test provided that they are derived in connection with our business of investing in stocks and securities or the PFIC for which we have made such an election distributes such income to us in the same taxable year in which the income is included in our income.

***Foreign currency transactions.***

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time we accrue income or other receivables or accrue expenses or other liabilities denominated in a foreign currency and

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the time we actually collect such receivables or pay such liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt instruments and certain other instruments denominated in a foreign currency, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the instrument and the date of disposition also are treated as ordinary gain or loss. These currency fluctuations-related gains and losses may increase or decrease the amount of our investment company taxable income to be distributed to our shareholders as ordinary income.

***Section 163(j) Interest Dividends***

Certain distributions reported by us as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Code Section 163(j). Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that we are eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of our business interest income over the sum of our (i) business interest expense and (ii) other deductions properly allocable to our business interest income.

**Taxation of U.S. Shareholders** 

Distributions by us (other than return of capital distributions) generally are taxable to U.S. shareholders as ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. shareholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares of our Shares. To the extent such distributions paid by us to non-corporate U.S. shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") may be eligible for a reduced maximum U.S. federal income tax rate of 15% or 20%, depending on whether the individual shareholder's income exceeds certain threshold amounts. In this regard, it is anticipated that distributions paid by us generally will not be attributable to dividends and, therefore, generally will not qualify for the 15% or 20% maximum rate applicable to Qualifying Dividends.

Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. shareholder as long-term capital gains, which are currently taxable at a maximum rate of 20% in the case of individuals or estates, regardless of the U.S. shareholder's holding period for his, her or its common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our current and accumulated earnings and profits first will reduce a U.S. shareholder's adjusted tax basis in such U.S. shareholder's common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. shareholder.

Although we currently intend to distribute any net long-term capital gains at least annually, we may, in the future, decide to retain some or all of our net long-term capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will pay U.S. federal income tax on the retained amount, each U.S. shareholder will be required to include their share of the deemed distribution in income as if it had been distributed to the U.S. shareholder, and the U.S. shareholder will be entitled to claim a credit equal to their allocable share of the U.S. federal income tax paid on the deemed distribution by us. The amount of the deemed distribution net of such tax will be added to the U.S. shareholder's tax basis for their common stock. If the amount that a shareholder is treated as having paid and for which it receives a credit exceeds the U.S. federal income tax such shareholder owes on the retained net capital gain, such excess generally may be claimed as a credit against the U.S. shareholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds the shareholder's liability for U.S. federal income tax. A shareholder that is not

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subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to our shareholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

We or the applicable withholding agent will provide you with a notice reporting the amount of any ordinary income dividends (including the amount of such dividend, if any, eligible to be treated as qualified dividend income) and capital gain dividends by January 31. For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, if we pay you a dividend in January which was declared in the previous October, November or December to shareholders of record on a specified date in one of these months, then the dividend will be treated for tax purposes as being paid by us and received by you on December 31 of the year in which the dividend was declared. If a U.S. shareholder purchases our Shares shortly before the record date of a distribution, the price of the shares will include the value of the distribution and the shareholder will be subject to U.S. federal income tax on the distribution even though it represents a return of the shareholder's investment.

***Dispositions.***

A U.S. shareholder generally will recognize gain or loss on the sale, exchange or other taxable disposition of shares of our Shares in an amount equal to the difference between the U.S. shareholder's adjusted basis in the shares disposed of and the amount realized on their disposition. Generally, gain recognized by a U.S. shareholder on the disposition of shares of our Shares will result in capital gain or loss to a U.S. shareholder, and will be a long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss recognized by a U.S. shareholder upon the disposition of shares of our Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by the U.S. shareholder. All or a portion of any loss recognized by a U.S. shareholder on a disposition of shares of our Shares may be disallowed as a deduction if the U.S. shareholder acquires additional shares of our Shares (whether through reinvestment of distributions or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed. In this case, the basis of the shares acquired will be increased to reflect the disallowed loss.

***Medicare Tax on Net Investment Income***

A U.S. shareholder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will generally be subject to a 3.8% Medicare tax on the lesser of (1) the U.S. shareholder's "net investment income" (or "undistributed net investment income" for an estate or trust) for a taxable year and (2) the excess of the U.S. shareholder's modified adjusted gross income for such taxable year a certain threshold, which for individuals is over $200,000 in the case of single filers ($250,000 in the case of joint filers). For these purposes, "net investment income" will generally include taxable distributions and deemed distributions paid with respect to Shares and net gain attributable to the disposition of Shares (in each case, unless such Shares are held in connection with certain trades or businesses) but will be reduced by any deductions properly allocable to such distributions or net gain.

***Tax shelter reporting regulations.***

Under applicable U.S. Treasury regulations, if a U.S. shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate U.S. shareholder or $10 million or more for a corporate U.S. shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. shareholder must file with the

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IRS a disclosure statement on Form 8886. Direct U.S. shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. U.S. shareholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

***Backup withholding.***

We are required, in certain circumstances, to backup withhold, at a current rate of 24%, on taxable dividends or distributions paid to non-corporate U.S. shareholders who do not furnish us or the dividend-paying agent with their correct taxpayer identification number (in the case of individuals, their social security number) and certain certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to you may be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

***Limitation on deduction for certain expenses.***

For any period that we do not qualify as a "publicly offered regulated investment company," as defined in the Code, shareholders will be taxed as though they received a distribution of some of our expenses. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC immediately after this offering; we may qualify as a publicly offered RIC for future taxable years, but certainty cannot be provided. If we are not a publicly offered RIC for any period, a non-corporate U.S. shareholder's allocable portion of our affected expenses, including our management fees, will be treated as an additional distribution to the shareholder and will be deductible by such shareholder only to the extent permitted under the limitations described below. The ability of non-corporate taxpayers to deduct such expenses, referred to as miscellaneous itemized deductions, will be subject to significant limitations. In particular, for taxable years beginning before January 1, 2026, non-corporate shareholders, including individuals, trusts, and estates generally will not be entitled to a deduction for such expenses, and for taxable years beginning after December 31, 2025, these expenses will be deductible to non-corporate taxpayers only to the extent they exceed 2% of such a shareholder's adjusted gross income.

***U.S. Taxation of tax-exempt U.S. shareholders.***

A U.S. shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. shareholder of the activities we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. shareholder generally should not be subject to U.S. federal income taxation solely as a result of the shareholder's direct or indirect ownership of Shares and receipt of distributions with respect to such Shares (regardless of whether we incur indebtedness), assuming such shareholder does not debt finance its purchase of the Shares. Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. shareholder. Therefore, a tax-exempt U.S. shareholder should not be treated as earning income from "debt-financed property" and distributions we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate investment trusts or other taxable mortgage pools, which we do not currently plan to do, that could result in a tax-exempt U.S. shareholder recognizing income that would be treated as UBTI.

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**Taxation of Non-U.S. Shareholders** 

The following discussion only applies to certain Non-U.S. shareholders. Whether an investment in shares of our Shares is appropriate for a Non-U.S. shareholder will depend upon that person's particular circumstances. An investment in shares of our Shares by a Non-U.S. shareholder may have adverse tax consequences. Non-U.S. shareholders should consult their own tax advisers before investing in shares of our Shares.

In general, Non-U.S. shareholders that are not otherwise engaged in a U.S. trade or business will not be subject to U.S. federal income tax on distributions paid by us. However, distributions of our "investment company taxable income" generally are subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable treaty, assuming the Non-U.S. shareholder provides the required documentation evidencing its eligibility for such lower rate) to the extent of our current or accumulated earnings and profits unless an applicable exception applies. No withholding is required with respect to such distributions if (i) the distributions are properly reported to our shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. We anticipate that distributions of some or all of investment company taxable income will be reported as interest-related dividends or short-term capital gain dividends that are exempt from withholding, but no assurance can be provided that any of our distributions will qualify for this exemption.

If any distributions of our investment company taxable income are effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment of the Non-U.S. shareholder in the U.S.), we will not be required to withhold U.S. federal income tax from such distributions if the Non-U.S. shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements apply to a Non-U.S. shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisers.

Actual or deemed distributions of our net capital gains to a Non-U.S. shareholder, properly reported by us as capital gain dividends and gains realized by a Non-U.S. shareholder upon the sale or redemption of our Shares generally will not be subject to U.S. federal or withholding income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. shareholder in the U.S.) or, in the case of an individual, the Non-U.S. shareholder was present in the U.S. for 183 days or more during the taxable year and certain other conditions are met.

If we distribute our net capital gains in the form of deemed rather than actual distributions, a Non-U.S. shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the corporate-level U.S. federal income tax we pay on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

If any actual or deemed distributions of our net capital gains, or any gains realized upon the sale or redemption of our Shares, are effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment of the Non-U.S. shareholder in the U.S.), such amounts will be subject to U.S. federal income tax, on a net income basis, in the same manner, and at the graduated rates applicable to, a U.S. shareholder. For a corporate Non-U.S. shareholder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale or redemption of our Shares that are effectively connected to a U.S. trade or business (and, if an income treaty applies, are attributable to a permanent establishment in the U.S.), may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty). Accordingly, investment in our Shares may not be appropriate for certain Non-U.S. shareholders.

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Non-U.S. persons should consult their own tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in our Shares.

If we were unable to qualify for treatment as a RIC, any distributions by us would be treated as dividends to the extent of our current and accumulated earnings and profits. We would not be eligible to report any such dividends as interest-related dividends, short-term capital gain dividends, or capital gain dividends. As a result, any such dividend paid to a Non-U.S. shareholder that is not effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, is attributable to a U.S. permanent establishment maintained by the Non-U.S. shareholder in the U.S.) would be subject to the 30% (or reduced applicable treaty rate) withholding tax discussed above regardless of the source of the income giving rise to such distribution. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Non-U.S. shareholder's tax basis, and any remaining distributions would be treated as a gain from the sale of the Non-U.S. shareholder's shares subject to taxation as discussed above. For the consequences to the Fund of failing to qualify as a RIC, see "*Failure to Qualify as a RIC*" above.

**Backup Withholding and Information Reporting** 

***U.S. shareholders.***

Information returns are required to be filed with the IRS in connection with dividends on our Shares and proceeds received from a sale or other disposition of our Shares to a U.S. shareholder unless the U.S. shareholder is an exempt recipient. U.S. shareholders may also be subject to backup withholding on these payments in respect of our Shares unless such U.S. shareholder provides its taxpayer identification number and otherwise complies with applicable requirements of the backup withholding rules or provides proof of an applicable exemption.

***Non-U.S. shareholders.***

Information returns are required to be filed with the IRS in connection with payment of dividends on our Shares to Non-U.S. shareholders. Unless a Non-U.S. shareholder complies with certification procedures to establish that it is not a U.S. person, information returns may also be filed with the IRS in connection with the proceeds from a sale or other disposition of the Shares. A Non-U.S. shareholder who is a nonresident alien individual, and who is otherwise subject to withholding of U.S. federal income tax, may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. shareholder provides us or the dividend paying agent with an IRS Form W-8BEN or IRS Form W-8BEN-E (or an acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. shareholder or otherwise establishes an exemption from backup withholding.

Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against a U.S. shareholder's or Non-U.S. shareholder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

**FATCA** 

Legislation commonly referred to as the Foreign Account Tax Compliance Act ("FATCA") generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either: (i) enter into an agreement with the U.S. Department of Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While existing U.S. Treasury regulations would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury

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Department has indicated in subsequent proposed regulations its intent to eliminate this requirement. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the holder's account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on payments to foreign entities that are not FFIs unless such foreign entities certify that they do not have a greater than 10% U.S. owner or provide the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a Non-U.S. shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. shareholders could be subject to this 30% withholding tax with respect to distributions on their shares and potentially proceeds from the sale of their shares. Under certain circumstances, a Non-U.S. shareholder might be eligible for refunds or credits of such taxes.

**Certain ERISA Considerations** 

ERISA imposes certain requirements on "employee benefit plans" (as defined in ERISA) that are subject to the fiduciary responsibility provisions of Title I of ERISA, as well as entities whose underlying assets include the assets of such plans (collectively, "ERISA Plans"), and on those persons who are fiduciaries with respect to ERISA Plans. Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of an ERISA Plan and of other "plans" that are subject to Section 4975 of the Code, such as individual retirement accounts (together with ERISA Plans, "Plans"), and certain persons (referred to as "parties in interest" under ERISA or "disqualified persons" under the Code) having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and Section 4975 of the Code. Each purchaser of Shares that is or may become a Plan is responsible for determining the extent, if any, to which the purchase and holding of Shares will constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, and otherwise for determining compliance with ERISA and Section 4975 of the Code.

The U.S. Department of Labor has promulgated the U.S. Department of Labor regulation Section 2510.3-101 (as modified by Section 3(42) of ERISA, the "Plan Assets Regulation"), which describes when an entity would be deemed to constitute "plan assets" within the meaning of ERISA or Section 4975 of the Code. Under the Plan Assets Regulation, when a Plan acquires an equity interest in an entity that is neither a "publicly-offered security" nor a security issued by an investment company registered under the 1940 Act, the assets of the Plan are deemed to include both such equity interest and also an undivided interest in each of the underlying assets of such entity, unless it is established that: (i) the entity is an "operating company," including a "venture capital operating company" as defined in the Plan Assets Regulation; or (ii) Benefit Plan Investors (as defined below) in the aggregate hold less than 25% of the total value of each class of equity interest in the entity (the "**25% Test**"). If the underlying assets of the entity were deemed to constitute "plan assets" subject to ERISA, the obligations and other responsibilities of Plan sponsors, Plan fiduciaries and Plan administrators, and of parties in interest and disqualified persons, under Parts 1 and 4 of Subtitle B of Title I of ERISA and Section 4975 of the Code, as applicable, may be expanded, and there may be an increase in their liability under these and other provisions of ERISA and the Code (except to the extent (if any) that a favorable statutory or administrative exemption or exception applies); in addition, various providers of fiduciary or other services to the entity, and any other parties with authority or control with respect to the entity, could be deemed to be Plan fiduciaries or otherwise parties in interest or disqualified persons by virtue of their provision of such services (and there could be an improper delegation of authority to such providers).

For purposes of the Plan Assets Regulation, (i) an "equity interest" includes any interest in an entity other than an instrument that is treated as indebtedness under applicable local law and which has no substantial equity features, and (ii) "Benefit Plan Investor" means (x) any "employee benefit plan" (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, (y) any "plan" as defined in and subject to Section 4975 of the Code, or (z) any entity whose underlying assets are deemed for purposes of ERISA or Section 4975 of the Code to include "plan assets" by reason of investment in the entity by other Benefit Plan

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Investors or otherwise. For purposes of determining compliance with the 25% Test, the value of equity interests held by a person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such entity's assets, or an affiliate of such person (any of the foregoing a "Controlling Person") is disregarded. An entity in which Benefit Plan Investors exceed the 25% Test is considered for various purposes to hold "plan assets" only to the extent of the percentage of its equity interests that are held by Benefit Plan Investors.

The Plan Assets Regulation defines the term "publicly-offered security" as a security that is "widely-held," "freely transferrable" and either part of a class of securities registered under the Exchange Act or sold pursuant to an effective registration statement under the Securities Act if the securities are registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the public offering occurred. A security is considered "widely-held" only if it is part of a class of securities that is owned by 100 or more investors independent of the issuer and of one another. A security will not fail to be "widely-held" because the number of independent investors falls below 100 subsequent to the initial public offering as a result of events beyond the issuer's control. The Plan Assets Regulation provides that whether a security is "freely transferable" is a factual question to be determined on the basis of all relevant facts and circumstances. It is noted that the Plan Assets Regulation only establishes a presumption in favor of the finding of free transferability where the restrictions are consistent with the particular types of restrictions listed in the Plan Assets Regulation.

In order to attempt to prevent the underlying assets of the Fund from being treated as "plan assets" for purposes of ERISA or Section 4975 of the Code prior to the time at which our Shares would be considered a "publicly-offered security" under the Plan Assets Regulation, the Fund will use commercially reasonable efforts to limit investment by Benefit Plan Investors to less than 25% of the value of each class of equity interests in the Fund, based upon assurances received from investors. Prospective investors will be required to represent whether they are, or are not and will not be, a Benefit Plan Investor or Controlling Person. In addition, the Fund reserves the right to exclude one or more Benefit Plan Investors from, or limit or reduce the size of new or existing investments by such investors in, the Fund (including by rejecting subscriptions for shares by, or transfers of Shares to, any such investors or by repurchasing Shares from such shareholders) if the Adviser determines, in its sole discretion, that any such action is necessary or advisable to prevent the underlying assets of the Fund from being treated as "plan assets." If Shares would qualify as a publicly-offered security, the Fund's underlying assets would not be considered to be plan assets, as discussed above.

This summary does not include a discussion of any laws that may apply to employee benefit plans that are not subject to ERISA or Section 4975 of the Code. Such plans (and entities in which they invest, as applicable) should consult their own professional advisors about any laws applicable thereto.

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| **Item 1A.** | ***Risk Factors.***  |

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*Investing in our Shares involves a number of significant risks. Before you invest in our Shares, you should be aware of various risks, including those described below. The risks set out below are the principal risks with respect to an investment in our Shares generally and with respect to a BDC with investment objectives, investment policies and capital structures similar to ours. However, they may not be the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value could decline, and you may lose all or part of your investment.* 

**Risks Relating to Our Business and Structure** 

***We have a limited operating history as a BDC.***

We commenced operations on May 26, 2022 and have a limited operating history as a BDC. As a result, we are subject to many of the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objective and that the value of your investment could decline substantially. As a BDC, we will be subject to the regulatory requirements of the SEC, in addition to the specific regulatory requirements applicable to BDCs under the 1940 Act and RICs under the Code. From time to time, the Adviser may pursue investment opportunities in which it has more limited experience. We may also be unable to replicate the historical performance of the members of the Investment Committee in prior investment funds. In addition, we may be unable to generate sufficient revenue from our operations to make or sustain distributions to our shareholders.

***We depend upon our executive officers and the Investment Team and members of the Investment Committee, in particular, Messrs. Mauer and Shaikh, for our success and upon our Adviser's access to such individuals pursuant to the Staffing Agreement. If our Adviser were to lose such access, our ability to achieve our investment objective could be significantly harmed.***

The Adviser has entered into the Staffing Agreement with Investcorp (the "Staffing Agreement"). Pursuant to the Staffing Agreement, Investcorp makes, subject to the terms of the Staffing Agreement, its investment and portfolio management and monitoring teams available to our Adviser. The Staffing Agreement will (i) provide us with access to deal flow generated by Investcorp in the ordinary course of its business; (ii) provide us with access to Investcorp's investment professionals, including its investment team led by Messrs. Mauer and Shaikh, and Investcorp's non-investment employees; and (iii) commit the members of Investcorp's investment committee to serve as members of the Investment Committee. We depend on the diligence, skill and network of business contacts of the Investment Team and our executive officers to achieve our investment objective. We cannot assure you that Investcorp will fulfill its obligations under the Staffing Agreement. Further, the Staffing Agreement may be terminated with 60 days' prior written notice, and we cannot assure you that the Staffing Agreement will not be terminated by Investcorp or that the Adviser will continue to have access to the professionals of Investcorp or its information and deal flow. The loss of any such access would limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows.

***Our business model depends to a significant extent upon our Adviser's network of relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.***

We depend upon the Adviser to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or members

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of the Investment Team fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future.

***Our success will depend on the ability of the Adviser to attract and retain qualified personnel in a competitive environment.***

Our growth will require that the Adviser retain and attract new investment and administrative personnel in a competitive market. Its ability to attract and retain personnel with the requisite credentials, experience and skills will depend on several factors including, but not limited to, the continuance of the Staffing Agreement, its ability to offer competitive wages, benefits and professional growth opportunities. Many of the entities, including investment funds (such as private equity funds and mezzanine funds) and traditional financial services companies, with which the Adviser will compete for experienced personnel may have greater resources than it will have.

***There are significant potential conflicts of interest that could negatively affect our investment returns.***

There may be times when the Adviser or the members of the Investment Team have interests that differ from those of our shareholders, giving rise to conflicts of interest. The members of the Investment Committee and the Investment Team serve, or may serve, as officers, trustees, members, or principals of entities that operate in the same or a related line of business as we do or of investment funds, accounts, or investment vehicles managed by the Adviser, Investcorp or their affiliates. Similarly, the Adviser or the members of the Investment Team may have other clients with similar, different or competing investment objectives. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our shareholders. In addition, the Adviser and some of its affiliates, including our officers and our non-Independent Trustees, are not prohibited from raising money for, or managing, another investment entity that makes the same types of investments as those we target.

***The members of the Investment Team may, from time to time, possess material non-public information, limiting our investment discretion.***

Members of the Investment Team may serve as trustees or directors of, or in a similar capacity with, portfolio companies in which we invest. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us.

***We may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.***

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. If we use leverage to partially finance our investments through banks, insurance companies and other lenders, you will experience increased risks of investment in our Shares. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common shareholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to our Shares or preferred stock.

Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ

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will depend on the Adviser's and the Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash.

***We may default under the Capital One Revolving Financing Agreement or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.***

In the event we default under the Capital One Revolving Financing Agreement or any future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at prices that may be disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Provisions in the Capital One Revolving Financing Agreement or any future borrowing facility may limit our discretion in operating our business.***

The Capital One Revolving Financing Agreement is secured by collateral consisting primarily of loans in our investment portfolio. Any future borrowing facility may also be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any future debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, security interests, as well as negative covenants under the Capital One Revolving Financing Agreement or any future borrowing facility, limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under the Capital One Revolving Financing Agreement or any future borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under such future borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make shareholder distributions.

In addition, under the Capital One Revolving Financing Agreement or any future borrowing facility, we are subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage, which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum

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portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under any future borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under any future borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.

***Because we intend to borrow money to make our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income.***

Because we intend to borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions.

In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income and, as a result, an increase in incentive fees payable to the Adviser.

***Our financial condition and results of operations will depend on our ability to effectively manage and deploy capital.***

Our ability to achieve our investment objective will depend on our ability to effectively manage and deploy capital, which will depend, in turn, on the Adviser's ability to identify, evaluate and monitor, and our ability to finance and invest in, companies that meet our investment criteria.

Accomplishing our investment objective on a cost-effective basis will largely be a function of the Adviser's handling of the investment process, its ability to provide competent, attentive and efficient services and our access to investments offering acceptable terms. In addition to monitoring the performance of our existing investments, the Investment Team will also be called upon, from time to time, to provide managerial assistance to some of our portfolio companies. These demands on their time may distract them or slow the rate of investment.

Even if we are able to grow and build upon our investment portfolio, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described herein, it could negatively impact our ability to pay dividends.

***The involvement of our Interested Trustees in the valuation process may create conflicts of interest.***

We expect to make most of our Portfolio Investments in the form of loans and securities that are not publicly traded and for which there are limited or no market based price quotations available. As a result, the Board will determine the fair value of these loans and securities in good faith. In connection with that determination, investment professionals from the Adviser may provide the Board with valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. While the valuation for each portfolio investment will be reviewed by an independent valuation firm quarterly, the ultimate determination of fair value will be made by the Board and not by such third-party valuation firm. In

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addition, Mr. Mauer is an interested member of the Board. The participation of the Adviser's investment professionals in our valuation process could result in a conflict of interest as the Adviser's incentive fees will be based, in part, on realized gains and losses.

***We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.***

A number of entities compete with us to make the types of investments that we make. We compete with public and private funds, other BDCs, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective.

With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors' pricing, terms and structure. However, if we match our competitors' pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss.

***Our distributions to shareholders may be funded, in part, from waivers of investment advisory fees by the Adviser.***

To the extent, any distributions by us are funded through waivers of the incentive fee portion of our investment advisory fees such distributions will not be based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to waive such fees. Any such waivers in no way imply that the Adviser will waive incentive fees in any future period. There can be no assurance that we will achieve the performance necessary or that the Adviser will waive all or any portion of the incentive fee necessary to be able to pay distributions at a specific rate or at all.

***Investors may fail to pay their undrawn Capital Commitment.***

If an investor fails to pay any amount of its Capital Commitment when called, other investors who have an undrawn Capital Commitment may be required to fund their respective Capital Commitment sooner and in a greater amount (but not more than their undrawn Capital Commitment) than they otherwise would have absent such a default.

In addition, if funding of Capital Commitments by other investors and borrowings by the Company are inadequate to cover defaulted Capital Commitments, the Company may make fewer investments than if all investors had paid their contributions. Additionally, the Company may be forced to obtain substitute sources of liquidity by selling investments to meet the Company's funding obligations. Such forced sales of investment assets by the Company may be at disadvantageous prices. In addition, if the Company is not able to obtain substitute sources of liquidity, the Company may default on its funding obligations.

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***Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.***

As a result of the annual distribution requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Currently, we may issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to issue equity securities up to the one-year anniversary of the Initial Closing, which may lead to shareholder dilution.

We may borrow to fund investments. If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.***

Derivative contracts include total return swaps and embedded derivatives in notes payable. The Fund may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or "cover" open positions pursuant to, certain derivatives contracts that involve potential future payment obligations (the "Derivatives Rule"). The Derivatives Rule will require a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR ("value-at-risk") test, and to report its derivative activity to its board of directors/trustees on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets.

***If we do not invest a sufficient portion of our assets in Qualifying Assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.***

As a BDC, we may not acquire any assets other than Qualifying Assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are Qualifying Assets, primarily in private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities, and other high quality debt investments that mature in one year or less.

We believe that most of the investments that we may acquire in the future will constitute Qualifying Assets. However, we may be precluded from investing in what we believe to be attractive investments if such investments are not Qualifying Assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in Qualifying Assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition,

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results of operations and cash flows. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants.

If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility.

***We will expend significant financial and other resources to comply with the requirements of being a public entity.***

As a public entity, we will be subject to the reporting requirements under the Exchange Act and requirements under the Sarbanes-Oxley Act. These requirements may place a strain on our systems and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. To maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight will be required. We will be implementing additional procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We expect to incur significant additional annual expenses related to these steps and, among other things, trustees' and officers' liability insurance, director/trustee fees, reporting requirements of the SEC, transfer agent fees, increased auditing and legal fees and similar expenses.

The systems and resources necessary to comply with public company reporting requirements will increase further once we cease to be an "emerging growth company" under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We expect to remain an emerging growth company for up to five years following the completion of any initial public offering or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) June 30th of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act which would occur if the market value of Shares that are held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period.

***We do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404 of the Sarbanes-Oxley Act, and failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and Shares.***

We have not previously been required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and we will not be required to comply with all of those requirements until we have been subject to the reporting requirements under the Exchange Act for a specified period of time. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of addressing our internal controls over financial reporting and are establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within our organization.

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Additionally, we have not begun the process of documenting our internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of our internal controls over financial reporting. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. As a public entity, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting. This could materially adversely affect us.

***Most of our portfolio investments will be recorded at fair value as determined in good faith by the Board, and, as a result, there may be uncertainty as to the value of our portfolio investments.***

Most of our portfolio investments will take the form of loans or securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by the Board, including reflecting significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under the Financial Accounting Standards Board Accounting Standards Codification Topic 820: *Fair Value Measurements and Disclosures*. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our Portfolio Investments require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of independent service providers to review the valuation of these loans and securities. The types of factors that the Board may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities.

We adjust quarterly the valuation of our portfolio to reflect the Board's determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

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***Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval.***

Our Board has the authority, except as otherwise provided in the 1940 Act, to modify or waive our investment objective or certain of our operating policies and strategies without prior notice and without shareholder approval. However, absent shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business or operating results. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our shareholders.

The fiduciary of each prospective investor subject to ERISA, Section 4975 of the Code and similar laws should independently determine that Shares in the Fund are an appropriate investment for such investor, taking into account all fiduciary responsibilities under ERISA or similar laws and the facts and circumstances of each such investor. Prospective investors that are subject to ERISA or Section 4975 of the Code should read the section "*Certain ERISA Considerations."* in its entirety for a discussion of certain considerations related to an investment in the Fund by such investors.

***For any period that we do not qualify as a "publicly offered regulated investment company," as defined in the Code, shareholders will be taxed as though they received a distribution of some of our expenses.***

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC immediately after this offering; we may qualify as a publicly offered RIC for future taxable years, but no certainty can be provided. If we are not a publicly offered RIC for any taxable year, a non-corporate shareholder's allocable portion of our affected expenses, including our management fees, will be treated as an additional distribution to the shareholder and will be deductible by such shareholder only to the extent permitted under the limitations described below. The ability of non-corporate taxpayers to deduct such expenses, referred to as miscellaneous itemized deductions, will be subject to significant limitations. In particular, for taxable years beginning before January 1, 2026, non-corporate shareholders, including individuals, trusts, and estates generally will not be entitled to a deduction for such expenses, and for taxable years beginning after December 31, 2025, these expenses will be deductible to non-corporate taxpayers only to the extent they exceed 2% of such a shareholder's adjusted gross income for U.S. federal income tax purposes and not deductible for purposes of the alternative minimum tax.

***Shareholders may be subject to filing requirements under the Exchange Act as a result of an investment in us.***

Because our Shares will be registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Shares will have to be disclosed in a Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. Although we will provide in our quarterly statements the amount of outstanding Shares and the amount of the investor's Shares, the responsibility for determining the filing obligation and preparing the filing remains with the investor. In addition, owners of 10% or more of Shares are subject to reporting obligations under Section 16(a) of the Exchange Act.

***Failing to register for an exemption under federal and state securities laws.***

We intend to engage in an offering without registration under any U.S. federal or state securities laws in reliance on an exemption for "transactions by an issuer not involving any public offering." We believe reliance on such exemption is justified, there can be no assurance that factors such as the manner in which offers and sales are made, concurrent offerings by other companies, the scope of disclosure provided, failures to make notices, filings

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or changes in applicable laws, regulations or interpretations will not cause us to fail to qualify for such exemptions under U.S. federal or one or more states' securities laws. Failure to so qualify could result in the rescission of sales of common stock at prices higher than the current value of our Shares, thus resulting in a potentially material and adverse effect on our performance and business. Further, even non-meritorious claims that offers and sales of common stock were not made in compliance with applicable securities laws could materially and adversely affect our ability to conduct our business.

***There may be state licensing requirements.***

We may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

***The Adviser's failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on the Adviser, and thus, us.***

In light of recent scandals involving money managers, a number of U.S. states and municipal pension plans have adopted so-called "pay-to-play" laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including investments by public retirement funds. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation to a government client for two years after the Adviser or certain of its executives or employees make a contribution to certain elected officials or candidates. If the Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on the Adviser, and thus, us.

**Risks Relating to the Adviser or Its Affiliates** 

***Our incentive fee may induce the Adviser to pursue speculative investments and to use leverage when it may be unwise to do so.***

The incentive fee payable by us to the Adviser may create an incentive for the Adviser to purchase assets with borrowed funds when it is unwise to do so or to pursue investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The incentive fee payable to the Adviser will be calculated based on a percentage of our return on invested capital. The incentive fee arrangement may encourage the Adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our Shares. In addition, the Adviser will receive the incentive fee based, in part, upon net capital gains realized on our investments. As a result, in certain situations the Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

The Board is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interest associated with its management services and compensation. While the Board is not expected to review or approve each investment decision, borrowing or incurrence of leverage, our Independent Trustees will periodically review the Adviser's services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our Independent Trustees will consider whether our fees and expenses (including those related to leverage) remain appropriate. As a result of this arrangement, the Adviser may from time to time have interests that differ from those of our shareholders, giving rise to a conflict.

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***We may be obligated to pay the Adviser incentive compensation even if we incur a loss and may pay more than 12.50% of our net capital gains because we cannot recover payments made in previous years.***

The Adviser is entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation) above a threshold return for that quarter. Thus, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. If we pay an incentive fee of 12.50% of our realized capital gains (net of all realized capital losses and unrealized capital depreciation on a cumulative basis) and thereafter experience additional realized capital losses or unrealized capital depreciation, we will not be able to recover any portion of the incentive fee previously paid.

***PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of incentive fees payable by us to the Adviser.***

Certain of our debt investments contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, any receipt of PIK interest will have the effect of increasing our assets under management. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in our pre-incentive fee net investment income and, as a result, an increase in incentive fees that will be payable to the Adviser.

***A general increase in interest rates will likely have the effect of making it easier for the Adviser to receive incentive fees, without necessarily resulting in an increase in our net earnings.***

Given the structure of the Investment Advisory Agreement, any general increase in interest rates can be expected to lead to higher interest rates applicable to our debt investments and will likely have the effect of making it easier for the Adviser to meet the hurdle rate for payment of incentive fees under the Investment Advisory Agreement without any additional increase in relative performance on the part of the Adviser. This may occur without a corresponding increase in distributions to our shareholders. In addition, in view of the catch-up provision applicable to income incentive fees under the Investment Advisory Agreement, the Adviser could potentially receive a significant portion of the increase in our investment income attributable to such a general increase in interest rates. If that were to occur, our increase in net earnings, if any, would likely be significantly smaller than the relative increase in the Adviser's income incentive fee resulting from such a general increase in interest rates.

***Our incentive fee arrangements with the Adviser may vary from those of other investment funds, account or investment vehicles that the Adviser may manage, which may create an incentive for the Adviser to devote time and resources to a higher fee-paying fund.***

If the Adviser is paid a higher performance-based fee by any other fund that it manages, it may have an incentive to devote more research and development or other activities, and/or recommend the allocation of investment opportunities, to such higher fee-paying fund. For example, to the extent the Adviser's incentive compensation is not subject to a hurdle or subject to a lower hurdle with respect to another fund, it may have an incentive to devote time and resources to such other fund. As a result, the investment professionals of the Adviser may devote time and resources to a higher fee-paying fund.

***The Adviser's liability is limited under the Investment Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

Under the Investment Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. It will not be responsible for any action of the Board in

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following or declining to follow the Adviser's advice or recommendations. Under the Investment Advisory Agreement, the Adviser, its officers, members and personnel, and any person controlling or controlled by the Adviser will not be liable to us, any subsidiary of ours, our trustees, our shareholders or any subsidiary's shareholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties that the Adviser owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of such person's duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***The Adviser has the right to resign on 60 days' notice, under the terms of both the Investment Advisory Agreement and the Administration Agreement, and we may not be able to find a suitable replacement for either within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

The Adviser has the right, under the Investment Advisory Agreement, to resign at any time upon 60 days' written notice, regardless of whether we have found a replacement. Similarly, our Adviser has the right under the Administration Agreement to resign at any time upon 60 days' written notice, regardless of whether we have found a replacement. If the Adviser were to resign, we may not be able to find a new investment adviser or administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations, as well as our ability to pay distributions, are likely to be materially and adversely affected. In addition, the coordination of our internal management and investment or administrative activities, as applicable, are likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and its respective affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business, results of operations and cash flows.

***There are conflicts related to other arrangements with the Adviser.***

We have entered into a license agreement with the Adviser under which the Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "Investcorp" ("License Agreement"). This will create conflicts of interest that the Board will monitor. For example, under the terms of the License Agreement, we will be unable to preclude the Adviser from licensing or transferring the ownership of the "Investcorp" name to third parties, some of whom may compete against us. Consequently, we will be unable to prevent any damage to goodwill that may occur as a result of the activities of the Adviser or others. Furthermore, in the event the License Agreement is terminated, we will be required to change our name and cease using "Investcorp" as part of our name. Any of these events could disrupt our recognition in the market place, damage any goodwill we may have generated and otherwise harm our business.

***We may compete for capital and investment opportunities with other entities managed by the Adviser or its affiliates, subjecting the Adviser to certain conflicts of interests.***

The Adviser will experience conflicts of interest in connection with the management of our business affairs relating to and arising from a number of matters, including: the allocation of investment opportunities by the

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Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates to issuers in which we invest; investments by us and other clients of the Adviser or its affiliates, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by the Adviser; differing recommendations given by the Adviser to us versus other clients; the Adviser's use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; and restrictions on the Adviser's use of "inside information" with respect to potential investments by us.

Specifically, we may compete for investments with other accounts managed by the Adviser or its affiliates, such as Investcorp Credit Management BDC, Inc., or future funds that are advised by the Adviser or its affiliates ("Other Accounts"), subjecting the Adviser and its affiliates to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending investments on our behalf. To mitigate these conflicts, the Adviser will seek to execute such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with the Adviser's allocation policy, taking into account such factors as the relative amounts of capital available for new investments; cash on hand; existing commitments and reserves; the investment programs and portfolio positions of the participating investment accounts, including portfolio construction, diversification and concentration considerations; the investment objectives, guidelines and strategies of each client; the clients for which participation is appropriate; each client's life cycle; targeted leverage level; targeted asset mix and any other factors deemed appropriate.

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our Independent Trustees and, in some cases, the prior approval of the SEC. We expect to rely on exemptive relief by the SEC that has been granted to certain of our affiliates to permit us to co-invest with other funds managed by Investcorp or certain of its affiliates, including Investcorp Credit Management BDC, Inc., in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, we will generally be permitted to co-invest with certain of our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching of us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, and (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing. The Adviser's allocation policy seeks to ensure equitable allocation of investment opportunities between us and other funds managed by the Adviser or its affiliates. As a result of the exemptive relief, there could be significant overlap in our investment portfolio and the investment portfolio of other funds established by the Adviser or its affiliates that could avail themselves of the exemptive relief.

**Risks Relating to our Investments** 

***Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results.***

Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. In such event, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

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A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

***The lack of liquidity in our investments may adversely affect our business.***

We may acquire a significant percentage of our Portfolio Investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.

The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations.

Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.

***Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.***

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Board. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available current market data, including relevant and applicable market trading and transaction comparables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• applicable market yields and multiples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• call protection provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's ability to make payments, its earnings and discounted cash flows and the markets in
which it does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons of financial ratios of peer companies that are public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparable merger and acquisition transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• principal market and enterprise values.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***We may hold the loans and debt securities of leveraged companies that may, due to the significant operating volatility typical of such companies, enter into bankruptcy proceedings, and we could lose all or part of our investment, which would harm our operating results.***

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

Leveraged companies may also experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect that company. If the proceeding is converted to liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor's return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets. This could trigger cross-defaults under other agreements and jeopardize such portfolio company's ability to meet its obligations under the loans or debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

Credit risk is the potential loss we may incur from a failure of a company to make payments according to the terms of a contract. We are subject to credit risk because of our strategy of investing in the debt of leveraged companies. Our exposure to credit risk on our investments is limited to the fair value of the investments.

***There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.***

Even though we expect to structure most of our investments as secured loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, and based upon principles of equitable subordination as defined by existing case law, a bankruptcy court could subordinate all or a portion of our claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. The principles of equitable subordination defined by case law have generally indicated that a claim may be subordinated only if its holder is guilty of misconduct or where the senior loan is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the bankrupt debtor. We may also be subject to lender liability claims for actions taken by us with respect to a borrower's business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business.

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***Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.***

Investment in private and middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and we will rely on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns and risks from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, trustees and investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.

***The interest rates of any of our term loans to our portfolio companies might be subject to change based on recent regulatory changes.***

LIBOR is the basic rate of interest used in lending between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We generally expect to use a reference rate (such as LIBOR or SOFR) in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using such reference rate. The terms of our debt investments generally include minimum interest rate floors which are calculated based on a reference rate (such as LIBOR or SOFR).

On March 5, 2021, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the 1-week and 2-month U.S. dollar LIBOR settings will cease publication after December 31,

2021 and the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR settings will cease publication after June 30, 2023. However, the FCA has indicated it will not compel panel banks to continue to contribute to LIBOR after the end of 2021 and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate no later than December 31, 2021.

To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee ("ARRC"), a U.S.-based group convened by the Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the SOFR as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On December 6, 2021, the ARRC released a statement selecting and recommending forms of SOFR, along with associated spread adjustments and conforming changes, to replace references to 1-week and 2-month USD LIBOR. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere.

The elimination of LIBOR or when LIBOR degrades to the degree that it is no longer representative of the underlying market, or uncertainty related to such changes, may adversely affect the market for LIBOR based securities, including our portfolio of LIBOR indexed, floating rate debt securities, or the cost of our borrowings.

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Additionally, because no replacement rate is a perfect match for LIBOR, even when the transaction documents contain robust fallback language, the value of LIBOR-linked securities, and consequently their potential returns, may experience material changes upon LIBOR's discontinuation. Given the inherent differences between LIBOR and SOFR, or any other alternative reference rates that may be established, the transition from LIBOR may disrupt the overall financial markets and adversely affect the market for LIBOR-based securities, including LIBOR-indexed, floating-rate debt securities, or the cost of borrowings. In addition, changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for LIBOR-based securities, including the value and/ or transferability of the LIBOR-indexed, floating-rate debt securities, or the cost of borrowings. The transition from LIBOR to SOFR or other alternative reference rates may also introduce operational risks in accounting, financial reporting, loan servicing, and liability management and could cause actual results to differ materially from those expressed or forecast in forward looking statements. We are assessing the impact of a transition from LIBOR; however, we cannot reasonably estimate the impact of the transition at this time.

***Our investments may include PIK interest.***

To the extent that we invest in loans with a PIK interest component and the accretion of PIK interest constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loans with a PIK interest component may have higher interest rates that reflect the payment deferral and
increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loans with a PIK interest component may have unreliable valuations because their continuing accruals require
continuing judgments about the collectability of the deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the
borrower's actual payment is due at the maturity of the loan.

***We may expose ourselves to risks if we engage in hedging transactions.***

If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged.

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Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations.

***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.***

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification. To the extent that we assume large positions in the securities of a small number of issuers or our investments are concentrated in relatively few industries, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

***Our portfolio will lack diversification among portfolio companies, which will subject us to a risk of significant loss if one or more of these companies default on their obligations under any of their debt instruments.***

Our portfolio may hold a limited number of portfolio companies. Beyond the asset diversification requirements associated with our qualification as a RIC, we will not have fixed guidelines for diversification, and our investments may be concentrated in relatively few companies. As our portfolio is less diversified than the portfolios of some larger funds, we are more susceptible to failure if a single loan fails. Similarly, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment.

***Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.***

Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.***

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options, or convertible securities that were acquired in the original or a subsequent financing; or (3) attempt to preserve or enhance the value of our investment. However, we may elect not to make follow-on investments or lack sufficient funds to make those investments. We will have the discretion to make any follow-on investments, subject to the availability of capital resources. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we do not want to increase our concentration of risk, we prefer other opportunities, we are subject to BDC requirements that would prevent such follow-on investments, or the follow-on investment would affect our qualification as a RIC.

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***Because we generally will not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.***

We will not hold controlling equity positions in any of the portfolio companies included in our portfolio and, although we may do so in the future, we do not currently intend to hold controlling equity positions in our portfolio companies. As a result, we will be subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or shareholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we expect to hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

***Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and ability to make shareholder distributions.***

We are subject to the risk that the debt investments we make in portfolio companies may be repaid prior to maturity. We expect that our investments will generally allow for repayment at any time subject to certain penalties. When this occurs, we may reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our ability to make, or the amount of, shareholder distributions with respect to our Shares.

***Defaults by our portfolio companies will harm our operating results.***

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms—which may include the waiver of certain financial covenants—with a defaulting portfolio company. These expenses could materially and adversely affect our operating results and cash flow.

***If our portfolio companies are unable to protect their intellectual property rights, our business and prospects could be harmed, and if portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.***

Our future success and competitive position will depend in part upon the ability of our portfolio companies to obtain, maintain and protect proprietary technology used in their products and services. The intellectual property held by our portfolio companies often represents a substantial portion of the collateral securing our investments and/or constitutes a significant portion of the portfolio companies' value and may be available in a downside scenario to repay our loans. Our portfolio companies will rely, in part, on patent, trade secret, and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise. Portfolio companies may, from time to time, be required to institute litigation to enforce their patents, copyrights, or other intellectual property rights; protect their trade secrets; determine the validity and scope of the proprietary rights of others; or defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources. Similarly, if a portfolio company is found to infringe or misappropriate a third-party's patent or other proprietary rights, it could be required to pay damages to the third party, alter its products or processes, obtain a license from the third-party, and/or cease activities utilizing the proprietary rights, including making or selling products utilizing the proprietary rights. Any of the foregoing events could negatively affect both the portfolio company's ability to service our debt investment and the value of any related debt and equity securities that we own, as well as any collateral securing our investment.

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***Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution.***

As a BDC, we will be required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Board. Decreases in the market values or fair values of our investments will be recorded as unrealized depreciation. Any unrealized losses in our loan portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods.

***Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment.***

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

***Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.***

We intend to invest a portion of our capital in second lien and subordinated loans issued by our portfolio companies. The portfolio companies usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the loans in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the loans in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying senior creditors, a portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with loans in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies' collateral, if any, will secure the

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portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waivers of past defaults under collateral documents.

We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***The disposition of our investments may result in contingent liabilities.***

We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of such an investment, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.

***We may not realize gains from our equity investments.***

Certain investments that we may make in the future include warrants or other equity securities. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. Investments in preferred securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights. In addition, we may from time to time make non-control, equity investments in portfolio companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We will sometimes seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress.

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***The Fund may in the future determine to fund a portion of its investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in the Fund in the same way as borrowings.***

Preferred stock, which is another form of leverage, has the same risks to the Fund's shareholders as borrowings because the dividends on any preferred stock the Fund issues must be cumulative. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our common shareholders, and preferred shareholders are not subject to any of the Fund's expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference.

***Covenant-lite loans may expose us to different risks, including with respect to liquidity, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.***

Certain loans in our portfolio may consist of "covenant-lite" loans. Generally, covenant-lite loans permit borrowers more opportunity to negatively impact lenders because such loans may not require the borrower to maintain debt service or other financial ratios and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached.

Accordingly, to the extent we invest in covenant-lite loans, we may have less protection from borrower actions and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Ownership of covenant-lite loans may expose us to different risks, including with respect to liquidity, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.

**Risks Relating to an Investment in Our Shares** 

***An investment in our Shares will have limited liquidity.***

Our Shares constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time. Investing in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Shareholders must be prepared to bear the economic risk of an investment in our Shares for an extended period of time.

The Shares have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

***There are restrictions on the ability of holders of our Shares to transfer Shares in excess of the restrictions typically associated with a private placement of securities under Regulation D and other exemptions from registration under the Securities Act, including restrictions to prevent all or any portions of our assets to constitute "plan assets" under ERISA or Section 4975 of the Code.***

We are relying on an exemption from registration under the Securities Act and state securities laws in offering Shares pursuant to the Subscription Agreements. As such, absent an effective registration statement covering our Shares, such Shares may be resold only in transactions that are exempt from the registration requirements of the Securities Act and under any other applicable securities laws and in accordance with the terms of the relevant Subscription Agreement. In addition, under the Subscription Agreement, no Shares may be sold or transferred in the event that such transfer would, among other things, (i) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA, or Section 4975 of the Code, or (ii) cause all or any portion of the assets of the Fund to constitute "plan assets" under ERISA or Section 4975 of the Code.

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Our Shares have limited transferability which could delay, defer or prevent a transaction or a change of control of the Fund that might involve a premium price for our securities or otherwise be in the best interest of our shareholders.

***There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital.***

We intend to make distributions on a quarterly basis to our shareholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described herein. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. If we violate certain covenants under any existing or future credit facilities or other leverage, we may be limited in our ability to make distributions. If we declare a distribution, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to shareholders that include a return of capital, such portion of the distribution essentially constitutes a return of the shareholder's investment. Although such return of capital may not be taxable, such distributions would generally decrease a shareholder's basis in our Shares and may therefore increase such shareholder's tax liability for capital gains upon the future sale of such Shares. A return of capital distribution may cause a shareholder to recognize a capital gain from the sale of our Shares even if the shareholder sells its shares for less than the original purchase price. All distributions will be made at the discretion of our Board and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, and such other factors as our Board may deem relative from time to time. We cannot assure you that we will make distributions to our shareholders in the future.

***We may in the future choose to pay dividends in our own Shares, in which case you may be required to pay tax in excess of the cash you receive.***

We may distribute taxable dividends that are payable in part in our Shares. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of Shares at the election of shareholders are treated as taxable dividends. The IRS has issued a revenue procedure with respect to publicly offered RICs indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this revenue procedure, if too many shareholders elect to receive their distributions in cash, each such shareholder would receive a pro rata share of the total cash to be distributed and would receive the remainder of their distribution in Shares. If we are able to and decide to make any distributions consistent with this revenue procedure that are payable in part in our Shares, taxable shareholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our Shares, or combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the Shares it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the NAV of our Shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. federal income tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in Shares.

***Shareholders may be subject to the short-swing profits rules under the Exchange Act as a result of an investment in us.***

Persons with the right to appoint a director/trustee or who hold more than 10% of a class of our shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the issuer profits from the purchase and sale of registered stock within a six-month period.

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**Risks Related to U.S. Federal Income Tax** 

***We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code.***

To obtain and maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. The distribution requirement for a RIC is satisfied if we timely distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders on an annual basis. Because we incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to maintain our qualification as a RIC. If we are unable to obtain cash from other sources, we may fail to obtain or maintain our qualification as a RIC and, thus, may be subject to corporate-level U.S. federal income tax. To obtain and maintain our qualification as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments are in private or thinly-traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. In addition, the Fund anticipates that it may have difficulty satisfying the asset diversification requirements as the Fund deploys initial capital and builds its portfolio. No certainty can be provided that we will satisfy the asset diversification requirements or the other requirements necessary to obtain and maintain our qualification as a RIC. If we fail to obtain and maintain our qualification as a RIC for any reason and become subject to corporate-level U.S. federal income tax, the resulting corporate income taxes could substantially reduce our net assets, the amount of income available for distributions to our shareholders and the amount of funds available for new investments. Such a failure may have a material adverse effect on us and our shareholders.

***We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.***

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as the accrual of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, and increases in loan balances as a result of contracted PIK arrangements will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash.

To the extent the Fund invests in OID instruments, including PIK, zero coupon bonds, and debt securities with attached warrants, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the
deferred payments are due in cash at the maturity of the loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and
the higher credit risk of borrowers who may need to defer interest payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIK instruments may have unreliable valuations because the accruals require judgments about ultimate
collectability of the deferred payments and the value of the associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of PIK and OID securities may provide certain benefits to the Adviser because an election to defer PIK
interest payments by adding them to principal increases the Fund's net assets and, thus, increases future base management fees to the Adviser and, because interest payments will then be payable on a larger principal amount, the PIK election
also increases the Adviser's future income incentive fees at a compounding rate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate
changes than instruments that pay interest periodically in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The deferral of interest on a PIK loan increases its loan-to-value ratio, which is a measure of the riskiness of a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID creates the risk of non-refundable cash payments to the Adviser based
on non-cash accruals that may never be realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may be required under the tax laws to make distributions of OID income to shareholders without receiving
any cash. Such required cash distributions may have to be paid from offering proceeds or the sale of fund assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The required recognition of OID, including PIK, interest for U.S. federal income tax purposes may have a negative
impact on liquidity, because it represents a non-cash component of the Fund's taxable income that must, nevertheless, be distributed in cash to investors to avoid it being subject to corporate level taxation.

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to timely distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to obtain or maintain our qualification as a RIC and thus be subject to corporate-level U.S. federal income tax.

***Non-U.S. shareholders may be subject to withholding of U.S. federal income tax on dividends paid by us.***

Distributions of our "investment company taxable income" to a non-U.S. shareholder that are not effectively connected with the non-U.S. shareholder's conduct of a trade or business within the United States will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of the Fund's current or accumulated earnings and profits.

Certain properly reported dividends are generally exempt from withholding of U.S. federal income tax where they are paid in respect of our (1) "qualified net interest income" (generally, the U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we or the non-U.S. shareholder are at least a 10% equity holder, reduced by expenses that are allocable to such income) or (2) "qualified short-term capital gains" (generally, the excess of our net short-term capital gain over the net long-term capital loss for such taxable year), and certain other requirements are satisfied.

However, no assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be reported as such by us. Furthermore, in the case of our Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we reported the payment as an interest-related dividend or short-term capital gain dividend. Since our Shares will be subject to significant transfer restrictions, and an investment in our Shares will generally be illiquid, non-U.S. shareholders whose distributions on our Shares are subject to U.S. withholding tax may not be able to transfer their shares of our Shares easily or quickly or at all.

A failure of any portion of our distributions to qualify for the exemption for interest-related dividends or short-term capital gain dividends would not affect the treatment of non-U.S. shareholders that qualify for an exemption from U.S. withholding tax on dividends by reason of their special status (for example, foreign government-related entities and certain pension funds resident in favorable treaty jurisdictions).

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***We cannot predict how tax reform legislation will affect us, our investments, or our shareholders, and any such legislation could adversely affect our business.***

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury. The Biden Administration has proposed significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain, but new legislation and any Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax adviser regarding tax legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our Shares.

**Risks Relating to the Current Environment** 

***The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies may operate.***

Since the initial outbreak, the COVID-19 pandemic has delivered a shock to the global economy. The spread of COVID-19, including the multiple variants thereof, has had, and will continue to have a material adverse impact on local economies in the affected jurisdictions and also on the global economy. The extent to which the COVID-19 pandemic will affect our business, financial condition, liquidity, our portfolio companies' results of operations and by extension our operating results will depend on future developments, such as the speed and extent of further vaccine distribution and the impact of the Delta variant or other variants that might arise, which are highly uncertain and cannot be predicted.

As COVID-19 continues to spread, the potential impacts, including a global, regional, or other economic recession, remain uncertain and difficult to assess. The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments and our financial condition.

***Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, creates and exacerbates risks.***

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation

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and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

The effects of a public health emergency may materially and adversely impact (i) the value and performance of us and our portfolio companies, (ii) the ability of our borrowers to continue to meet loan covenants or repay loans provided by us on a timely basis or at all, which may require us to restructure our investments or write down the value of our investments, (iii) our ability to repay debt obligations, on a timely basis or at all, or (iv) our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in significant losses to us. We will also be negatively affected if the operations and effectiveness of the Adviser or a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted.

***Any public health emergency, including the COVID-19 pandemic, or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.***

The extent of the impact of any public health emergency, including the COVID-19 pandemic, on our and our portfolio companies' operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies' operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies' personnel. This could create widespread business continuity issues for us and our portfolio companies.

These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that may not show the complete impact of the COVID-19 pandemic and the resulting measures taken in response thereto. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

***Adverse developments in the credit markets may impair our ability to secure debt financing.***

In past the economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases

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for accelerating the maturity of existing lending facilities. As a result, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

***Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings.***

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States.

The impact of this or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the United States Federal Reserve ("Federal Reserve"), these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

***Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.***

From time to time, social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. For example, U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period.

Volatility in the global financial markets resulting from relapse of the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets, the United

Kingdom's departure from the European Union ("EU") or otherwise could have a material adverse effect on our business, financial condition and results of operations.

Volatility in the global financial markets could have an adverse effect on the United States and could result from a number of causes, including a relapse in the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets or otherwise. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy, Portugal and Spain, which created concerns about the ability of these nations to continue to service their sovereign debt obligations. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in these countries and the financial condition of European financial institutions.

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Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate. We cannot assure you that these market conditions will not continue or worsen in the future. Furthermore, we cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and

results of operations could be significantly and adversely affected.

The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, ongoing epidemics of infectious diseases in certain parts of the world, such as the COVID-19 outbreak, terrorist attacks in the U.S. and around the world, social and political discord, debt crises, sovereign debt downgrades, continued tensions between North Korea and the United States and the international community generally, new and continued political unrest in various countries, such as Venezuela, the exit or potential exit of one or more countries from the EU or the Economic and Monetary Union, the change in the U.S. president and the new administration, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

In addition, the foreign and fiscal policies of foreign nations, such as Russia and China, may have a severe impact on the worldwide and U.S. financial markets.

***Capital markets disruption and economic uncertainty may make it difficult to obtain new indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.***

Capital markets disruptions and economic uncertainty may make it difficult to obtain new indebtedness with favorable terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently expect, including being at a higher cost in rising rate environments. An inability to obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.

**General Risks** 

***We are subject to risks related to corporate social responsibility.***

Our business faces increasing public scrutiny related to ESG activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. The consideration of ESG factors as part of the Adviser's investment process and the exclusion of certain investments due to ESG considerations may reduce the types and number of investment opportunities available to the Fund. As a result, the Fund may underperform other funds that do not consider ESG factors or exclude investments due to ESG considerations. However, the Adviser will likely not make investment decisions for the Fund solely on the basis of ESG considerations. In evaluating an investment that may have scored less favorably on ESG factors initially, the Adviser will consider other factors in its investment decision. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

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***The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.***

The occurrence of a disaster such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, a terrorist attack or war, disease pandemics, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data.

We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computers, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation.

Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above.

In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

We and our service providers are currently impacted by quarantines and similar measures being enacted by governments in response to the global COVID-19 pandemic, which are obstructing the regular functioning of business workforces (including requiring employees to work from external locations and their homes). Policies of extended periods of remote working, whether by us or by our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. Accordingly, the risks described above are heightened under current conditions.

***We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the NAV of our Shares and our ability to pay dividends.***

Our business is highly dependent on the communications and information systems of the Adviser, which are provided to us on behalf of the Adviser by Investcorp pursuant to the Services Agreement directly or through third party service providers. Any failure or interruption of those systems, including as a result of the termination of the Services Agreement or an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sudden electrical or telecommunications outages;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the NAV of our Shares and our ability to pay dividends to our shareholders.

***Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our Shares, impact the businesses in which we invest, and harm our business, operating results, and financial conditions.***

Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks are generally uninsurable.

***Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.***

There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There is significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

***Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.***

Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations.

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***Impact of Russian Invasion of Ukraine***

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia's invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for our portfolio companies are difficult to predict.

***The effect of global climate change may impact the operations of our portfolio companies.***

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change.

In December 2015 the United Nations, of which the U.S. is a member, adopted a climate accord (the "Paris Agreement") with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. On November 4, 2016, the past administration announced that the U.S. would cease participation in the Paris Agreement with the withdrawal taking effect on November 4, 2020. However, on January 20, 2021, President Joseph R. Biden signed an executive order to rejoin the Paris Agreement. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues.

***We may experience fluctuations in our quarterly operating results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***New or amended laws or regulations governing our operations may adversely affect our business.***

We and our portfolio companies will be subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business.

Additionally, changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such

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changes could result in material differences to the strategies and plans set forth in this Registration Statement and our filings with the SEC, and may shift our investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.

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**Item 2.** ***Financial Information*.** <br>

**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*The information in this section contains forward-looking statements that involve risks and uncertainties. See "Item 1A. Risk Factors" and "Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the financial statements and related notes and other financial information appearing elsewhere in this Registration Statement.* 

***Overview***

We are a Delaware statutory trust organized under the laws of the state of Delaware and commenced operations on May 26, 2022. The Company was formed to invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million through first lien, unitranche, second lien, and unsecured debt financing, often with corresponding equity of portfolio companies through warrants. The Fund expects that such equity investments will make up less than 1% of the Fund's total assets (measured at the time of investment).

The Company is a newly organized, externally managed closed-end management investment company that will elect to be regulated as a BDC under the 1940 Act, and expects to qualify annually, as a RIC, under Subchapter M of the Code, for U.S. federal income tax purposes.

On May 26, 2022, Investcorp Funding Limited, an affiliate of the Adviser, purchased 1,250,000 Shares of the Company at $20.00 per Share.

One January 18, 2023, the Fund completed the Initial Closing in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws. In connection with the Initial Closing, the Fund issued 1,267,659 Shares to shareholders for an aggregate purchase price of $25,353,180.

***Revenues***

We generate revenue in the form of interest income on debt investments and capital gains and distributions, if any, on investment securities that we may acquire in portfolio companies. Our debt investments are typically expected to have a term of five years with an average duration of two to three years. Interest on our debt securities is generally payable quarterly. Payments of principal on our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments may include PIK interest. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive is directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the total dollar amount of interest and any dividend income that we earn will increase as the size of our investment portfolio increases.

***Expenses***

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations will be managed by the Adviser, pursuant to the terms of the Investment Advisory Agreement, and services necessary for our business, including the origination and administration of our investment portfolio, will be provided by individuals who are employees of our Administrator or its affiliates, pursuant to the terms of the Administration Agreement. All investment professionals of the Adviser and its staff, when and to the extent engaged in providing investment advisory and management services under the Advisory Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company. We will bear all other costs and expenses of its operations and transactions, including those listed in the Advisory Agreement. See "*Item 1. Business – Advisory Agreement.*"

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We will reimburse the Administrator in an amount equal to the Company's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions. In addition, if requested to provide significant managerial assistance to the Company's portfolio companies, the Administrator will be paid an additional amount based on the services provided, which shall not exceed the amount that the Company receives from such portfolio companies for providing this assistance.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services*.* We will reimburse the Adviser or such affiliates thereof for any such amounts paid on our behalf. All of the foregoing expenses will ultimately be borne by our shareholders.

From time to time, we (or our affiliates) may pay third-party providers of goods or services. All of the foregoing expenses will ultimately be borne by our shareholders.

**Portfolio and Investment Activity** 

*Portfolio Composition* 

We invest primarily in middle-market companies in the form of standalone first and second lien loans and unitranche loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments. As of December 31, 2022, our investment portfolio of $35.0 million (at fair value) consisted of debt and equity investments in 14 portfolio companies, of which 99.43% were senior secured first lien investments. As of June 30, 2022, our investment portfolio of $8.2 million (at fair value) consisted of debt investments in 4 portfolio companies, of which 100.0% were senior secured first lien investments.

At December 31, 2022 and June 30, 2022, 100% of our debt investments bore interest based on floating rates based on indices such as LIBOR, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 0% bore interest at fixed rates.

Our investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of December 31, 2022 and June 30, 2022, there were no unfunded commitments. We maintain sufficient liquidity to fund such unfunded loan commitments should the need arise.

*Asset Quality* 

In addition to various risk management and monitoring tools, we use the Adviser's investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

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| Investment Rating 1 | Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment. |
| Investment Rating 2 | Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, all new loans are initially rated 2. |
| Investment Rating 3 | Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with their financial covenants. |
| Investment Rating 4 | Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 will be those for which some loss of return but no loss of principal is expected. |

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| Investment Rating 5 | Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 will be those for which some loss of return and principal is expected. |

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If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser's monitoring of an investment will be determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the investment structure and the type of collateral securing the investment.

The following table shows the investment rankings of the investments in our portfolio, according to the Adviser's investment rating system as of December 31, 2022 and June 30, 2022:

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|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** |
| **Investment Rating** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** |
| 1 | $— | —% |  | $— | —% |  |
| 2 | 31733849 | 90.6 | 19 | 8226703 | 100.0 | 4 |
| 3 | 3279318 | 9.4 | 2 |  |  |  |
| 4 |  |  |  |  |  |  |
| 5 |  |  |  |  |  |  |
|  Total | $35013167 | 100.0% | 21 | $8226703 | 100.0% | 4 |

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**Financial Condition, Liquidity and Capital Resources** 

We intend to generate cash primarily from the net proceeds of the private offering, future borrowings and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. Our primary use of cash will be investments in portfolio companies, payments of our expenses, and payment of cash distributions to our shareholders.

*Financing Facility* 

On September 9, 2022, we, through Investcorp US Institutional Private Credit SPV LLC, our wholly-owned subsidiary, entered into the 1.5 year, $25 million Capital One Revolving Financing Agreement with Capital One, which is secured by collateral consisting primarily of loans in our investment portfolio. On September 29, 2022, we amended the Capital One Revolving Financing Agreement to reduce the size of the Capital One Revolving Financing Agreement to $22.5 million. The Capital One Revolving Financing Agreement, which will expire on the Maturity Date, March 9, 2024, features a one-year reinvestment period and a six-month amortization period. Borrowings under the Capital One Revolving Financing Agreement will generally bear interest at a rate per annum equal to SOFR plus 2.65%, so long as no event of default has occurred (as defined in the Capital One Revolving Financing Agreement). The default interest rate will be equal to the interest rate then in effect plus 2.00%.

The Capital One Revolving Financing Agreement required the payment of an upfront fee of 0.50% of the available borrowings under the Capital One Revolving Financing Agreement at the closing and requires the payment of an unused fee of 0.75% annually for any undrawn amounts of the Capital One Revolving Financing Agreement. Borrowings under the Capital One Revolving Financing Agreement are based on a borrowing base. The Capital One Revolving Financing Agreement generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing Agreement also requires mandatory prepayment of interest and principal upon certain events.

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As of June 30, 2022, there was no borrowing outstanding.

As of December 31, 2022, there were $11.2 million in borrowings outstanding and $11.2 million was available under the Capital One Revolving Financing Agreement.

**Results of Operations** 

***For the six months ended December 31, 2022***

Operating results for the six months ended December 31, 2022 were as follows:

*Investment income* 

Investment income, attributable primarily to interest and fees on our debt investments, for the six months ended December 31, 2022 was $1.4 million.

*Expenses* 

Total expenses for the six months ended December 31, 2022 were $0.8 million, attributable primarily to organizational and interest expense.

*Net investment income* 

Net investment income for the six months ended December 31, 2022 was $0.6 million, primarily due to increase in total investment income.

*Net realized gain or loss* 

There was no realized gain or loss on investments for the six months ended December 31, 2022.

*Net change in unrealized (depreciation) appreciation on investments* 

We recorded a net change in unrealized depreciation of $10,447 for the six months ended December 31, 2022, primarily due to the decrease in the fair value of our investments in American Nuts Holdings LLC—Term Loan A and Term Loan B.

***For the period from May 26, 2022 (commencement of operations) to June 30, 2022***

Operating results for the period from May 26, 2022 (commencement of operations) to June 30, 2022 were as follows:

*Investment income* 

Investment income, attributable primarily to dividends, interest and fees on our debt investments, for the period from May 26, 2022 (commencement of operations) to June 30, 2022 was $23,651.

*Expenses* 

Total expenses for the period from May 26, 2022 (commencement of operations) to June 30, 2022 were $187,174, attributable primarily to organizational and professional fees.

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*Net investment loss* 

Net investment loss for the period from May 26, 2022 (commencement of operations) to June 30, 2022 was $(163,523), primarily due to organizational and professional fees.

*Net realized gain or loss* 

The net realized gain on investments totaled $255 for the period from May 26, 2022 (commencement of operations) to June 30, 2022, primarily due to quarter end paydown from Agrofresh Inc. and Fusion Connect, LLC.

*Net change in unrealized (depreciation) appreciation on investments* 

We recorded a net change in unrealized depreciation of $(879) for the period from May 26, 2022 (commencement of operation) to June 30, 2022, primarily due to amortization from Fusion Connect, LLC and WorkGenius Inc.

**Critical Accounting Policies** 

The preparation of our financial statements in accordance with GAAP require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

**Valuation of Portfolio Investments** 

We value our Portfolio Investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and GAAP, and in accordance with the Company's valuation methodologies. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers.

Investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company's valuation procedures. Because a readily available market value for many of the investments in

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our portfolio is often not available, we value many of our Portfolio Investments at fair value as determined in good faith by the Board using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by the Board. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a "forced" sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid ask spread.

With respect to investments for which market quotations are not readily available, the Board will undertake a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly valuation process begins with each investment being initially valued by the investment
professionals of the Adviser responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with our senior management and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an
independent valuation firm engaged by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audit committee of the Board will then review these preliminary valuations and make a recommendation to the
Board regarding the valuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will then discuss these preliminary valuations and determine the fair value of each investment in our
portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the audit committee of the Board.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the portfolio company's performance against our expectations, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on

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market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments are categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

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| Level I | Investments valued using unadjusted quoted prices in active markets for identical assets. |
| Level II | Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments. |
| Level III | Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole. |

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Determination of fair value involves subjective judgments. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

***Revenue Recognition***

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments:* Gains or losses on the sale of investments are calculated using the specific identification method.

*Interest Income:* Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, purchase and original issue discounts associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties and unamortized fees and discounts are recorded as interest income and are non-recurring in nature.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

We may hold debt investments in our portfolio that contain a PIK interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

*Non-accrual:* Loans are placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment about ultimate collectability of principal. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. PIK interest is not accrued if we do not expect the issuer to be able to pay all principal and interest when due. As of December 31, 2022, we had no investments on non-accrual status or on partial non-accrual status.

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***Contractual Obligations***

We have entered into certain contracts under which we have material future commitments. If any such contractual obligation is terminated, our costs under any new agreements that we enter into may increase.

***Off-Balance Sheet Arrangements***

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

***Quantitative and Qualitative Disclosures About Market Risk***

We are subject to financial market risks, including changes in interest rates. We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith by the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price to interest rate changes than many other debt investments. Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest rate fluctuations. Based on our in-place portfolio with certain interest rate floors and our financing at December 31, 2022, a 1.00% increase in interest rates would increase our net interest income by approximately 4.85% and a 2.00% increase in interest rates would increase our net interest income by approximately 12.46%.

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**Item 3.** ***Properties*.** <br>

We do not own any real estate or other physical properties materially important to our operation or any of our subsidiaries. Our headquarters are currently located at Investcorp US Institutional Private Credit Fund, 280 Park Avenue, 39th Floor, New York, New York 10017, where we occupy office space pursuant to the Administration Agreement with the Adviser. We believe that our current office facilities are adequate to meet our needs.

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**Item 4.** ***Security Ownership of Certain Beneficial Owners and Management.*** <br>

The following table sets forth information with respect to our Shares as of January 31, 2023, by our trustees and executive officers, both individually and as a group, and by each person known to us to beneficially own 5% or more of our Shares. With respect to persons known to us to beneficially own 5% or more of our Shares, we base such knowledge on beneficial ownership filings made by the holders with the SEC and other information known to us. Other than as set forth in the table below, none of our trustees or executive officers are deemed to beneficially own our Shares. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities.

There is no Share subject to options or warrants that are currently exercisable or exercisable within 60 days of January 31, 2023. Percentage of beneficial ownership is based on 2,522,659 outstanding Shares as of January 31, 2023. Unless otherwise indicated by footnote, the business address of each person listed below is 280 Park Avenue, 39th Floor, New York, New York.

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| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of Shares<br>Owned<br>Beneficially(1)** | **Percentage<br>of Class** |
|  **Interested Trustee** |  |  |
|  Michael C. Mauer |  |  |
|  **Independent Trustees** |  |  |
|  Julie Persily |  |  |
|  Joseph Wilson Jr. |  |  |
|  **Executive Officers** |  |  |
|  Suhail A. Shaikh |  |  |
|  Rocco DelGuercio |  |  |
|  **Executive officers and trustees as a group** |  |  |
|  **5% Holders** |  |  |
|  American Fidelity Assurance Company | 756811 | 30.0% |
|  Delaware Life Insurance Company | 252270 | 10.0% |
|  Ibexis Life & Annuity Insurance Company | 1256307 | 49.8% |
|  Clear Spring Life and Annuity Company | 252.270 | 10.0% |

---

(1) Beneficial ownership in this column has been determined in accordance with Rule 13d-3 of the Exchange Act. Except as otherwise noted, each beneficial owner of more than five percent of the Company's Shares and each trustee and executive officer has sole voting and/or investment power
over the shares reported.

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**Item 5.** ***Trustees and Executive Officers*.** <br>

The Fund's business and affairs are managed under the direction of the Board. The Board consists of three members, a majority of whom are Independent Trustees. The Board elects the Fund's officers, who serve at the discretion of the Board. The responsibilities of the Board include quarterly valuation of the Fund's assets, corporate governance activities, oversight of the Fund's financing arrangements and oversight of the Fund's investment activities.

**<u>BOARD OF TRUSTEES AND EXECUTIVE OFFICERS</u>** 

**Trustees** 

Information regarding the Fund's current trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of<br>Birth** | **Position** | **Trustee<br>Since<sup>(1)</sup>** |
|  **Interested Trustee:** |  |  |  |
|  Michael Mauer | 1961 | Chief Executive Officer and Chairman | 2022 |
|  **Independent Trustees:** |  |  |  |
|  Joseph Wilson Jr. | 1960 | Trustee | 2022 |
|  Julie Persily | 1965 | Trustee | 2022 |

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(1) Each Trustee holds office for life or until his or her successor is elected or the Fund terminates, unless such
Trustee resigns or is removed in accordance with the Declaration of Trust.

The address for each of our trustees is c/o CM Investment Partners LLC, 280 Park Avenue, 39<sup>th</sup> Floor, New York, New York 10017.

**Executive Officers Who Are Not Trustees** 

---

| | | |
|:---|:---|:---|
| **Name** | **Year of<br>Birth** | **Position** |
|  Suhail A. Shaikh | 1968 | President and Secretary |
|  Rocco DelGuercio | 1963 | Chief Financial Officer and Chief Compliance Officer |

---

**<u>BIOGRAPHICAL INFORMATION</u>** 

**Trustees** 

Below please find certain information relating to each of the Fund's trustees. For the purposes of this presentation, our trustees have been divided into two groups—Independent Trustees and Interested Trustees. Interested Trustees are "interested persons" as defined in the 1940 Act.

***Interested Trustee***

**Michael Mauer** – Mr. Mauer serves as the Chairman and Chief Executive Officer of the Fund, Co-Chief Investment Officer of the Adviser, a member of the Adviser's Investment Committee, and Co-Head of Investcorp. Since 2013, Mr. Mauer has served as Chairman and Chief Executive Officer of Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB), a publicly traded BDC, and as Co-Chief Investment Officer and member of the investment committee of the external investment adviser of Investcorp Credit Management BDC, Inc. Mr. Mauer served as a Senior Managing Director and head of the leveraged loan effort at Cyrus Capital Partners, L.P. ("Cyrus Capital") from September 2011 to February 2014. Mr. Mauer resigned from Cyrus Capital upon our election to be regulated as a BDC. From July 2009 to September 2010, Mr. Mauer worked for Icahn

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Capital where he was a Senior Managing Director and a member of the investment team. In addition, he was in charge of the firm's Marketing and Investor Relations. Prior to that, Mr. Mauer was a Managing Director at Citigroup Inc. (NYSE: C), a financial services company, from 2001 to 2009. During that time, he led several businesses including Global Co-Head of Leveraged Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution. In addition, during this period he was a senior member of Citigroup Inc.'s credit committee responsible for all underwriting and principal commitments of leveraged finance capital worldwide. From 1988 to 2001, Mr. Mauer held several positions at JPMorgan including Head of North American Investment Grade and Leverage Loan Syndicate, Sales and Trading businesses. Mr. Mauer began his career in 1982 at Price Waterhouse & Co., where he was a Senior Accountant and a C.P.A. Mr. Mauer received a B.S. from the University of Scranton and an M.B.A. from Columbia University.

***Independent Trustees***

**Joseph Wilson Jr.** – Mr. Wilson serves as an Independent Trustee of the Fund. Mr. Wilson was the Managing Director of Sales and Trading of Golub Capital, a U.S. credit asset manager, from 2015 to 2016. From 2002 to 2015 Mr. Wilson was a Managing Director at Citigroup Inc. where he was recruited to build Citigroup's sales trading and syndication franchise, maintain high new issue and secondary sales, develop performance metrics, build teams, and cultivate high ROI relationships. Mr. Wilson also maintained the position of Director from 2002 to 2006. Mr. Wilson has also served varying roles at JPMorgan Chase such as Vice President from 1990 to 2002 and Corporate Finance Analyst/Associate from 1986 to 1990 where he contributed to the restructuring of loan product operations that were consolidated between 1997 and 2000 by bringing knowledge of secondary markets to a group heavily weighted towards primary distribution. Mr. Wilson has an MBA from Cornel University and a BA in accounting from North Carolina A&T State University. We believe Mr. Wilson's extensive experience with financial institutions and his knowledge of capital markets and structured financing brings important and valuable skills to the Board.

**Julie Persily** – Ms. Persily serves as an Independent Trustees of the Fund. Ms. Persily retired in 2011 after serving as the Co-Head of Leveraged Finance and Capital Markets of Nomura Securities North America, a unit of Nomura Holdings Inc. (NYSE: NMR), a securities and investment banking company, since July 2010. Ms. Persily previously served in various capacities at Citigroup Inc. (NYSE: C), a financial services company, including as the Co-Head of the Leveraged Finance Group from December 2006 to November 2008, the Head of Acquisition Finance Group from December 2001 to November 2006 and as Managing Director from July 1999 to November 2001. From 1990 to 1999, Ms. Persily served in various capacities including as a Managing Director, Leveraged Finance at BT Securities Corp., a financial services company and a subsidiary of Bankers Trust Corp., which was acquired by Deutsche Bank in April 1999. From 1987 to 1989, Ms. Persily served as an analyst at Drexel Burnham Lambert, a securities and investment banking company. Ms. Persily has served a director of Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB), a publicly traded BDC, since 2013; Runway Growth Finance Corp. (NASDAQ: RWAY), a specialty finance company focused on providing senior secured loans, since 2016; and SEACOR Marine Holdings, Inc. (NYSE: SMHI), a global marine and support transportation company, since April 2018. Ms. Persily received a B.A. in psychology and economics from Columbia College and a M.B.A. in financing and accounting from Columbia Business School.

***Executive Officers Who Are Not Trustees***

**Suhail A. Shaikh** – Mr. Shaikh serves as the President and Secretary of the Fund, Co-Chief Investment Officer of the Adviser, and a member of the Adviser's Investment Committee. Prior to joining Investcorp, Mr. Shaikh served as the Head of U.S. Private Credit for Alcentra Group. Mr. Shaikh also served as Vice Chair of the Global Private Credit Investment Committee and was a Board member of Alcentra NY, LLC, external manager to funds managed by Alcentra Group. Mr. Shaikh also served as member of Alcentra's management committee. Mr. Shaikh was the Chief Executive Officer of Alcentra Capital Corporation since March 2019, a publicly listed business development company managed by Alcentra NY, LLC, and served on its Board of Directors. Prior to joining Alcentra, Mr. Shaikh was a partner and senior investment professional with Solar Capital Partners LLC.

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Prior to being a private credit investor, Mr. Shaikh was in investment banking for over fifteen years as a leveraged finance specialist and financial sponsor banker, most recently as a Managing Director in the Financial Sponsors Group at Bank of America Merrill Lynch. He previously worked in CIBC World Market's Financial Sponsor Group and in the Leveraged Finance and Telecom Groups at JPMorgan & Co. in New York and London. He began his career as an investment analyst in the Investment Management Group at Bankers Trust. Mr. Shaikh earned an M.B.A. from The Wharton School with a concentration in Finance and graduated Cum Laude with an A.B. in Computer Science and Economics from Middlebury College.

**Rocco DelGuercio** – Mr. DelGuercio serves as the Chief Financial Officer and Chief Compliance Officer of the Fund and the Adviser. Since 2016, Mr. DelGuercio has served as the Chief Financial Officer and Chief Compliance Officer of Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB), a publicly traded business development company, and of the external investment adviser of Investcorp Credit Management BDC, Inc. Mr. DelGuercio brings over 29 years of experience in finance, accounting and asset management to the Fund and the Adviser. Prior to 2016, Mr. DelGuercio spent over 10 years at Credit Suisse Asset Management and served in various capacities, including as Chief Financial Officer and Treasurer of its 1940 Act mutual fund business. From February 2012 to April 2013, Mr. DelGuercio was an independent consultant for several mid to large money managers. From March 2004 to January 2012, Mr. DelGuercio served as Director of Legg Mason & Co., LLC where he oversaw their financial reporting and performance departments. Mr. DelGuercio earned a B.A. in Liberal Arts from The College of Staten Island, a B.A. in Business from Chadwick University and an M.B.A. in Finance from New York Institute of Technology.

**Committees of the Board of Trustees** 

The Board has established an audit committee and may establish additional committees in the future. All trustees are expected to attend at least 75% of the aggregate number of meetings of the Board and the Audit Committee. The Fund requires each Trustee to make a diligent effort to attend all Board and Audit Committee meetings.

***Audit Committee***

The members of the audit committee are Ms. Persily and Mr. Wilson, each of whom are Independent Trustees. Ms. Persily serves as chairman of the audit committee. The Board has determined that Ms. Persily is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K of the Securities Act. The audit committee operates pursuant to a charter approved by the Board, which sets forth the responsibilities of the audit committee. The audit committee's responsibilities include establishing guidelines and making recommendations to the Board regarding the valuation of our loans and investments, selecting our independent registered public accounting firm, reviewing with such independent registered public accounting firm the planning, scope and results of their audit of the Fund's financial statements, pre-approving the fees for services performed, reviewing with the independent registered public accounting firm the adequacy of internal control systems, reviewing our annual financial statements, overseeing internal audit staff and periodic filings and receiving our audit reports and financial statements.

**<u>THE ADVISER</u>** 

**General** 

The Adviser has overall responsibility for the management and affairs of the Fund. The Adviser and the Fund have entered into the Investment Advisory Agreement, pursuant to which the Adviser is delegated responsibility for sourcing investment opportunities, conducting industry research, performing diligence on potential investments, structuring the Fund's investments and monitoring the Fund's investments on an ongoing basis. Actions that are beyond the authority of the Adviser will be reserved to the Fund and the Board, including, but not limited to, the timing of and determination of amounts available for distributions by the Fund and any sale or liquidation of the Fund and/or sale or disposition of substantially all of the assets of the Fund.

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The Adviser is registered as an investment adviser with the SEC under the Advisers Act. The Adviser is led by Messrs. Mauer and Shaikh, the Co-Chief Investment Officers of the Adviser. Mr. Mauer has served as Co-Head of Investcorp since 2019, Chairman of the board of directors and Chief Executive Officer of Investcorp Credit Management BDC, Inc. since 2013, and Co-Chief Investment Officer of its investment adviser since 2012. Mr. Mauer was formerly Global Co-Head of Leveraged Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution at Citigroup Inc. and a senior member of its credit committee responsible for all underwriting and principal commitments of leveraged finance capital worldwide. Mr. Shaikh has served as President and Secretary of Investcorp Credit Management BDC, Inc. since 2023 and as Co-Chief Investment Officer of its investment adviser since 2023.

**Investment Committee** 

Every initial investment by the Fund requires approval by a majority of the Investment Committee and such majority must include both Messrs. Mauer and Shaikh, Co-Chief Investment Officers of the Adviser. Every follow-on investment decision in an existing portfolio company and every investment disposition require approval by a majority of the Investment Committee. The Investment Committee currently consists of Messrs. Mauer and Shaikh and Andrew Muns, a Director of Investcorp, Zachary Alpern, a Director of Investcorp, Branko Krmpotic, a Managing Director of Investcorp and Timothy Waller, a Director of Investcorp. In addition, Jeremy Ghose, the Managing Director and Head of Investcorp Credit Management, has a non-voting observer role on the Investment Committee.

Biographical information regarding the members of the Investment Committee who are not trustees or executive officers of the Fund are as follows:

**Andrew Muns** – Mr. Muns currently serves as a Director of Investcorp and as a member of the Investment Committee. Mr. Muns joined Investcorp in 2019 as part of Investcorp's acquisition of a majority interest in the external investment adviser of Investcorp Credit Management BDC, Inc. In addition, Mr. Muns currently serves as a member of the investment committee of the external investment adviser of Investcorp Credit Management BDC, Inc. Prior to joining Investcorp in 2014, Mr. Muns was a co-founder of the Credit Investments Group at Stifel Financial and served as its Head of Credit from 2012 to 2014. From 2011 to 2012, Mr. Muns was a Managing Director in the Special Situations and Leverage Loans Desk of Cantor Fitzgerald, where he helped to develop the credit research platform. From 2006 to 2008, Mr. Muns worked as a Senior Investment Analyst with Icahn Associates, the manager of Carl Icahn's activist hedge fund and as a Managing Director with Sabretooth Capital from 2010 to 2011, a global multi-strategy hedge fund. Prior to Icahn, Mr. Muns was a distressed desk analyst at Bank of America from 2002 to 2006. Mr. Muns received a B.A. from Northwestern University and an M.B.A. from Columbia Business School.

**Zachary Alpern** – Mr. Alpern currently serves as a Director of CM Investment Partners LLC. Mr. Alpern has over 13 years of experience in leveraged finance. Mr. Alpern was a joint employee of CM Investment Partners and Stifel from 2014-2019. At Stifel, Mr. Alpern was a co-founder of the Credit Investments Group. Mr. Alpern joined Stifel in 2012 from Cantor Fitzgerald, where he was a trader focused on par and distressed loans, as well as post-reorganization private equities. Prior to Cantor Fitzgerald, Mr. Alpern spent four years as part of the Leveraged Finance Group at Blackrock, where he was responsible for fundamental credit analysis, trading bank loans, as well as managing amendment, workout, and restructuring processes for Blackrock's loan positions across all of its investment mandates. He was also responsible for day-to-day management of six active and three run-off CLOs, and assisted with the management of closed and open-end mutual funds and separate accounts, as well as BCI, an $8 billion levered credit dislocation fund. Mr. Alpern also helped develop a variety of bank loan-specific analytical tools to track relevant deal information, reporting, risk, and trade compliance across Blackrock's loan mandates. Mr. Alpern received a B.A. from Georgetown University.

**Branko Krmpotic –** Mr. Krmpotic currently serves as a Managing Director of Investcorp. Prior to joining Investcorp, Mr. Krmpotic served as a Managing Director for Alcentra Group, where he was responsible for

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originating and structuring transactions, overseeing new deal due diligence and legal documentation, and served on board of directors of portfolio companies. Prior to joining Alcentra, Mr. Krmpotic was a senior analyst at Raven Asset Management, a credit hedge fund focused on a wide variety of credit investments. Prior to Raven Asset Management, he structured private transactions at GSO Capital Partners (now owned by Blackstone) and before that at Technology Investment Capital Corp. (now Oxford Square Capital). Mr. Krmpotic was a founding member at the Bank of New York in the formation of the Mezzanine Group, the predecessor of Alcentra's U.S. Private Credit group. Mr. Krmpotic received his M.B.A. from Baruch College – CUNY, where he received the Vincent De Lorenzo award for scholastic excellence. He received undergraduate degree from New York University and the equivalent at the University of Belgrade, Serbia.

**Timothy Waller** – Mr. Waller currently serves as a Director of Investcorp. Previously, Mr. Waller served as a Vice President for Alcentra Group. Prior to joining Alcentra in 2018, Mr. Waller was a senior analyst at LStar Capital, the credit arm of Lone Star Funds, where he focused on investing in unitranche and second lien structures in the middle market. Prior to joining LStar Capital in 2015, Mr. Waller was an investment banking analyst at Raymond James in the Recapitalization & Restructuring Group where he was responsible for marketing distressed M&A sale processes, distressed refinancings, and healthy debt originations. Mr. Waller received his B.S.B.A. in Finance & Accounting from Georgetown University, McDonough School of Business.

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**Item 6.** ***Executive Compensation*.** <br>

None of the Fund's officers receive direct compensation from the Fund. To the extent that the Administrator outsources any of its functions, the Fund will pay the fees associated with such functions at cost. The Fund will agree to reimburse the Administrator for its allocable portion of the compensation of any personnel that it provides for use by the Fund.

No compensation is expected to be paid to our trustees who are "interested persons," as such term is defined in Section 2(a) (19) of the 1940 Act. We will pay each Independent Trustee an annual retainer of $35,000 for their service on our Board and any committee of our Board plus $500 per Board meeting attended. They also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with each Board and committee meeting attended in person. We have obtained trustees' and officers' liability insurance on behalf of our trustees and officers.

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**Item 7.** ***Certain Relationships and Related Transactions, and Director Independence*.** <br>

We have entered into both the Investment Advisory Agreement with the Adviser and the Administration Agreement with Administrator. Pursuant to the Investment Advisory Agreement, we will pay the Adviser the Management Fee and the Incentive Fee. See "*Management of the Fund and Investment Advisory Agreement—Investment Advisory Agreemen*t" for a description of how the fees payable to the Adviser will be determined. Pursuant to the Administration Agreement, we will reimburse Administrator for expenses necessary to perform services related to our administration and operations. In addition, the Adviser and its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees.

The Adviser is a majority-owned subsidiary of Investcorp, and an affiliate of Investcorp acts as the investment adviser and administrator of Investcorp Credit Management BDC, Inc., an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Investcorp Credit Management BDC, Inc. is a specialty finance company that invests in substantially the same investments as the Fund. In addition, the Fund, the Adviser, its affiliates and their principals and employees may in the future serve as investment adviser, managing member or general partner to Other Accounts and conduct investment activities for their own accounts. Such Other Accounts may have investment objectives or may implement investment strategies substantially similar to those of the Fund. In addition, the principals and employees of the Fund, the Adviser and its affiliates may and do also make investments of their own personal assets in the Fund and in Other Accounts of the Adviser or its affiliates.

Except as provided otherwise, none of the Fund, the Adviser or its affiliates and their principals and employees will be required to refrain from any other activity nor disgorge any profits from any such activity and will not be required to devote all or any particular part of its time and effort to the Fund and its affairs. Rather, the Fund, the Adviser, its affiliates and their principals and employees will devote so much of its time and effort to the affairs of the Fund as the Fund, in its sole judgment, determines is necessary in order to accomplish the purposes of the Fund. The Organizational Documents specifically provide that the Adviser, its affiliates and their principals and employees may conduct any other business, including any business within the securities industry, whether or not such business is in competition with the Fund. Without limiting the generality of the foregoing, the Fund, the Adviser, its affiliates and their principals and employees may act as investment adviser for others, may manage funds or capital for others, may have, make and maintain investments in its own name or through other entities and may serve as an officer, trustee, consultant, partner or shareholder of one or more investment funds, securities firms or advisory firms.

To the extent investment opportunities are suitable for the Fund and one or more Other Accounts, the Adviser will allocate such investment opportunities among the Fund and Other Accounts in accordance with the Adviser's allocation policy, which incorporates the conditions of the exemptive relief. To the extent investment opportunities are suitable for the Fund and one or more Other Accounts, such investment opportunities will typically be allocated among the Fund and the Other Accounts in accordance with their target investment size (or if the target investment size exceeds an available investment opportunity, pro rata based on target investment size). Target investment sizes will be determined in a manner that the Adviser considers fair, reasonable and equitable under the circumstances taking into considerations such factors as availability of capital for investment, the composition of the investment portfolios, legal, tax and regulatory considerations, and such other factors that the Adviser deems relevant in making its investment allocation determination. However, situations may arise where the Fund could be disadvantaged because of the investment activities of the Other Accounts due, among other things, to limited availability of an opportunity or the market impact of investments on behalf of the Other Accounts.

Frequently, a particular investment may be bought or sold for only the Fund, or only one Other Account, or in different amounts and at different times for Investcorp Credit Management BDC, Inc. or more than one but less than all Other Accounts, and the Fund may or may not be included in such purchase or sale. Likewise, a particular investment may be bought for the Fund or one or more Other Accounts when one or more Other

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Accounts are selling the same security. In addition, purchases or sales of the same investment may be made for two or more Other Accounts (and possibly for the Fund) on the same date. Certain of the Other Accounts have different terms, fees (including incentive fees) and investment objectives from the Fund. In such events, such transactions will be allocated among the Fund and Other Accounts as in the immediately preceding paragraph. In effecting transactions, it may not always be possible, or consistent with the possibly differing investment objectives of the various Other Accounts and the Fund, to take or liquidate the same investment positions at the same time or at the same prices.

From time to time, the Fund may purchase an investment from or sell an investment to Other Accounts (other than Investcorp Credit Management BDC, Inc.). Any such investment or sale of an investment by an Other Account (other than Investcorp Credit Management BDC, Inc.) will be consistent with all applicable law. Some conflicts of interest, such as principal trades, are particularly acute and the Adviser may seek independent consent or other conflicts resolution for transactions of such nature.

As a BDC, the Fund is subject to certain regulatory restrictions in negotiating certain investments with entities with which it may be restricted from doing so under the 1940 Act, such as the Adviser and its affiliates, unless it obtains an exemptive order from the SEC.

The Fund expects to rely on exemptive relief that has been granted by the SEC to the Adviser and certain of its affiliates, to co-invest with other funds managed by the Adviser or its affiliates, including Investcorp Credit Management BDC, Inc., in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally expects to be permitted to co-invest with certain of its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the independent members of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching by the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund's shareholders and is consistent with the Fund's investment objective and strategies, and (3) the investment by the Fund's affiliates would not disadvantage the Fund, and the Fund's participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. The Adviser's investment allocation policy incorporates the conditions of the exemptive relief. As a result of exemptive relief, there could be significant overlap in the Fund's investment portfolio and the investment portfolio of Investcorp Credit Management BDC, Inc. and/or other funds established by the Adviser or its affiliates that could avail themselves of the exemptive relief.

The foregoing does not necessarily constitute a comprehensive list of all potential and actual conflicts of interest.

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**Item 8.** ***Legal Proceedings*.** <br>

Neither we nor the Adviser are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We and the Adviser may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies.

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**Item 9.** ***Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters*.** <br>

**Market Information** 

We do not intend to list our Shares on a securities exchange, and we do not expect there to be a public market for our shares. As a result, if you purchase Shares, your ability to sell your Shares will be limited.

**Transfer and Resale Restrictions** 

Our Shares will not be registered under the Securities Act. The Shares issued in a private offering are expected to be exempt from registration requirements pursuant to Section 4(a)(2) of and Regulation D under the Securities Act.

Because our Shares will be acquired by investors in one or more transactions "not involving a public offering," they will be "restricted securities." The Shares offered and sold in a private offering may not be sold or transferred (i) except as permitted under the Subscription Agreement, and (ii) unless they are registered under the Securities Act and under any other applicable securities laws or an exemption from such registration thereunder is available (in which case the shareholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required).

Accordingly, an investor must be willing to bear the economic risk of investment in the Shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us.

**Holders** 

Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management*" for disclosure regarding the Shares.

**Distributions**

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. Future quarterly distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and no assurance can be given that we will be able to declare such distributions in future periods.

We have elected to be treated, and expect to qualify annually, as a RIC under Subchapter M of the Code, commencing with our taxable year that includes the Initial Issuance Date. To obtain and maintain RIC status, we must, among other things, timely distribute to our shareholders at least 90% of our investment company taxable income for each taxable year. We intend to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that we may retain certain net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) for reinvestment and, depending upon the level of taxable income and net capital gain earned in a year, we may choose to carry forward taxable income or net capital gain for distribution in the following year and pay any applicable tax. We generally will be required to pay such U.S. federal excise tax if our distributions during a calendar year do not exceed the sum of (1) 98.0% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. If we retain net capital gains, we may treat such amounts as deemed distributions to our shareholders. In that case, a shareholder will be treated as if it had received an actual distribution of the

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capital gains we retained and then the shareholder reinvested the net after-tax proceeds in our common stock. In general, a shareholder also will be eligible to claim a tax credit (or, in certain circumstances, obtain a tax refund) equal to its allocable share of the tax we paid on the capital gains deemed distributed to you. Shareholders should read carefully any written disclosure accompanying a distribution from us and should not assume that the source of any distribution is our net ordinary income or capital gains. The distributions we pay to our shareholders in a year may exceed our net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See "Item 1. Business — Certain Tax Considerations."

On January 17, 2023, we declared a dividend of $0.665 per share payable on January 23, 2023 to shareholders of record as of January 17, 2023.

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**Item 10.** ***Recent Sales of Unregistered Securities*.** <br>

We expect to enter into Subscription Agreements with investors in connection with the private offering, pursuant to which we expect to issue and sell our Shares under the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made.

On January 18, 2023, the Fund completed a closing of capital commitments in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws. In connection with the Initial Closing, the Fund issued 1,267,659 Shares to shareholders for an aggregate purchase price of $25,353,180.

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**Item 11.** ***Description of Registrant's Securities to be Registered*.** <br>

The following description is based on relevant portions of Delaware law, Declaration of Trust and Bylaws. This summary is not necessarily complete, and the Fund refers investors to Delaware law and the Organizational Documents for a more detailed description of the provisions summarized below.

**General** 

The terms of the Declaration of Trust authorize an unlimited number of Shares of beneficial interest of any class, par value $0.01 per share. The Declaration of Trust provides that the Board may classify or reclassify any unissued Shares into one or more classes or series of Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for the Shares, and the Fund can offer no assurances that a market for the Shares will develop in the future. The Fund does not intend for the Shares offered under this Registration Statement to be listed on any national securities exchange. There are no outstanding options or warrants to purchase the Shares. No Shares have been authorized for issuance under any equity compensation plans. Under the terms of the Declaration of Trust, shareholders shall be entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. The Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Fund's assets or the affairs of the Fund by reason of being a shareholder. In addition, except as may be provided by the Board in setting the terms of any class or series of Shares, no shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Under the terms of the Declaration of Trust, all Shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, and fully paid. Dividends and distributions may be paid to the holders of Shares if, as and when authorized by the Board and declared by the Fund out of funds legally available therefore. Except as may be provided by the Board in setting the terms of classified or reclassified shares, the Shares will have no preemptive, exchange, conversion, appraisal or redemption rights. In the event of the Fund's liquidation, dissolution or winding up, each share of the Shares would be entitled to share pro rata in all of the Fund's assets that are legally available for distribution after it pays all debts and other liabilities and subject to any preferential rights of holders of its preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each Share will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of trustees. Except as may be provided by the Board in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of the Shares will possess exclusive voting power. There will be no cumulative voting in the election of trustees. Subject to the special rights of the holders of any class or series of preferred shares to elect trustees, each Trustee will be elected by a plurality of the votes cast with respect to such trustee's election except in the case of a "contested election" (as defined in the Fund's bylaws), in which case trustees will be elected by a majority of the votes cast in the contested election of trustees.

**Transferability of Shares** 

Shareholders may not sell, assign, transfer or pledge (each, a "Transfer") any Shares, rights or obligations unless (i) the Fund gives consent and (ii) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on the Fund's books. Each transferee must agree to be bound by these restrictions and all other obligations as a shareholder in the Fund.

While the Fund does not intend to list the Shares on any securities exchange, if any class of its Shares is listed on a national securities exchange, shareholders may be restricted from selling or transferring their Shares for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of the initial public offering.

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**Preferred Shares** 

This offering does not include an offering of preferred shares. However, under the terms of the Declaration of Trust, the Board may authorize us to issue preferred shares in one or more classes or series without shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. The Fund does not currently anticipate issuing preferred shares in the near future. In the event it issues preferred shares, the Fund will make any required disclosure to shareholders.

Preferred shares could be issued with terms that would adversely affect the shareholders, provided that the Fund may not issue any preferred shares that would limit or subordinate the voting rights of holders of Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to common stock and before any purchase of common stock is made, such preferred shares together with all other senior securities must not exceed an amount equal to 66 and 2/3% of the Fund's total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred shares, if any are issued, must be entitled as a class voting separately to elect two trustees at all times and to elect a majority of the trustees if distributions on such preferred shares are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities. The issuance of any preferred shares must be approved by a majority of the Independent Trustees not otherwise interested in the transaction.

**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses** 

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. The Declaration of Trust provides that our trustees will not be liable to the Fund or its shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law. The Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, the Fund will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Pursuant to the Declaration of Trust and subject to certain exceptions described therein, the Fund will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former trustee or officer of the Fund and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a trustee or officer of the Fund and at the request of the Fund, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, the Fund will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a

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settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

The Fund will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) the Fund determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Fund, (ii) the Indemnitee was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of gross negligence or willful misconduct, in the case that the party seeking indemnification is an Independent Trustee, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Fund and not from the shareholders.

In addition, the Declaration of Trust permits the Fund to advance reasonable expenses to an Indemnitee, and the Fund will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (b) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) upon the Fund's receipt of (i) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Fund and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

**Delaware Law and Certain Declaration of Trust Provisions** 

***Organization and Duration***

We were formed in Delaware on April 6, 2022 and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

***Purpose***

Under the Declaration of Trust, the Fund is permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.

The Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire the Fund by means of a tender offer, proxy contest or otherwise. The Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; the Board may, without shareholder action, amend our Declaration of Trust to increase the number of the Shares, of any class or series, that the Fund will have authority to issue; and our Declaration of Trust provides that, while the Fund does not intend to list the Shares on any securities exchange, if any class of its shares is listed on a national securities exchange, the Board will be divided into three classes of trustees serving staggered terms of three years each. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. The Fund believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

***Number of Trustees; Vacancies; Removal***

The Declaration of Trust provides that the number of trustees will be set by the Board in accordance with the Fund's Bylaws. The Bylaws provide that a majority of the entire Board may at any time increase or decrease the number of trustees. The Declaration of Trust provides that the number of trustees generally may not be less than

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one. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by the Board in setting the terms of any class or series of preferred shares, pursuant to an election under the Declaration of Trust, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining trustees in office, even if the remaining trustees do not constitute a quorum, and any trustee elected to fill a vacancy will serve for the remainder of the full term of the trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

The Declaration of Trust provides that a trustee may be removed only for cause and only by a majority of the remaining trustees (or in the case of the removal of a trustee who is not an interested person, a majority of the remaining trustees who are not interested persons).

The Fund has a total of three members of the Board, two of whom are Independent Trustees. The Declaration of Trust provides that a majority of the Board must be Independent Trustees except for a period of up to 60 days after the death, removal or resignation of an Independent Trustee pending the election of his or her successor. Each trustee will hold office until his or her successor is duly elected and qualified. While the Fund does not intend to list the Shares on any securities exchange, if any class of its shares is listed on a national securities exchange, the Board will be divided into three classes of trustees serving staggered terms of three years each.

***Action by Shareholders***

The Fund's bylaws provide that shareholder action can be taken only at a special meeting of shareholders or by unanimous consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under our Declaration of Trust and Bylaws, the Fund is not required to hold annual shareholder meetings. Special meetings may be called by the trustees and certain of its officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, the Declaration of Trust provides that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Fund upon the written request of shareholders entitled to cast thirty-three and one-third percent (33<sup>1/3</sup>%) or more of the votes entitled to be cast at the meeting. Any special meeting called by such shareholders is required to be held not less than 15 nor more than 60 days after we are provided notice by such shareholders of the request for a special meeting. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Declaration of Trust.

The purpose of requiring shareholders to give the Fund advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Declaration of Trust does not give the Board any power to disapprove shareholder nominations for the election of trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Fund and its shareholders.

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**Amendment of the Declaration of Trust and Bylaws** 

The Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter or change the powers, preferences or special rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment requires at least a majority of the votes cast by such shareholders at a meeting of shareholders duly called and at which a quorum is present. In addition, amendments to the Declaration of Trust to make the Shares a "redeemable security" or to convert the Fund, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by (a) the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter prior to the occurrence of a listing of any class of the Fund's shares on a national securities exchange and (b) the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter upon and following the occurrence of a listing of any class of the Fund's shares on a national securities exchange.

The Declaration of Trust provides that the Board has the exclusive power to adopt, alter or repeal any provision of the Fund's Bylaws and to make new bylaws. The Declaration of Trust relating to shareholder voting and the removal of trustees, the Declaration of Trust provides that the Board may amend the Declaration of Trust without any vote of the shareholders.

**Actions Related to Merger, Conversion, Reorganization or Dissolution** 

An affirmative vote or consent of a "majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Fund (or such higher approval threshold as may be provided in the Declaration) shall be required to approve merger, conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Fund, provided that 75% of the Continuing Trustees (as such term is defined by the Declaration) and a majority of the Board approve of such merger, conversion, consolidation, or share exchange or sale of exchange.

**Derivative Actions** 

No person, other than a trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. No shareholder may maintain a derivative action on behalf of the Fund unless holders of at least fifty percent (50%) of the outstanding shares join in the bringing of such action.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Board to bring such an action is not likely to succeed; and a demand on the Board shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Board who are not "Independent Trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board shall be entitled to retain counsel or other advisers in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisers in the event that the Board determine not to bring such action. For purposes of this paragraph, the Board may designate a committee of one or more trustees to consider a shareholder demand. Nothing disclosed in this sub-section will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws.

**Exclusive Delaware Jurisdiction** 

Each trustee, each officer and each person legally or beneficially owning a share or an interest in a share of the Fund (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the

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foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that except for any claims, suits, actions or proceedings arising under the federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Fund, the Delaware Statutory Trust Statute or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, (B) the duties (including fiduciary duties), obligations or liabilities of the Fund to the shareholders or the Board, or of officers or the Board to the Fund, to the shareholders or each other, (C) the rights or powers of, or restrictions on, the Fund, the officers, the Board or the shareholders, (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Fund pursuant to Section 3809 of the Delaware Statutory Trust Statute or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute or the Declaration of Trust relating in any way to the Fund (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section, the Fund may, at its sole discretion, select and/or consent to an appropriate alternative forum for any claims, suits, actions or proceedings relating in any way to the Fund.

**Access to Records** 

Any shareholder will be permitted access to all of the Fund's records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. An alphabetical list of the names, addresses and business telephone numbers of the Fund's shareholders, along with the number of shares held by each of them, will be maintained as part of its books and records and will be available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay reasonable costs of postage and duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder will be entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder will not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the

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requesting shareholder's interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Conflict with the 1940 Act** 

Our Declaration of Trust provide that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

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**Item 12.** ***Indemnification of Directors and Officers*.** <br>

See "*Item 11. Description of Registrant's Securities to be Registered—*Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses."

We have also obtained directors and officers/errors and omissions liability insurance for our trustees and officers.

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**Item 13.** ***Financial Statements and Supplementary Data*.** <br>

Set forth below is an index to our financial statements attached to this Registration Statement.

**AUDITED FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Index to Financial Statements](#fin405295_1) | F-1 |
|  [Report of Independent Registered Public Accounting Firm](#fin405295_2) | F-2 |
|  [Statement of Assets and Liabilities as of June 30, 2022](#fin405295_3) | F-3 |
|  [Statement of Operations for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_4) | F-4 |
|  [Statement of Changes in Net Assets for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_5) | F-5 |
|  [Statement of Cash Flows for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_6) | F-6 |
|  [Schedule of Investments as of June 30, 2022](#fin405295_7) | F-7 |
|  [Notes to the Financial Statements](#fin405295_8) | F-8 |

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**INTERIM FINANCIAL STATEMENTS (unaudited)** 

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| | |
|:---|:---|
|  | **Page** |
|  [Consolidated Statement of Assets and Liabilities as of December 31, 2022 (unaudited)](#fin405295_9) | F-18 |
|  [Consolidated Statement of Operations for the six months ended December 31, 2022 (unaudited)](#fin405295_10) | F-19 |
|  [Consolidated Statement of Changes in Net Assets for the six months ended December 31, 2022<br>(unaudited)](#fin405295_11) | F-20 |
|  [Consolidated Statement of Cash Flows for the six months ended December 31, 2022 (unaudited)](#fin405295_12) | F-21 |
|  [Consolidated Schedule of Investments as of December 31, 2022 (unaudited)](#fin405295_13) | F-22 |
|  [Notes to Consolidated Financial Statements (unaudited)](#fin405295_14) | F-24 |

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**Item 14.** ***Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*.** <br>

There are not and have not been any disagreements between the Fund and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

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**Item 15. *Financial Statements and Exhibits*.** 

<u>(a)</u> <u>List separately all financial statements filed</u>

The financial statements included in this Registration Statement are listed "*Item 13. Financial Statements and Supplementary Data*."

<u>(b)</u> <u>Exhibits</u>

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| | |
|:---|:---|
| **Number** | **Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Amended and Restated Agreement and Declaration of Trust\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Bylaws\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex32.htm) |
| 10.1 | [Form of Advisory Agreement between the Company and the Advisor\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex101.htm) |
| 10.2 | [Form of Administration Agreement between the Company and the Administrator\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex102.htm) |
| 10.3 | [Form of License Agreement between the Company and CM Investment Partners LLC\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex103.htm) |
| 10.4 | [Form of Indemnification Agreement for Trustees and Officers\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex104.htm) |
| 10.5 | [Form of Custodian Agreement\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex105.htm) |
| 10.6 | [Form of Subscription Agreement\*](d405295dex106.htm) |
| 10.7 | [Loan, Security and Investment Management Agreement, dated September 9, 2022 by and among CM Investment Partners, LLC, as investment manager, Investcorp US Institutional Private Credit SPV LLC, as borrower, each of the lenders from time to time party thereto, Capital One, as administrative agent, swingline lender and as arranger\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex107.htm) |
| 10.8 | [Second Amendment, dated September 29, 2022, to Loan, Security and Investment Management Agreement by and among CM Investment Partners, LLC, as investment manager, Investcorp US Institutional Private Credit SPV LLC, as borrower, each of the lenders from time to time party thereto, Capital One, as administrative agent, swingline lender and as arranger\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex108.htm) |
| 10.9 | [Third Amendment, dated as of November 4, 2022, to be effective as of September 29, 2022, to Loan, Security and Investment Management Agreement by and among CM Investment Partners, LLC, as investment manager, Investcorp US Institutional Private Credit SPV LLC, as borrower, each of the lenders from time to time party thereto, Capital One, as administrative agent, swingline lender and as arranger\*\*](http://www.sec.gov/Archives/edgar/data/0001948565/000119312522301110/d405295dex109.htm) |

---

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\* Filed herewith.

\*\* Previously Filed

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##### [**Table of Contents**](#toc)
**Investcorp US Institutional Private Credit Fund** 

**Financial Statements** 

**Period From May 26, 2022 (Inception) to June 30, 2022 (Expressed in U.S. Dollars)** 

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Index to Financial Statements](#fin405295_1) | F-1 |
|  [Report of Independent Registered Public Accounting Firm](#fin405295_2) | F-2 |
|  [Statement of Assets and Liabilities as of June 30, 2022](#fin405295_3) | F-3 |
|  [Statement of Operations for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_4) | F-4 |
|  [Statement of Changes in Net Assets for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_5) | F-5 |
|  [Statement of Cash Flows for the period from May 26, 2022 (inception) to June 30, 2022](#fin405295_6) | F-6 |
|  [Schedule of Investments as of June 30, 2022](#fin405295_7) | F-7 |
|  [Notes to the Financial Statements](#fin405295_8) | F-8 |

---

**Six Months Ended December 31, 2022 (Expressed in U.S. Dollars) (Unaudited)** 

---

| | |
|:---|:---|
|  [Consolidated Statement of Assets and Liabilities as of December 31, 2022](#fin405295_9) (unaudited) | F-18 |
|  [Consolidated Statement of Operations for the six months ended December 31, 2022](#fin405295_10) (unaudited) | F-19 |
|  [Consolidated Statement of Changes in Net Assets for the six months ended December 31, 2022](#fin405295_11) (unaudited) | F-20 |
|  [Consolidated Statement of Cash Flows for the six months ended December 31, 2022](#fin405295_12) (unaudited) | F-21 |
|  [Consolidated Schedule of Investments as of December 31, 2022](#fin405295_13) (unaudited) | F-22 |
|  [Notes to Consolidated Financial Statements (unaudited)](#fin405295_14) | F-24 |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Stockholder and the Board of Directors of Investcorp US Institutional Private Credit Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Investcorp US Institutional Private Credit Fund (the Company), including the schedule of investments as of June 30, 2022 and the related statements of operations, changes in net assets and cash flows for the period from May 26, 2022 (date of inception) to June 30, 2022, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2022 and the results of its operations, changes in net assets, and cash flows for the period from May 26, 2022 (date of inception) to June 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of June 30, 2022 by correspondence with the custodians and/or brokers or the underlying investee. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the Company's auditor since 2022.

New York, New York

December 7, 2022

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**Investcorp US Institutional Private Credit Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
|  | **June 30, 2022** |
|  **Assets** |  |
|  Non-controlled/non-affiliate company investments, at fair value (amortized cost of $8,227,582) | $8226703 |
|  Cash | 19127704 |
|  Interest receivable | 18837 |
|  Deferred offering costs | 118333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $27491577 |
|  **Liabilities** |  |
|  Accrued organizational and offering expenses | $271797 |
|  Payable for investments purchased | 2350218 |
|  Accounts payable and accrued expenses | 33709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2655724 |
|  **Commitments and contingencies (See Note 4)** |  |
|  <br> **Net Assets:** |  |
|  Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,250,000 shares issued and outstanding | $12500 |
|  Paid-in-capital in excess of par value | 24987500 |
|  Total distributable earnings (loss) | (164147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $24835853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and net assets | $27491577 |
|  **Net asset value per share** | $19.87 |

---

The accompanying notes are an integral part of these financial statements.

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**Investcorp US Institutional Private Credit Fund** 

**STATEMENT OF OPERATIONS** 

---

| | |
|:---|:---|
|  | **Period from<br>May 26, 2022<br>(inception) through<br>June 30, 2022** |
|  **Income:** |  |
|  Non-controlled/non-affiliated company investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $23651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 23651 |
|  **Expenses:** |  |
|  Organizational expenses | $153465 |
|  Professional fees | 33709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 187174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (163523) |
|  **Realized and unrealized gain (loss) on investments:** |  |
|  Net realized gain on non-controlled/non-affiliate company investments | 255 |
|  Net change in unrealized depreciation on non-controlled/non-affiliate company investments | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized and unrealized loss on investments | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | $(164147) |
|  **Per share data:** |  |
|  Net investment loss per share—basic and diluted | $(0.13) |
|  Net decrease in net assets resulting from operations per share—basic and diluted | $(0.13) |
|  Weighted average common shares outstanding—basic and diluted | 1250000 |

---

The accompanying notes are an integral part of these financial statements.

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**Investcorp US Institutional Private Credit Fund** 

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
|  | **Period from<br>May 26, 2022<br>(inception) through<br>June 30, 2022** |
|  **Increase (decrease) in net assets resulting from operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(163523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (879) |
|  **Net decrease in net assets resulting from operations** | (164147) |
|  **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of common shares, net | 25000000 |
|  **Net increase in net assets resulting from capital share transactions** | 25000000 |
|  **Total increase in net assets** | 24835853 |
|  Net assets, at beginning of period |  |
|  **Net assets, at end of period** | $24835853 |

---

The accompanying notes are an integral part of these financial statements.

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**Investcorp US Institutional Private Credit Fund** 

**STATEMENT OF CASH FLOWS** 

---

| | |
|:---|:---|
|  | **Period from<br>May 26, 2022<br>(inception) through<br>June 30, 2022** |
|  **Cash flows from operating activities:** |  |
|  Net decrease in net assets resulting from operations | $(164147) |
|  Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments | (8239102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from principal repayments of investments and sales of investments | 12654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium/accretion of discount, net | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (18837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | (118333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued organizational and offering expenses | 271797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2350218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 33709 |
|  **Net cash used in operating activities** | (5872296) |
|  **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common shares | 25000000 |
|  **Net cash provided by financing activities** | 25000000 |
|  **Net increase in Cash** | 19127704 |
|  **Cash, beginning of period** |  |
|  **Cash, end of period** | $19127704 |

---

The accompanying notes are an integral part of these financial statements.

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**Investcorp US Institutional Private Credit Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1) (2) (3)</sup>** | **Industry** | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized<br>Cost** | **Fair Value** | **% of Net<br>Assets** |
|  **First Lien Term Loan** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agrofresh Inc. | Chemicals | 1M L + 6.25% (1.00% Floor) | 6/1/2022 | 12/31/2024 | 1950403 | 1935775 | 1935775 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fusion Connect, Inc. | IT Services | 6M L + 7.50% (1.00% Floor) | 5/26/2022 | 1/18/2027 | 2992481 | 2906942 | 2906447 | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klein Hersh, LLC | Professional Services | 3M S + 3.00% (0.50% Floor) | 6/22/2022 | 4/27/2027 | 476415 | 414481 | 414481 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WorkGenius Inc. | Professional Services | 3M S + 7.00% (1.00% Floor) | 6/10/2022 | 6/7/2027 | 3000000 | 2970384 | 2970000 | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total First Lien Term Loan** |  |  |  |  | 8419299 | 8227582 | 8226703 | 33.2% |
|  **Total investments** |  |  |  |  | $8419299 | $8227582 | $8226703 | 33.2% |
|  **Other assets in excess of liabilities** |  |  |  |  |  |  | 16609150 | 66.8% |
|  **Net Assets** |  |  |  |  |  |  | $**24835853** | **100.0%** |

---

(1) The Company's investments are generally acquired in private transactions exempt from registration under the
Securities Act of 1933, as amended (the "Securities Act"). Unless otherwise indicated, all of the Company's portfolio company investments are subject to restrictions on sales. As of June 30, 2022, the Company's portfolio
company investments that were subject to restrictions on sales totaled $8,226,703 at fair value and represented 33.2% of the Company's net assets.

(2) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments
based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns
25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of
ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio
company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities.

(3) All investments were valued at fair value using Level 3 significant unobservable inputs as determined in
good faith by the Company's board of directors.

1M L - 1 month London Interbank Offered Rate (1.79% as of June 30, 2022)

6M L - 6 month London Interbank Offered Rate (2.94% as of June 30, 2022)

3M S - 3 month Secured Overnight Financing Rate (2.12% as of June 30, 2022)

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##### [**Table of Contents**](#toc)
**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**Notes to Financial Statements** 

**June 30, 2022** 

**1. Organization** 

Investcorp US Institutional Private Credit Fund (the "Company") is a Delaware statutory trust organized under the laws of the state of Delaware and commenced operations on May 26, 2022. The Company was formed to invest primarily in the debt of U.S. middle-market companies (typically those with $10.0 million to $75.0 million of earnings before interest, taxes, depreciation and amortization ("EBITDA")) through first lien, unitranche, second lien, and unsecured debt financing, often with corresponding equity co-investments.

The Company has engaged CM Investment Partners LLC (the "Adviser") to serve as the investment manager for the Company, and in such capacity, provide investment management services for the Company. The Company has engaged Adviser as the administrator of the Company to provide certain administrative services to the Company.

The Company is a newly organized, externally managed closed-end management investment company that intends to elect to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and expects to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes.

Pursuant to the Investment Advisory Agreement between the Company and the Adviser ("Investment Advisory Agreement"), the Adviser provides services, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of the Company's portfolio, the nature and timing of the changes to the
Company's portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating and negotiating the structure of the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the securities and other assets that the Company will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing the Company with such other investment advisory, research and related services as the Company may, from
time to time, reasonably require for the investment of its funds.

On May 26, 2022, Investcorp Trading Limited, an affiliate of the Advisor, purchased 1,250,000 common shares of beneficial interest of the Company at $20.00 per share.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Company.

**a. Basis of Accounting** 

The accompanying financial statements are prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and all values are stated in United States dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period as required by U.S. GAAP. The results for the interim period are not necessarily reflective of results for the full year.

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**b. Revenue Recognition** 

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments:* Gains or losses on the sale of investments are calculated using the specific identification method.

*Interest Income:* Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Origination, closing, commitment, and amendment fees, purchase and original issue discounts associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, which approximates the effective interest method as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties and unamortized fees and discounts are recorded as interest income and are non-recurring in nature.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

We may hold debt investments in our portfolio that contain a payment-in-kind ("PIK") interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

*Non-accrual:* Loans are placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment about ultimate collectability of principal. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. PIK interest is not accrued if we do not expect the issuer to be able to pay all principal and interest when due. As of June 30, 2022, we had no investments on non-accrual status or on partial non-accrual status.

**c. Cash** 

The Company deposits its cash in a financial institution and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company's cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote.

**d. Investment Transactions and Expenses** 

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Organizational expenses consist principally of legal and accounting fees incurred in connection with the organization of the Company and have been expensed as incurred.

Offering costs will be charged to paid-in capital upon sale of shares.

**e. Investment Valuation** 

The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820—Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value,

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establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 3. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company's own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the after-hours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last "bid" and "ask" prices for such options, are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last "bid" and "ask" prices are valued at the average of the last "bid" and "ask" prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company did not hold any Level 1 investments as of June 30, 2022.

Investments that are not traded on securities exchanges but are traded on the over-the-counter ("OTC") markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued by the board of trustees (the "Board") of the Company, in good faith, using a method determined to be appropriate in the given circumstances and in accordance with Rule 2a-5 under the 1940 Act. Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate, in addition to an Asset Approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values. The asset approach uses estimates of the cost to replace an asset's service capacity.

Observable inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. Unobservable

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inputs used in these approaches may include, but are not limited to, illiquidity discount, PIK discount, yield, broker quotes, implied volatility, recent funding and intrinsic value. The Board will typically make changes in the valuation method as changes in the underlying company dictates, such as moving from the Asset Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the estimated fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material. At June 30, 2022, investments fair valued in good faith based on management developed models represented approximately 100% of all the Company's investments.

The Adviser seeks to ensure that the Company's valuation policies and procedures, as approved by the Company's Board, are consistently applied across all investments of the Company. The valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. The investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company-specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding quarter-end. Valuation models are typically calibrated upon initial funding, and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, independent valuation firm(s) engaged by the Board conduct independent appraisals and review the Adviser's preliminary valuations and make their own independent assessment. The Audit Committee of the Company's Board then reviews the preliminary valuations of the Adviser and that of the independent valuation firms. The Audit Committee discusses the valuations and makes a recommendation to the Company's Board regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Audit Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the Board determines, in good faith, the fair value of each investment. Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has adopted valuation policies and procedures that are intended to comply with Rule 2a-5.

For more information on the classification of the Company's investments by major categories, see Note 3.

The fair value of the Company's assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Statement of Financial Condition.

**f. Use of Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company's financial statements are reasonable and prudent. Actual results could differ materially from these estimates.

**g. Income Taxes** 

As of June 30, 2022, the Company is taxed as a partnership and generally is not subject to federal, state or local income taxes, and shareholders of the Company are individually liable for the taxes on their distributive share of the Company's income, gain, loss and deduction and will be taxed currently on that distributive share, regardless of whether the shareholder has received or will receive a distribution of cash or other assets from the Company. As a result, no income tax liability or expense has been recorded in the accompanying financial statements.

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U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company's policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Adviser has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for tax years that may be open for the period ended June 30, 2022. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

The Company intends to elect to be regulated as a BDC under the 1940 Act and also intends to elect to be treated as a RIC under the Code beginning with the taxable year ending June 30, 2023. To qualify for tax treatment as a RIC, among other things, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, for each year. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company's investors and will not be reflected in the financial statements of the Company.

As a RIC, the Company will be subject to a 4% U.S. federal excise tax on undistributed earnings unless it distributes each calendar year the sum of (i) 98% of its ordinary income for such calendar year (ii) 98.2% of its net capital gains for the one-year period ending October 31 in that calendar year (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no U.S. federal income tax (the "Excise Tax Avoidance Requirement"). For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all of its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to shareholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned.

**3. Investments** 

The Company intends to use the net proceeds from the private placements described herein to invest in portfolio companies in accordance with the Company's investment objective and strategies and for general corporate purposes. The Company's investments will be primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million through first lien, unitranche, second lien, and unsecured debt financing, often with corresponding equity co-investments.

**a. Certain Risk Factors** 

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of uncertainty with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio

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company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions.

The Company's assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies. The Company's exposure to credit risk on its investments is limited to the fair value of the investments.

**b. Investments** 

The composition of the Company's investments as of June 30, 2022 as a percentage of the total portfolio, at amortized cost and fair value are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment at<br>Amortized<br>Cost** | **Percentage** | **Investments at<br>Fair Value** | **Percentage** |
|  Senior Secured First Lien Debt Investments | $8227582 | 100.00% | $8226703 | 100.00% |
|  Total | $8227582 | 100.00% | $8226703 | 100.00% |

---

The following table shows the portfolio composition by industry grouping at fair value at June 30, 2022:

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| | | |
|:---|:---|:---|
| **Industry Classification** | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
|  Professional Services | $3384481 | 23.5% |
|  IT Services | 2906447 | 35.3 |
|  Chemicals | 1935775 | 41.2 |
|  Total | $8226703 | 100.00% |

---

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2022:

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| | | |
|:---|:---|:---|
|  | **Fair Value** | **Percentage<br>Total Portfolio** |
|  U.S. Northeast | $8226703 | 100.00% |
|  Total | $8226703 | 100.00% |

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**c. Fair Value Measurements** 

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assets and liabilities measured at fair value have been classified in the following three categories:

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| | |
|:---|:---|
| Level 1 | valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. |
| Level 2 | valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
| Level 3 | valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following table summarizes the classifications within the fair value hierarchy of the Company's assets and liabilities measured at fair value as of June 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Secured First Lien Debt Investments | $— | $— | $8226703 | $8226703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $— | $— | $8226703 | $8226703 |

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the May 26, 2022 (inception) through June 30, 2022:

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| | | |
|:---|:---|:---|
|  | **Senior Secured<br>First Lien<br>Debt<br>Investments** | **Total<br>Investments** |
|  Balance as of May 26 (inception) | $— | $— |
|  Purchases (including PIK interest) | 8239103 | 8239103 |
|  Sales | (12654) | (12654) |
|  Amortization | 879 | 879 |
|  Net realized gain (losses) | 255 | 255 |
|  Transfers in |  |  |
|  Transfers out |  |  |
|  Net change in unrealized appreciation (depreciation) | (879) | (879) |
|  Balance as of June 30, 2022 | $8226703 | $8226703 |
|  Change in unrealized appreciation (depreciation) relating to assets and liabilities still held as of June 30, 2022 | $(879) | $(879) |

---

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in unrealized appreciation (depreciation) on investments and derivatives on the Statement of Operations.

During the May 26, 2022 (inception) through June 30, 2022, the Company did not transfer any investments between Levels 1 and 2 and 3.

The following tables present the ranges of significant unobservable inputs used to value the Company's Level 3 investments as of June 30, 2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest PIK discount presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company's Level 3 investments.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>June 30,<br>2022** | **Fair Value<br>as of<br>June 30,<br>2022** | **Valuation<br>Methodology** | **Valuation<br>Methodology** | **Unobservable**<br>**Input(s)** | **Unobservable**<br>**Input(s)** | **Weighted<br>Average** | **Weighted<br>Average** | **Range** | **Range** |
|  Senior Secured First Lien Debt Investments |  | 8226703 |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A |

---

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements. Significant increases in implied volatility would result in significantly higher fair value measurements.

**4. Indemnification, Guarantees, Commitments and Contingencies** 

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is

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unknown as it would involve future claims that may be made against the Company; however, based on the Company's experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. As of June 30, 2022, there was no unfunded commitments.

**5. Related Party Transactions** 

The Company pays (or reimburses the Adviser) for investment expenses, legal expenses, systems and technology, auditing and tax preparation expenses, organizational expenses, expenses relating to the offering and sale of common shares of beneficial interest in the Company and extraordinary expenses. Expenses incurred by the Company that are of benefit to one or more other investment vehicles managed by the Adviser or its affiliates are allocated among such other investment vehicles on a pro rata basis generally in accordance with the relative amount of investment capital of such other investment vehicles. The Company has not utilized soft dollar arrangements to pay for any third-party expenses.

The Company does not currently pay a management or incentive fee, and no management or incentive fees have been paid since the inception of the Company.

**6. Financial Highlights** 

The following represents the per share data and the ratios to average net assets for the Company:

---

| | |
|:---|:---|
|  | **Period from<br>May 26, 2022<br>(inception)<br>through<br>June 30, 2022** |
|  **Per Share Data:<sup>(1)</sup>**  |  |
|  **Net asset value, beginning of period** | $0.00 |
|  Net investment income (loss) | (0.13) |
|  Net realized and unrealized gains (losses) | 0.00 |
|  **Net increase (decrease) in net assets resulting from operations** | (0.13) |
|  **Capital transactions** |  |
|  Issuance of common shares | 20.00 |
|  **Net increase (decrease) in net assets resulting from capital transactions** | 20.00 |
|  Offering costs |  |
|  **Net asset value, end of period** | $19.87 |
|  Shares outstanding at end of period | $1250000 |
|  Total return<sup>(2)(3)</sup>  | (0.65)% |
|  **Ratio/Supplemental Data:** |  |
|  Net assets, at end of period | $24835853 |
|  Ratio of net expenses to average net assets<sup>(4)</sup>  | 1.99% |
|  Ratio of net investment loss to average net assets<sup>(4)</sup>  | (1.03)% |
|  Portfolio turnover rate<sup>(3)</sup>  | 0.15% |

---

(1) All per share data activity is calculated based on the weighted average shares outstanding for the relevant
period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

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(2) Total return displayed is net of all fees, including all operating expenses such as management fees, incentive
fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any,
are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share.

(3) Not annualized

(4) Annualized

**7. Subsequent Events** 

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

Subsequent to June 30, 2022 and through December 7, 2022, the Company invested $27.4 million in ten new portfolio companies and one existing portfolio company.

On September 9, 2022, we, through Investcorp US Institutional Private Credit SPV LLC, our wholly-owned subsidiary, entered into a 1.5 year, $25 million senior secured revolving credit facility as subsequently amended, (the "Capital One Revolving Financing Agreement") with Capital One, N.A. ("Capital One"), which is secured by collateral consisting primarily of loans in our investment portfolio. On September 29, 2022, we amended the Capital One Revolving Financing Agreement to reduce the size of the Capital One Revolving Financing Agreement to $22.5 million. The Capital One Revolving Financing Agreement, which will expire on March 9, 2024 (the "Maturity Date"), features a one-year reinvestment period and a six-month amortization period. Borrowings under the Capital One Revolving Financing Agreement will generally bear interest at a rate per annum equal to SOFR plus 2.65%, so long as no event of default has occurred (as defined in the Capital One Revolving Financing Agreement). The default interest rate will be equal to the interest rate then in effect plus 2.00%.

As of September 30, 2022, there were $2.4 million in borrowings outstanding and $4.1 million was available under the Capital One Revolving Financing Agreement.

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**Investcorp US Institutional Private Credit Fund and Subsidiary** 

**Consolidated Statement of Assets and Liabilities (Unaudited)** 

---

| | |
|:---|:---|
|  | **December 31, 2022<br>(Unaudited)** |
|  **Assets** |  |
|  Non-controlled/non-affiliate company investments, at fair value (amortized cost of $35,024,493) | $35013167 |
|  Cash | 1118290 |
|  Cash, restricted | 735838 |
|  Interest receivable | 318203 |
|  Deferred offering costs | 134839 |
|  Prepaid expenses | 6449 |
|  Other receivables | 13125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $37339911 |
|  **Liabilities** |  |
|  Debt: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving credit facility | $11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred debt issuance costs | (93257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt, net | 11106743 |
|  Interest expense payable | 146533 |
|  Accrued organizational and offering expenses | 451051 |
|  Payable for investments purchased |  |
|  Accounts payable and accrued expenses | 162604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11866931 |
|  **Commitments and contingencies (See Note 5)** |  |
|  **Net Assets :** |  |
|  Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,250,000 shares issued and outstanding | $12500 |
|  Paid-in-capital in excess of par value | 24823353 |
|  Total distributable earnings (loss) | 637127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $25472980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and net assets | $37339911 |
|  **Net asset value per share** | $20.38 |

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See notes to unaudited consolidated financial statements.

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**Investcorp US Institutional Private Credit Fund and Subsidiary** 

**Consolidated Statement of Operations (Unaudited)** 

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| | |
|:---|:---|
|  | **Six Months Ended<br>December 31, 2022** |
|  **Income:** |  |
|  Non-controlled/non-affiliated company investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1439632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1439632 |
|  **Expenses:** |  |
|  Professional fees | $192050 |
|  Organizational expenses | 182247 |
|  Custodian and administrator fees | 158989 |
|  Insurance expense | 52251 |
|  Interest expense | 180508 |
|  Amortization of deferred debt issuance costs | 24868 |
|  Other general and administrative expenses | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 792058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 647574 |
|  **Net unrealized gain (loss) on investments:** |  |
|  Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments | (10447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net unrealized gain (loss) on investments | (10447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $637127 |
|  **Per share data:** |  |
|  Net investment income per share - basic and diluted | $0.52 |
|  Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $0.51 |
|  Weighted average common shares outstanding - basic and diluted | 1250000 |

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See notes to unaudited consolidated financial statements.

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**Investcorp US Institutional Private Credit Fund and Subsidiary** 

**Consolidated Statement of Changes in Net Assets (Unaudited)** 

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| | |
|:---|:---|
|  | **Six Months Ended<br>December 31, 2022** |
|  **Net assets at beginning of period** | $24835853 |
|  **Net increase (decrease) in net assets resulting from operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 647574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (10447) |
|  **Net increase (decrease) in net assets resulting from operations** | 637127 |
|  **Net increase (decrease) in net assets** | 637127 |
|  **Net assets at end of period** | $25472980 |

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See notes to unaudited consolidated financial statements.

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**Investcorp US Institutional Private Credit Fund and Subsidiary** 

**Consolidated Statement of Cash Flows (Unaudited)** 

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| | |
|:---|:---|
|  | **Six Months Ended<br>December 31, 2022** |
|  **Cash flows from operating activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $637127 |
|  Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments | (27078819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from principal repayments of investments and sales of investments | 326851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium/accretion of discount, net | (44943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred debt issuance costs | 24868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 10447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (299366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | (16506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (6449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | (13125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense payable | 146533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued organizational and offering expenses | 179254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | (2350218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 128895 |
|  **Net cash (used in) provided by operating activities** | (28473576) |
|  **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for deferred debt issuance costs | (118125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of debt | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from debt | 11400000 |
|  **Net cash provided by (used in) financing activities** | 11200000 |
|  **Net change in Cash** | (17273576) |
|  **Cash and restricted cash, beginning of period** | 19127704 |
|  **Cash and restricted cash, end of period** | $1854128 |
|  **Supplemental and non-cash financing cash flow information:** |  |
|  Cash paid for interest | 33976 |

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See notes to unaudited consolidated financial statements.

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**Investcorp US Institutional Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited)** 

**December 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1) (2) (3) (8)</sup>** | **Industry** | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized<br>Cost** | **Fair Value** | **% of Net<br>Assets** |
|  **First Lien Term Loan** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agrofresh Inc. <sup>(4)</sup> | Chemicals | 1M L + 6.25% (1.00% Floor) | 6/1/2022 | 12/31/2024 | 2934868 | 2903956 | 2934868 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerequip, LLC <sup>(4)</sup> | Machinery | 6M S + 7.40% (1.00% Floor) | 9/1/2022 | 8/31/2027 | 2509839 | 2480474 | 2484740 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Nuts Holdings, LLC - Term Loan A <sup>(4)</sup> | Food & Staples Retailing | 3M S + 6.75% (1.00% Floor) | 7/1/2022 | 4/10/2026 | 1496231 | 1482339 | 1346608 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Nuts Holdings, LLC - Term Loan B <sup>(4)</sup> | Food & Staples Retailing | 3M S + 8.75% (1.00% Floor) | 7/1/2022 | 4/10/2026 | 1496231 | 1481932 | 1346608 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Systems, LLC <sup>(4)</sup> | Professional Services | 1M S + 6.50% (1.00% Floor) | 8/11/2022 | 8/11/2027 | 2865079 | 2834851 | 2879405 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crafty Apes LLC <sup>(4) (6)</sup> | Entertainment | 1M S + 7.10% (1.00% Floor) | 10/28/2022 | 11/1/2024 | 2500000 | 2493808 | 2493750 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Office Inc. <sup>(4)</sup> | Trading Companies & Distributors | 1M L + 6.50% (1.50% Floor) | 8/17/2022 | 4/12/2024 | 2921053 | 2896121 | 2891842 | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen North America Acquisitions, LLC <sup>(4)</sup> | Machinery | 3M L + 6.75% (1.00% Floor) | 7/26/2022 | 8/13/2026 | 1796038 | 1762829 | 1760117 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen North America Acquisitions, LLC - Revolver | Machinery | 3M L + 6.75% (1.00% Floor) | 7/26/2022 | 8/13/2026 | 38974 | 35481 | 38194 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatworld Intermediate Corporation <sup>(4)</sup> | IT Services | 3M S + 6.00% (1.00% Floor) | 10/3/2022 | 10/1/2027 | 2432432 | 2374357 | 2383784 | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fusion Connect, Inc. - 2022 Term Loan <sup>(4) (7)</sup> | IT Services | 6M L + 7.50% + 1.00% PIK (1.00% Floor) | 5/26/2022 | 1/18/2027 | 2951252 | 2875535 | 2862715 | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klein Hersh, LLC <sup>(4)</sup> | Professional Services | 1M S + 3.00% (0.50% Floor) | 6/22/2022 | 4/27/2027 | 452829 | 398332 | 416603 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserAway Intermediate Holdings II, LLC <sup>(4)</sup> | Diversified Consumer Services | 3M L + 5.75% (0.75% Floor) | 10/12/2022 | 10/14/2027 | 2992443 | 2934025 | 2962519 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVI Holdings, Inc. <sup>(4) (5)</sup> | Trading Companies & Distributors | 6M S + 6.38% (1.00% Floor) | 7/29/2022 | 7/18/2027 | 1993913 | 1974687 | 1993913 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WorkGenius Inc. <sup>(4)</sup> | Professional Services | 3M S + 7.00% (1.00% Floor) | 6/13/2022 | 6/6/2027 | 2985577 | 2958675 | 2985577 | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenon Arc, Inc. <sup>(4)</sup> | Trading Companies & Distributors | 3M L + 5.25% (1.00% Floor) | 7/18/2022 | 12/17/2027 | 2984925 | 2937092 | 2984925 | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total First Lien Term Loan** |  |  |  |  | 35351684 | 34824493 | 34766167 | 136.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Arch Holdings LLC (Equity Interest) | Professional Services |  | 8/11/2022 |  | 100000 | 100000 | 147000 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatworld Intermediate Corporation - Equity | IT Services |  | 10/3/2022 |  | 100000 | 100000 | 100000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  |  |  |  | 200000 | 200000 | 247000 | 1.0% |
|  **Total** |  |  |  |  | $35551684 | $35024493 | $35013167 | 137.5% |
|  **Liabilities in excess of other assets** |  |  |  |  |  |  | (9540187) | (37.5)% |
|  **Net Assets** |  |  |  |  |  |  | $**25472980** | **100.0%** |

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(1) The Company's investments are generally acquired in private transactions exempt from registration under the
Securities Act of 1933, as amended (the "Securities Act"). Unless otherwise indicated, all of the Company's portfolio company investments are subject to restrictions on sales. As of December 31, 2022, the Company's portfolio
company investments that were subject to restrictions on sales totaled $35,013,167 at fair value and represented 137.5% of the Company's net assets.

(2) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments
based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns
25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of
ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio
company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities.

(3) All investments were valued at fair value using Level 3 significant unobservable inputs as determined in
good faith by the Company's board of directors.

(4) A portion or all is held by the Company indirectly through Investcorp US Institutional Private Credit SPV LLC
and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(5) The Company has entered into an intercreditor agreement that entitles the Company to the "last out"
tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the
Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 5.75% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(6) The Company has entered into an intercreditor agreement that entitles the Company to the "last out"
tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the
Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(7) Principal amount includes capitalized PIK interest unless otherwise noted.

(8) All investments are qualifying asset under Section 55(a) of the 1940 Act, unless otherwise indicated. The
Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets.

1M L - 1 month London Interbank Offered Rate (4.39% as of December 31, 2022)

3M L - 1 month London Interbank Offered Rate (4.77% as of December 31, 2022)

6M L - 6 month London Interbank Offered Rate (5.14% as of December 31, 2022)

1M S - 1 month Secured Overnight Financing Rate (4.36% as of December 31, 2022)

3M S - 3 month Secured Overnight Financing Rate (4.59% as of December 31, 2022)

6M S - 6 month Secured Overnight Financing Rate (4.78% as of December 31, 2022)

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**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**Notes to Consolidated Financial Statements (Unaudited)** 

**December 31, 2022** 

**1. Organization** 

Investcorp US Institutional Private Credit Fund (the "Company") is a Delaware statutory trust organized under the laws of the state of Delaware and commenced operations on May 26, 2022. The Company was formed to invest primarily in the debt of U.S. middle-market companies (typically those with $10.0 million to $75.0 million of earnings before interest, taxes, depreciation and amortization ("EBITDA")) through first lien, unitranche, second lien, and unsecured debt financing, often with corresponding equity of portfolio companies through warrants. The Fund expects that such equity investments will make up less than 1% of the Fund's total assets (measured at the time of investment).

The Company has engaged CM Investment Partners LLC (the "Adviser") to serve as the investment adviser for the Company, and in such capacity, provide investment management services for the Company. The Company has engaged Adviser as the administrator of the Company to provide certain administrative services to the Company.

The Company is a newly organized, externally managed closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and expects to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes.

Pursuant to the Investment Advisory Agreement between the Company and the Adviser ("Investment Advisory Agreement"), the Adviser provides services, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of the Company's portfolio, the nature and timing of the changes to the
Company's portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating and negotiating the structure of the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the securities and other assets that the Company will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing the Company with such other investment advisory, research and related services as the Company may, from
time to time, reasonably require for the investment of its funds.

On May 26, 2022, Investcorp Funding Limited, an affiliate of the Adviser, purchased 1,250,000 common shares of beneficial interest ("Shares") of the Company at $20.00 per Share.

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**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Company.

**a. Basis of Accounting** 

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and pursuant to the requirements for reporting on Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying audited financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the period from May 26, 2022 (inception) to June 30, 2022. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company's consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company's wholly-owned subsidiary, Investcorp US Institutional Private Credit SPV LLC, which is a special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

**b. Revenue Recognition** 

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments:* Gains or losses on the sale of investments are calculated using the specific identification method.

*Interest Income:* Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Origination, closing, commitment, and amendment fees, purchase and original issue discounts associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, which approximates the effective interest method as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties and unamortized fees and discounts are recorded as interest income and are non-recurring in nature.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

We may hold debt investments in our portfolio that contain a payment-in-kind ("PIK") interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

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*Non-accrual:* Loans are placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment about ultimate collectability of principal. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. PIK interest is not accrued if we do not expect the issuer to be able to pay all principal and interest when due. As of December 31, 2022, we had no investments on non-accrual status or on partial non-accrual status.

**c. Cash and Restricted Cash** 

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in a financial institution and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company's cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by Investcorp US Institutional Private Credit SPV LLC based on the terms of the Capital One Revolving Financing Agreement (as defined below). For more information on the Company's financing arrangements and borrowings, see Note 4.

**d. Investment Transactions and Expenses** 

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Organizational expenses consist principally of legal and accounting fees incurred in connection with the organization of the Company and have been expensed as incurred.

Offering costs will be charged to paid-in capital upon sale of shares.

**e. Investment Valuation** 

The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820—Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 3. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company's own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the after-hours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last "bid" and "ask"

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prices for such options, are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last "bid" and "ask" prices are valued at the average of the last "bid" and "ask" prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company did not hold any Level 1 investments as of December 31, 2022.

Investments that are not traded on securities exchanges but are traded on the over-the-counter ("OTC") markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued by the board of trustees (the "Board") of the Company, in good faith, using a method determined to be appropriate in the given circumstances and in accordance with Rule 2a-5 under the 1940 Act. Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate, in addition to an Asset Approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values. The asset approach uses estimates of the cost to replace an asset's service capacity.

Observable inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. Unobservable inputs used in these approaches may include, but are not limited to, illiquidity discount, PIK discount, yield, broker quotes, implied volatility, recent funding and intrinsic value. The Board will typically make changes in the valuation method as changes in the underlying company dictates, such as moving from the Asset Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the estimated fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material. At December 31, 2022, investments fair valued in good faith based on management developed models represented approximately 100% of all the Company's investments.

The Adviser seeks to ensure that the Company's valuation policies and procedures, as approved by the Company's Board, are consistently applied across all investments of the Company. The valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. The investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company-specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant

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factors including recent purchases and sales that may have occurred preceding quarter-end. Valuation models are typically calibrated upon initial funding, and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, independent valuation firm(s) engaged by the Board conduct independent appraisals and review the Adviser's preliminary valuations and make their own independent assessment. The Audit Committee of the Company's Board then reviews the preliminary valuations of the Adviser and that of the independent valuation firms. The Audit Committee discusses the valuations and makes a recommendation to the Company's Board regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Audit Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the Board determines, in good faith, the fair value of each investment. Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has adopted valuation policies and procedures that are intended to comply with Rule 2a-5.

For more information on the classification of the Company's investments by major categories, see Note 3.

The fair value of the Company's assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Statement of Financial Condition.

**f. Use of Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company's financial statements are reasonable and prudent. Actual results could differ materially from these estimates.

**g. Income Taxes** 

As of December 31, 2022, the Company is taxed as a partnership and generally is not subject to federal, state or local income taxes, and shareholders of the Company are individually liable for the taxes on their distributive share of the Company's income, gain, loss and deduction and will be taxed currently on that distributive share, regardless of whether the shareholder has received or will receive a distribution of cash or other assets from the Company. As a result, no income tax liability or expense has been recorded in the accompanying financial statements.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company's policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Adviser has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for tax years that may be open for the period ended June 30, 2022. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

The Company has elected to be regulated as a BDC under the 1940 Act and also has elected to be treated as a RIC under the Code beginning with the taxable year ending June 30, 2023. To qualify for tax treatment as a RIC, among other things, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, for each year. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains

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that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company's investors and will not be reflected in the financial statements of the Company.

As a RIC, the Company will be subject to a 4% U.S. federal excise tax on undistributed earnings unless it distributes each calendar year the sum of (i) 98% of its ordinary income for such calendar year (ii) 98.2% of its net capital gains for the one-year period ending October 31 in that calendar year (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no U.S. federal income tax (the "Excise Tax Avoidance Requirement"). For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all of its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to shareholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned.

**3. Investments** 

The Company intends to use the net proceeds from the private placements described herein to invest in portfolio companies in accordance with the Company's investment objective and strategies and for general corporate purposes. The Company's investments will be primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million through first lien, unitranche, second lien, and unsecured debt financing, often with corresponding equity of portfolio companies through warrants. The Fund expects that such equity investments will make up less than 1% of the Fund's total assets (measured at the time of investment).

**a. Certain Risk Factors** 

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of uncertainty with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions.

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The Company's assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies. The Company's exposure to credit risk on its investments is limited to the fair value of the investments.

**b. Investments** 

Investment purchases, sales and principal payments/paydowns are summarized below for the six months ended December 31, 2022. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

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| | |
|:---|:---|
|  | **Six months<br>ended<br>December 31,<br>2022** |
|  Investment purchases, at cost (including PIK interest) | $27078819 |
|  Investment sales and repayments | 326851 |

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The composition of the Company's investments as of December 31, 2022 as a percentage of the total portfolio, at amortized cost and fair value are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment at<br>Amortized<br>Cost** | **Percentage** | **Investments at<br>Fair Value** | **Percentage** |
|  Senior Secured First Lien Debt Investments | $34824493 | 99.43% | $34766167 | 99.29% |
|  Equity, Warrants and Other Investments | 200000 | 0.57 | 247000 | 0.71 |
|  Total | $35024493 | 100.00% | $35013167 | 100.00% |

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The following table shows the portfolio composition by industry grouping at fair value at December 31, 2022:

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| | | |
|:---|:---|:---|
| **Industry Classification** | **Investments at<br>Fair Value** | **Percentage of**<br>**Total Portfolio** |
|  Trading Companies & Distributors | $7870680 | 22.48% |
|  Professional Services | 6428585 | 18.36 |
|  IT Services | 5346498 | 15.27 |
|  Machinery | 4283051 | 12.23 |
|  Diversified Consumer Services | 2962519 | 8.46 |
|  Chemicals | 2934868 | 8.38 |
|  Food & Staples Retailing | 2693216 | 7.69 |
|  Entertainment | 2493750 | 7.12 |
|  Total | $35013167 | 100.00% |

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The following table shows the portfolio composition by geographic grouping at fair value at December 31, 2022:

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| | | |
|:---|:---|:---|
| **Geographic Region** | **Investments at**<br>**Fair Value** | **Percentage of**<br>**Total Portfolio** |
|  U.S. Northeast | $17069138 | 48.75% |
|  U.S. West | 8640660 | 24.68 |
|  U.S. Southeast | 3792224 | 10.83 |
|  U.S. Southwest | 3026405 | 8.64 |
|  U.S. Midwest | 2484740 | 7.10 |
|  Total | $35013167 | 100.00% |

---

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##### [**Table of Contents**](#toc)
**c. Fair Value Measurements** 

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assets and liabilities measured at fair value have been classified in the following three categories:

---

| | |
|:---|:---|
| Level 1 | valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. |
| Level 2 | valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
| Level 3 | valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following table summarizes the classifications within the fair value hierarchy of the Company's assets and liabilities measured at fair value as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Secured First Lien Debt Investments | $— | $— | $34766167 | $34766167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity, Warrants and Other Investments |  |  | 247000 | 247000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** |  |  | $35013167 | $35013167 |

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##### [**Table of Contents**](#toc)
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Senior Secured<br>First Lien<br>Debt<br>Investments** | **Equity,<br>Warrants<br>and Other<br>Investments** | **Total<br>Investments** |
|  Fair value at June 30, 2022 | $8226703 | $— | $8226703 |
|  Purchases (including PIK interest) | 26878819 | 200000 | 27078819 |
|  Sales | (326851) |  | (326851) |
|  Amortization | 44943 |  | 44943 |
|  Net realized gains (losses) |  |  |  |
|  Transfers in |  |  |  |
|  Transfers out |  |  |  |
|  Net change in unrealized (depreciation) appreciation | (57447) | 47000 | (10447) |
|  Fair value at December 31, 2022 | $34766167 | $247000 | $35013167 |
|  Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2022 | $(57447) | $47000 | $(10447) |

---

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in unrealized appreciation (depreciation) on investments and derivatives on the Statement of Operations.

During the six months ended December 31, 2022, the Company did not transfer any investments between Levels 1 and 2 and 3.

The following tables present the ranges of significant unobservable inputs used to value the Company's Level 3 investments as of December 31, 2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest PIK discount presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company's Level 3 investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31,<br>2022** | **Valuation<br>Methodology** | **Unobservable<br>Input(s)** | **Weighted<br>Average** | **Range** |
|  Senior Secured First Lien Debt Investments | $32382383 | Yield Analysis | Market Yields | 12.3% | 10.4% - 17.7% |
|  Senior Secured First Lien Debt Investments | 2383784 | Recent Transaction | Recent Transaction | N/A | N/A |
|  Equity, Warrants, and Other Investments | 147000 | Market Comparable<br>Approach | EBITDA multiple | 11.9x | 11.9x |
|  Equity, Warrants, and Other Investments | 100000 | Recent Transaction | Recent Transaction | N/A | N/A |

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##### [**Table of Contents**](#toc)
Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements. Significant increases in implied volatility would result in significantly higher fair value measurements.

**4. Borrowings** 

On September 9, 2022, we, through Investcorp US Institutional Private Credit SPV LLC, our wholly-owned subsidiary, entered into a 1.5 year, $25 million senior secured revolving credit facility as subsequently amended, (the "Capital One Revolving Financing Agreement") with Capital One, N.A. ("Capital One"), which is secured by collateral consisting primarily of loans in our investment portfolio. On September 29, 2022, we amended the Capital One Revolving Financing Agreement to reduce the size of the Capital One Revolving Financing Agreement to $22.5 million. The Capital One Revolving Financing Agreement, which will expire on March 9, 2024 (the "Maturity Date"), features a one-year reinvestment period and a six-month amortization period. Borrowings under the Capital One Revolving Financing Agreement will generally bear interest at a rate per annum equal to SOFR plus 2.65%, so long as no event of default has occurred (as defined in the Capital One Revolving Financing Agreement). The default interest rate will be equal to the interest rate then in effect plus 2.00%.

The Capital One Revolving Financing Agreement required the payment of an upfront fee of 0.50% of the available borrowings under the Capital One Revolving Financing Agreement at the closing and requires the payment of an unused fee of 0.75% annually for any undrawn amounts of the Capital One Revolving Financing Agreement. Borrowings under the Capital One Revolving Financing Agreement are based on a borrowing base. The Capital One Revolving Financing Agreement generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing Agreement also requires mandatory prepayment of interest and principal upon certain events.

As of December 31, 2022, there were $11.2 million in borrowings outstanding and $11.2 million was available under the Capital One Revolving Financing Agreement.

**Long-Term Debt Maturities** 

Set forth below is the aggregate principal amount of our long-term debt as of December 31, 2022 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

---

| | |
|:---|:---|
| 2023 | $— |
| 2024 | 11200000 |
|  Total long-term debt | $11200000 |

---

**5. Indemnification, Guarantees, Commitments and Contingencies** 

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company's experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. As of June 30, 2022, there were no unfunded commitments.

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##### [**Table of Contents**](#toc)
The following table details the Company's unfunded commitments to portfolio companies as of December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Unfunded<br>Commitment** | **Fair<br>Value** | **Annual<br>Non-use<br>Fee** | **Expiration<br>Date** |
|  Amerequip, LLC – Revolver | $483871 | $– | 0.50% | 8/31/27 |
|  Archer Systems, LLC – Revolver | 301587 | – | 0.50% | 8/11/27 |
|  Evergreen North America Acquisitions, LLC – Revolver | 155895 | – | 0.50% | 8/13/26 |
|  Flatworld Intermediate Corporation – Revolver | 567568 | – | 0.50% | 10/1/27 |
|  Total Unfunded Commitments | $1508921 | $– |  |  |

---

**6. Related Party Transactions** 

The Company pays (or reimburses the Adviser) for investment expenses, legal expenses, systems and technology, auditing and tax preparation expenses, organizational expenses, expenses relating to the offering and sale of common shares of beneficial interest in the Company and extraordinary expenses. Expenses incurred by the Company that are of benefit to one or more other investment vehicles managed by the Adviser or its affiliates are allocated among such other investment vehicles on a pro rata basis generally in accordance with the relative amount of investment capital of such other investment vehicles. The Company has not utilized soft dollar arrangements to pay for any third-party expenses.

The Company does not currently pay a management or incentive fee, and no management or incentive fees have been paid since the inception of the Company.

**7. Financial Highlights** 

The following represents the per share data and the ratios to average net assets for the Company:

---

| | |
|:---|:---|
|  | **For the six**<br>**months ended**<br>**December 31, 2022** |
|  **Per Share Data:<sup>(1)</sup>** |  |
|  **Net asset value, beginning of period** | $19.87 |
|  Net investment income | 0.52 |
|  Net realized and unrealized gains (losses) | (0.01) |
|  **Net increase (decrease) in net assets resulting from operations** | 0.51 |
|  **Capital transactions** |  |
|  Issuance of common shares |  |
|  **Net increase (decrease) in net assets resulting from capital transactions** |  |
|  Offering costs |  |
|  **Net asset value, end of period** | $20.38 |
|  Shares outstanding at end of period | 1250000 |
|  Total return <sup>(2)(3)</sup> | 2.57% |
|  **Ratio/Supplemental Data:** |  |
|  Net assets, at end of period | $25472980 |
|  Ratio of net expenses to average net assets<sup>(4)</sup> | 5.55% |
|  Ratio of net investment income (loss) to average net assets<sup>(4)</sup> | 5.83% |
|  Portfolio turnover rate<sup>(3)</sup> | 1.39% |

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##### [**Table of Contents**](#toc)
(1) All per share data activity is calculated based on the weighted average shares outstanding for the relevant
period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2) Total return displayed is net of all fees, including all operating expenses such as management fees, incentive
fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any,
are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share.

(3) Not annualized

(4) Annualized

**8. Subsequent Events** 

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

On January 18, 2023, the Fund completed a closing of capital commitments (the "Initial Closing") in its first private offering of Shares to investors (the "Initial Private Offering") in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws. In connection with the Initial Closing, the Fund issued 1,267,659 Shares to shareholders for an aggregate purchase price of $25,353,180.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** | **INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** |
| Date: February 6, 2023 | By: | /s/ Michael C. Mauer |
|  | Name: | Michael C. Mauer |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.6

**Exhibit 10.6** 

**Name of Investor:________________________** 

**<u>SUBSCRIPTION BOOKLET</u>**

------

**Investcorp US Institutional Private Credit Fund** 

------

**c/o CM Investment Partners LLC** 

280 Park Avenue, 39<sup>th</sup> Floor

New York, New York 10017

United States

------

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION BOOKLET** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
|  SUBSCRIPTION INSTRUCTIONS AND CHECKLIST | i |
|  INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND | 1 |
|  SUBSCRIPTION AGREEMENT | 1 |
|  SIGNATURE PAGE FOR INDIVIDUALS AND INDIVIDUAL RETIREMENT ACCOUNTS | 20 |
|  SIGNATURE PAGE FOR ENTITIES | 23 |
|  ATTACHMENT 1 - INVESTOR QUESTIONNAIRE | 1-1 |
|  ATTACHMENT 2 - BENEFIT PLAN INVESTOR QUESTIONNAIRE | 2-1 |
|  ATTACHMENT 3 - PAY TO PLAY CERTIFICATE | 3-1 |
|  ATTACHMENT 4 - ANTI-MONEY LAUNDERING INFORMATION | 4-1 |
|  EXHIBIT A – FUND OF FUNDS FORM OF AML REPRESENTATION LETTER | 4-4 |
|  EXHIBIT B – REGULATED FINANCIAL INSTITUTIONS THAT INVEST ON BEHALF OF THIRD PARTIES AML REPRESENTATION LETTER REQUIREMENTS | 4-6 |
|  EXHIBIT C – COMPANIES, CORPORATIONS AND PARTNERSHIPS BENEFICIAL OWNERSHIP INFORMATION | 4-7 |
|  EXHIBIT D – TRUSTS BENEFICIAL OWNERSHIP INFORMATION | 4-8 |
|  EXHIBIT E – BANK REFERENCE LETTER | 4-9 |
|  ATTACHMENT 5 – DECLARATION OF TRUST | 5-1 |
|  ATTACHMENT 6 – BYLAWS | 6-1 |
|  ATTACHMENT 7 – INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND AND CM INVESTMENT PARTNERS LLC | 7-1 |
|  ATTACHMENT 8 – ADMINISTRATION AGREEMENT BETWEEN INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND AND CM INVESTMENT PARTNERS LLC | 8-1 |
|  ATTACHMENT 9 – FORM OF FUNDING NOTICE | 9-1 |
|  ATTACHMENT 10 – TRANSFER RESTRICTIONS | 10-1 |
|  ATTACHMENT 11 – PRIVACY NOTICE | 11-1 |

---

------

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**<u>SUBSCRIPTION INSTRUCTIONS AND CHECKLIST</u>**

The following steps must be taken in connection with subscriptions for shares in Investcorp US Institutional Private Credit Fund (the "Company") in accordance with the terms of the attached Subscription Agreement. Terms used but not otherwise defined herein have the meanings given them in the Confidential Offering Memorandum of the Company. For purposes of these Subscription Documents, the "Investor" is the person or entity for whose account the shares of beneficial interest are being purchased and that can satisfy the representations and warranties set forth in the Subscription Documents. Another person or entity with investment authority may execute the Subscription Documents on behalf of the Investor, but should indicate the capacity in which it is doing so and the name of the Investor.

1. Checklist for **Individual Investors**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;a. ☐ Fill in name of the Investor and the Amount of Capital Commitment on page 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;b. ☐ Complete the Signature Page for Individuals on pages 20-22.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;c. ☐ Complete the Investor Questionnaire (<u>Attachment 1</u>) on pages Attach. 1-1 through Attach. 1-6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;d. ☐ Complete the Benefit Plan Investor Questionnaire (<u>Attachment 2</u>) on pages Attach. 2-1 through Attach. 2-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;e. ☐ Complete the Pay to Play Certificate (<u>Attachment 3</u>) on pages Attach. 3-1 through Attach. 3-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;f. ☐ Provide all identification documentation requested in the Anti-Money laundering Supplement (<u>Attachment 4</u>) and complete any applicable Exhibits thereto.

2. Checklist for **Entity Investors (trusts, corporations, LLCs, etc.)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;a. ☐ Fill in name of Investor and the Amount of Capital Commitment on page 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;b. ☐ Complete Signature Page for Entities on pages 23-25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;c. ☐ Complete Investor Questionnaire (<u>Attachment 1</u>) on pages Attach. 1-1 through Attach. 1-6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;d. ☐ Complete the Benefit Plan Investor Questionnaire (<u>Attachment 2</u>) on pages Attach. 2-1 through Attach. 2-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;e. ☐ Complete the Pay to Play Certificate (<u>Attachment 3</u>) on pages Attach. 3-1 through Attach. 3-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;f. ☐ Provide all identification documentation requested in the Anti-Money laundering Supplement (<u>Attachment 4</u>) and complete any applicable Exhibits thereto.

3. Send the original, signed Subscription Agreement, together with the Attachments (this whole booklet), as soon
as possible by courier or overnight mail to the following address:

Investcorp US Institutional Private Credit Fund

280 Park Avenue, 39<sup>th</sup> Floor

New York, New York 10017

Attn: Rocco DelGuercio, Chief Financial Officer

Tel: 1-212-257-5193

Email: rdelguercio@Investcorp.com

4. Investors must send by wire transfer (pursuant to the wiring instructions set forth in the applicable capital
call notice) the amount in U.S. dollars specified in any capital call notice delivered to the Investor. **Please instruct your bank to debit your account separately for any wire transfer fees.** At the same time, Investors should send a copy of
their bank instructions (including the dollar amount, date, address of the bank and the Investor's bank contact for confirmation) to the Company.

i

------

5. Please provide the following bank contact information with respect to the bank from which the Investor has
remitted its subscription amount and to which any withdrawal proceeds should be sent by wire transfer. The Investor agrees that all or any funds payable to the Investor may be wire transferred to the Investor in accordance with the following
instructions (which is the same account from which the Investor's contribution to the Company was first remitted), until further written notice, signed by one or more of the individuals authorized to act on behalf of the Investor is sent to CM
Investment Partners LLC (the "Investment Manager"). If for any reason the bank account information on the wire transfer and the bank account information below do not match, or if the bank account name does not match the Investor name for
valid reasons, the Investor must have its bank complete and send to the Investment Manager the letter contained in <u>Exhibit E</u> to the Anti-Money Laundering Supplement.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of Bank: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address of Bank: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of Contact Person: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABA/CHIPS No.: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWIFT Address: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account No: |

---

**(Please note that the source of the funds should be in the name of the Investor)** 

6. Investors that are individuals  ***must attach*** a copy of their passport(s), driver's license(s)
or other form of **government-issued photo identification**. Investors that are entities  ***must attach*** a copy of their **organizational documents and evidence of signing authority** (*e.g.*, partnership agreement, trust
agreement, operating agreement, incumbency certificate, or certified corporate resolutions authorizing the subscription) and entities more than one year old  ***must also attach*** a certificate of good standing, which should be dated within
one year of such Investor's investment in the Company.

7. Investors  ***must attach*** an **original IRS Form W-9 or appropriate IRS Form W-8**, as may be applicable. Forms can be found on the IRS website: www.irs.gov. Please ensure you are completing the most recent, FATCA-compliant version of the relevant tax form.

8. An Investor's Capital Commitment will be called from time to time by the Company. Investors will receive
the Company's wire transfer instructions in connection with the delivery of capital call notices by the Company.

9. Also included with these Subscription Documents is a copy of the Company's Privacy Notice set forth in
Attachment 11, which each Investor should read and keep for his or her records.

ii

------

The Company reserves the right to request such further identification and authority documents as may be required in order to process this subscription. Each Investor is encouraged to provide copies of their identification and other supporting documentation in a format that is clearly legible (such as JPG or GIF format) to the Company. Failure to do so may result in delay of acceptance of an Investor's subscription until a properly completed and clearly legible Subscription Agreement and all necessary attachments thereto have been received, processed and approved.

iii

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**<u>Investcorp US Institutional Private Credit Fund</u>**

**<u>SUBSCRIPTION AGREEMENT</u>**

------

Name of Investor

(as it will be registered with the investment)

------

Amount of Capital Commitment

Investcorp US Institutional Private Credit Fund

280 Park Avenue, 39th Floor

New York, New York 10017

Ladies and Gentlemen:

**1.**  **<u>THE SUBSCRIPTION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Generally</u>. The undersigned subscribing investor (the "Investor") hereby subscribes for and agrees to purchase shares of beneficial interest, par value $0.01 per share ("Shares"), of Investcorp US Institutional Private Credit Fund (the "Company") via a capital commitment ("Capital Commitment"). The Investor acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance by or on behalf of the Company, and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion. The Investor agrees to be bound by all the terms and provisions of the Company's Offering Memorandum, as amended, restated and/or supplemented from time to time (the "Memorandum") related to the Company's private offering of Shares (the "Offering"), the Company's Declaration of Trust, substantially in the form attached hereto as <u>Attachment 5</u>, as amended and/or restated from time to time (the "Charter"), the Company's Bylaws, substantially in the form attached hereto as <u>Attachment 6</u>, as amended and/or restated from time to time (the "Bylaws"), the Investment Advisory Agreement with CM Investment Partners LLC (the "Investment Manager"), the Company's investment adviser, substantially in the form attached hereto as <u>Attachment 7</u> (the "Advisory Agreement"), the Administration Agreement between the Company and the Investment Manager, substantially in the form attached hereto as <u>Attachment 8</u> (the "Administration Agreement," and together with the Memorandum, the Charter, the Bylaws, and the Advisory Agreement, the "Operative Documents"), together with this subscription agreement (the "Subscription Agreement"). All capitalized terms used herein without definitions shall have the meanings given them in the Memorandum. The Company expects to enter into separate Subscription Agreements (the "Other Subscription Agreements," and, together with this Subscription Agreement, the "Subscription Agreements") with other Investors (the "Other Investors," and together with the Investor, the "Investors"), providing for the sale of Shares to the Other Investors. This Subscription Agreement and each of the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and each of the Other Investors are separate sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Investor agrees to purchase Shares in the Offering for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. On each Capital Drawdown Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as defined below); <u>provided,</u> <u>however</u>, that in no circumstance will an Investor be required to purchase Shares for an amount in excess of its Unused Capital Commitment (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Drawdown Purchase Price" shall mean, for each Capital Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from all Investors on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is the Unused Capital Commitment of the Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors that are not Defaulting Investors or Excluded Investors, as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Drawdown Share Amount" shall mean, for each Capital Drawdown Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Capital Drawdown Date by (ii) the applicable Per Share Price (as defined below), with the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Per Share NAV" shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the net asset value per Share, as determined within two (2) business days of the date of the Funding Notice (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Per Share Price" shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the Per Share NAV; <u>provided</u>, <u>however</u>, in the event that the Per Share NAV is equal to or less than zero as of the first Capital Drawdown Date that occurs immediately following the Initial Closing Date (as defined below), then solely for the purpose of such Capital Drawdown Date, the Per Share Price shall be deemed to equal $15.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Unused Capital Commitment" shall mean, with respect to an Investor, the amount of such Investor's Capital Commitment as of any date reduced by the aggregate amount of contributions made by that Investor at all previous Capital Drawdown Dates and any Catch-Up Date pursuant to <u>Section</u> <u>1.4</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Closings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial closing of this Offering will take place on such date as determined by the Company (such date being the "Initial Closing Date"). The Company will hold additional closings subsequent to the Initial Closing Date (each date on which a subsequent closing is held, a "Subsequent Closing Date") on or prior to the final closing date on which the Company will accept Subscription Agreements, which will occur no later than 12 months following the Initial Closing Date (the "Final Closing Date" and, each of the Initial Closing Date, Subsequent Closing Dates and the Final Closing Date, a "Closing Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations and warranties contained herein, including without limitation the Investor Questionnaire attached hereto as Attachment 1 (the "Investor Questionnaire"). Promptly after the Closing Date, the Company will deliver to the Investor or its representative, if the Investor's subscription has been accepted, a countersigned copy of this Subscription Agreement and other documents and instruments necessary to reflect the Investor's status as a shareholder of the Company, including any documents and instruments to be delivered pursuant to this Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may enter into Other Subscription Agreements with Other Investors on a Subsequent Closing Date and any Other Investor whose subscription has been accepted at such Subsequent Closing Date referred to as a "Subsequent Investor." Notwithstanding the provisions of Sections 1.2 and 1.4, on one or more dates to be determined by the Company that occur on or following the Subsequent Closing Date but no later than the next succeeding Capital Drawdown Date (each, a "Catch-Up Date"), each Subsequent Investor shall be required to purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon payment of the aggregate purchase price for such Shares by the Subsequent Investor in the aggregate for all Catch-Up Dates, such Subsequent Investor's Invested Percentage (as defined below) shall be equal to the Invested Percentage of all prior Investors (other than any Defaulting Investors or Excluded Investors, as defined below) (the "Catch-Up Purchase Price"). Upon payment of the Catch-Up Purchase Price by the Subsequent Investor on a Catch-Up Date, the Company shall issue to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price for such Subsequent Investor minus the Organizational Expense Allocation by (y) the Per Share Price for such Subsequent Investor as of a Catch-Up Date. For the avoidance of doubt, in the event that the Catch-Up Date and a Capital Drawdown Date occur on the same calendar day, such Catch-Up Date (and the application of the provisions of this Section 1.3(c)) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date. "Invested Percentage" means, with respect to an Investor, the quotient determined by dividing (i) the aggregate amount of contributions made by such Investor pursuant to Section 1.2 and this Section 1.3(c) by (ii) such Investor's Capital Commitment. "Organizational Expense Allocation" means, with respect to an Investor, the product obtained by multiplying (i) a fraction, the numerator of which is such Investor's Capital Commitment and the denominator of which is the total Capital Commitments received by the Company through such date by (ii) the total amount of organizational expenses spent by the Company in connection with the Company's formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At each Capital Drawdown Date following any Subsequent Closing Date, all Investors, including Subsequent Investors, shall purchase Shares in accordance with the provisions of Section 1.2 and 1.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, such Investor will be required to enter into a separate subscription agreement with the Company, it being understood and agreed that such separate subscription agreement will be considered to be an Other Subscription Agreement for the purposes of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Capital Drawdowns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a "Capital Drawdown Date") and shall be made in accordance with the provisions of <u>Section</u> <u>1.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make available to the Investor via the investor portal, at least ten (10) calendar days prior to each Capital Drawdown Date, a notice (each, a "Funding Notice") setting forth (i) the Capital Drawdown Date, (ii) the aggregate Drawdown Purchase Price and the aggregate Drawdown Share Amount, (iii) the applicable Drawdown Purchase Price, Per Share Price and Drawdown Share Amount, and (iv) the account to which the Drawdown Purchase Price should be wired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The delivery of a Funding Notice to the Investor shall be the sole and exclusive condition to the Investor's obligation to pay the Drawdown Purchase Price identified in each Funding Notice, and shall represent the Company's acceptance of the Investor's irrevocable and ongoing offer to purchase Shares contained in this Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Capital Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Funding Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The investment period commenced on May 26, 2022 and will end on the fourth anniversary of the Initial Closing Date (such period, the "Investment Period"). Subsequent to the Investment Period, investors will be released from any further obligation with respect to their undrawn Capital Commitments (the "Unused Capital Commitments"), except to the extent necessary to pay amounts due under funding notices that the Company may thereafter issue to: (a) pay its expenses, including management fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Investment Period, (b) complete investments in any transactions for which there are binding written agreements as of the end of the Investment Period (including investments that are funded in phases), (c) fund amounts required to fund financing commitments entered into on or before the end of the Investment Period, and any amounts paid on exercise of warrants or to otherwise protect the value of existing investments (for example, follow on debt or equity investments made to protect existing investments and/or pursuant to pay-to-play provisions in a portfolio company's charter documents, or in a "down round" of equity to avoid dilution, or to take advantage of negotiated super pro rata rights under which the acceptability of a previous investment was augmented by the right to make a disproportionate follow-on investment) as needed prior to the termination of the Company, (d) fund obligations under any guarantee or indemnity made by the Company during the Investment Period and/or (e) fulfill obligations with respect to any defaulted Capital Commitment by one or more other investors in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a "Limited Exclusion Right") to exclude any Investor (such Investor, an "Excluded Investor") from purchasing Shares from the Company on any Capital Drawdown Date (i) if, in the reasonable discretion of the Company, there is a substantial likelihood that such Investor's purchase or exchange of Shares at such time would (A) result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Company, the Investment Manager, any Other Investor or a portfolio company would be subject; (B) cause the assets of the Company to be considered "plan assets" under the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"); or (ii) for any reason or no reason at the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Pledging</u>. Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at any time, and without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement), grant security over and, in connection therewith, Transfer (as defined in <u>Section</u> <u>2.5</u>) its right to draw down capital from the Investor pursuant to <u>Section</u> <u>1.4</u>, and the Company's right to receive the Drawdown Purchase Price (and any related rights of the Company), to lenders or other creditors of the Company, in connection with any indebtedness, guarantee or surety of the Company; <u>provided</u>, that, for the avoidance of doubt, any such grantee's right to draw down capital shall be subject to the limitations on the Company's right to draw down capital pursuant to <u>Section</u> <u>1.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Remedies upon Investor Capital Drawdown Default</u>. Except as otherwise provided in this Subscription Agreement, upon any failure by an Investor to pay all or any portion of the purchase price due from such Investor on any Capital Drawdown Date (such amount, together with the full amount of such Investor's remaining Capital Commitment, a "Defaulted Commitment"), and such Defaulted Commitment remains uncured for a period of ten (10) calendar days of being provided written notice from the Company that payment of such portion of such Investor's Commitment is past due the Company shall be permitted to declare such Investor to be in default of its obligations under this Subscription Agreement (any such Investor, a "<u>Defaulting Investor</u>") and shall be permitted to pursue one or any combination of the following remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may charge interest on the Defaulted Commitment at a rate equal to the lesser of (a) a
variable rate equal to the prime rate of interest (as reported in The Wall Street Journal) during such period plus 6% or (b) the highest interest rate for such period permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may offer the Defaulting Investor's Shares (the "Offered Shares") first, to the
Other Investors (other than any defaulting Other Investors) and if such Other Investors do not purchase all of such Offered Shares, to third parties for purchase at a price equal to the lesser of the then net asset value of such Shares or the
highest price reasonably obtainable by the Company, subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon the Defaulting Investor if the purchasing Other Investors or third parties agree
to assume the related Capital Commitment with respect to such Shares of the Defaulting Investor, including any portion then due and unpaid, and the Company pursuant to its authority under Section 3 may execute on behalf of the Defaulting
Investor any documents necessary to effect the Transfer (as defined herein) of the Defaulting Investor's Shares pursuant to this Section 1.6; provided, however, that notwithstanding anything to the contrary contained in this Subscription
Agreement, no Shares shall be transferred to any Other Investor pursuant to this Section 1.6 in the event that such Transfer (as defined in herein) would (x) violate the Securities Act of 1933, as amended (the "Securities Act"),
the Investment Company Act of 1940 Act, as amended (the "1940 Act"), or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or such Transfer, (y) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code or (z) cause all or any portion of the assets of the Company to constitute "plan assets"
under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to the extent useful to avoid the occurrence of the consequences contemplated herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may pursue any other remedies against the Defaulting Investor available to the Company, subject to
applicable law. The Investor agrees that this Section 1.6 is solely for the benefit of the Company and shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor further agrees that the
Investor cannot and shall not seek to enforce this Section 1.6 against the Company or any stockholder in the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall be authorized to issue additional Drawdown Notices to non-Defaulting Investors to make up for any short-fall caused by a Defaulting Investor's failure to fund any Drawdown Notice, provided that no Investor shall be obligated to fund more than its then Unused
Capital Commitment.

Notwithstanding anything to the contrary in this Agreement, in the event that the Investor fails to make full payment of any portion of its Capital Commitment or any other payment required under this Agreement when due because one or more investors of the Investor have failed to make a contribution to the Investor, the provisions of this Section 1.6 of this Agreement shall (i) apply with respect to only the portion of the Investor's interest in the Company that is attributable to such defaulting investor of the Investor (in which case any such designation as a defaulting investor of the Investor shall be reflected in the tracking accounts maintained by the Company) and (ii) be applied in accordance with the provisions of this Agreement where they do not otherwise conflict with the provisions of the amended and restated limited partnership agreement of the Investor (the "Investor Agreement") and the note purchase agreement of the Investor (the "Investor NPA") when applying such provisions to the Investor, in which case the documents of the Investor shall control.

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**2.**  **<u>REPRESENTATIONS, WARRANTIES AND COVENANTS</u>** 

Recognizing that the Company will be relying on the information and the representations and warranties set forth herein, including, without limitation, the representations and warranties made by the Investor in the Attachments hereto, for many purposes, including to qualify for available exemptions, the Investor hereby represents and warrants to, and agrees with, the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Investor has received, carefully read and understands the Memorandum, the Operative Documents and this Subscription Agreement and has consulted its own attorney, accountant, tax advisor and investment adviser with respect to the investment contemplated hereby and its suitability for the Investor. The Investor has had an opportunity to (i) ask questions of and receive answers from the Investment Manager concerning the terms and conditions of this Subscription Agreement, the Memorandum and the Operative Documents and the business of the Company and (ii) obtain any additional information concerning the offering, the Company and any related material to the extent the Company or the Investment Manager possesses such information or can acquire it without unreasonable effort or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. This Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors' rights and remedies, as from time to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating to fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. The Investor has not, without the consent of the Investment Manager, copied, reproduced or delivered the Memorandum or this Subscription Agreement to any other person, except its professional advisers. The address set forth on the signature page below is the Investor's true and correct legal address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. The Investor understands that the Company intends to file elections to be: (i) regulated as a business development company under the 1940 Act and (ii) treated as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the "Form 10 Registration Statement") related to its shares of beneficial interest with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Form 10 Registration Statement is not the offering document pursuant to which the Company is conducting this Offering and may not include all information regarding the Company contained in the Memorandum; accordingly, Investors should rely exclusively on information contained in the Operative Documents and the Memorandum in making their investment decisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. The Investor understands that the offering and sale of the Shares in this Offering are intended to be exempt from registration under the Securities Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a "Transfer") in any manner that would require the Company to register the Shares under the Securities Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Investor understands that the Company requires each Investor that is a United States Person (as defined below) in the Company to be an "accredited investor" as defined in Rule 501(a) of Regulation D of the Securities Act ("Accredited Investor") and, if the Investor is a United States Person, it represents and warrants that it is an Accredited Investor. The Investor received the Memorandum and the Operative Documents and first learned of the Company in the jurisdiction listed as the address of the Investor set forth on the Investor's signature page hereto, and intends that the applicable securities laws of that jurisdiction shall govern this transaction. If the Investor is not a resident of the United States, the Investor understands that it is the responsibility of the Investor to satisfy himself, herself or itself as to full observance of the laws of any relevant territory outside of the United States in connection with the offer and sale of the Interest, including obtaining any required governmental or other consent and observing any other applicable formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. The Investor understands (i) that, except as otherwise provided in the Subscription Agreement, the Investor may not make less than the full amount of any required capital contribution, and (ii) the default provisions in the Subscription Agreement, which may require the Investor to pay interest on the defaulted amount among other provisions, unless otherwise determined by the Company, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. The Investor's decision to invest in the Company was made by the Investor as a person who (i) is independent of the Company, the Investment Manager, and its affiliates, (ii) is authorized to make such investment decision, and (iii) has relied on the Investor's own tax, legal and financial advisers with regard to all matters relating to the investment in the Company (including U.S. federal, state and local tax matters) and not on any advice or recommendation of the Investment Manager or any of its affiliates. The Investor's prior investment experience and the Investor's general knowledge about the management, proposed operations and prospects of the Company enable the Investor, together with the Investor's advisers, to make an informed decision with respect to an investment in the Company. The Investor (x) is able to bear the economic cost of carrying the investment in the Company for an indefinite period of time; (y) has adequate means of providing for his, her or its current needs and possible personal contingencies even in the event of a complete loss of this investment; and (z) has no need for liquidity of the investment in the Company. The Investor's investment in the Company is consistent with the investment purposes and objectives and cash flow requirements of the Investor and will not adversely affect the Investor's overall need for diversification and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. The Investor acknowledges that in making a decision to subscribe for the Shares, the Investor has relied solely upon the Operative Documents and the Memorandum and independent investigations made by the Investor. The Investor is not relying on the Company, the Investment Manager, or any other person or entity with respect to the legal, tax and other economic considerations involved in this investment other than the Investor's own advisers. The Investor has carefully read this Subscription Agreement and, to the extent he, she or it believes necessary, has discussed with counsel the representations, warranties and agreements that the Investor is making herein. The Investor understands that Dechert LLP acts as counsel only to the Company, the Investment Manager and certain of their respective affiliates, and does not represent the Investor or any other person by reason of such person's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. The Investor is acquiring the Shares for investment purposes only and not with a view to the resale or distribution of all or any part of such Shares and the Investor has no present intention, agreement or arrangement to divide the Investor's participation with others or to sell, assign, pledge, transfer, hypothecate, or otherwise dispose of all or any part of such Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. The Investor acknowledges that he, she or it is not subscribing for the Shares pursuant hereto as a result of or subsequent to (i) any advertisement, article, notice or other communications published in any newspaper, magazine, website or similar media (including any internet site that is not password protected) or broadcast over television or radio, or (ii) any seminar or meeting whose attendees, including the Investor, had been invited as a result of, subsequent to or pursuant to any of the foregoing. The Investor has not received, nor has the Investor relied upon, any recommendation (as defined under 29 C.F.R. 2510.3-21(b)) from the Investment Manager, or the Company regarding the advisability of acquiring, holding, disposing or exchanging securities or other investment property including, but not limited to, the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. The Investor may not Transfer its Capital Commitment or any of its Shares unless (a) the Company provides its prior written consent, (b) the Transfer is made in accordance with applicable securities laws and (c) the Transfer is otherwise in compliance with the transfer restrictions set forth in <u>Attachment 10</u>. No Transfer will be effectuated except by registration of the Transfer on the Company's books. Each transferee must agree to be bound by these restrictions and all other obligations as an Investor in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. The Investor acknowledges that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (a) there is no established market for the Shares and it is possible that no public market for the Shares will develop; (b) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the Securities Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. The Investor acknowledges and is aware of the following: (i) the Company was recently formed and has no financial or operating history; (ii) the speculative nature and the degree of risk involved in the Company's proposed investment activities, as described under the caption "Certain Risks" and "Conflicts of Interest" in the Memorandum; (iii) the method of compensation under the Advisory Agreement with respect to the Investment Manager, and the risks associated therewith; (iv) there are certain potential conflicts of interest that should be considered by the Investor before subscribing for Shares, many of which are set forth in the Memorandum; and (v) the tax effects which may be expected by the Company are not susceptible to precise prediction, and future legislation, future rulings of the Internal Revenue Service and court decisions may have an adverse effect on one or more of the tax consequences elected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. If the Investor is not a natural person, (i) the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (ii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares. If the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription

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for Shares. The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares does not violate, represent a breach of, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or any agreement to which the Investor is a party or by which the Investor is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. Neither the Company, nor the Investment Manager, nor anyone on either entity's behalf has made any representations (whether written or oral) to the Investor (i) regarding the future performance of the Company, or (ii) that the past performance of the Company, the Investment Manager, or their respective affiliates will in any way predict the results of the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. The Investor: (i) is not registered or required to be registered as an investment company under the 1940 Act; (ii) has not elected to be regulated as a business development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition of "investment company" under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. The representations and warranties in this Subscription Agreement, including those made in Attachments hereto (which are incorporated in this Subscription Agreement by reference), are true and accurate as of the date hereof and shall remain true and accurate until the Company is liquidated pursuant to the Operative Documents. If in any respect such representations and warranties shall not be true and accurate, the Investor shall give written notice of such fact to the Company specifying which representations and warranties are not true and accurate and the reasons therefore and shall provide the Company with any such further information as the Company may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. The Investor understands and agrees that, although the Company and the Investment Manager will use their reasonable efforts to keep the information provided in the answers to this Subscription Agreement strictly confidential, the Company and the Investment Manager may present this Subscription Agreement and the information provided herein to such parties (*e.g.*, affiliates, attorneys, auditors, administrators, brokers and regulators) as they deem necessary or advisable to facilitate the acceptance and management of the Investor's capital contributions, including, but not limited to, in connection with anti-money laundering and similar laws, if called upon to establish the availability under any applicable law of an exemption from registration of the Shares, the compliance with applicable law and any relevant exemptions thereto by the Company, the Investment Manager or any of their respective affiliates or if the contents thereof are relevant to any issue in any action, suit, or proceeding to which the Company, the Investment Manager or any of their respective affiliates are a party or by which they are or may be bound. The Company may also release information about the Investor if directed to do so by the Investor or if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. The Investor acknowledges that it will receive or have access to certain confidential proprietary information concerning the Company, which may include, without limitation, information regarding potential investments, financial information, trade secrets and the like (collectively, "Confidential Information"), which is proprietary in nature and non-public. The Investor agrees that it shall not disclose or cause to be disclosed any Confidential Information to any person or use any Confidential Information for its own purposes or its own account, except in connection with its investment in the Company and except as otherwise required by any regulatory authority, law or regulation, or by legal process. Notwithstanding the foregoing, the Investor (and each employee, representative or other agent of the Investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of: (a) the Company; and (b) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Investor relating to such tax treatment and tax structure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. <u>Representations for Non-U.S. Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Investor is not a "United States Person," as defined below (a "non-U.S. Person"), the Investor has heretofore notified the Company in writing of such status. For this purpose, "United States Person" means a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or any political subdivision thereof, an estate the income of which is subject to United States federal income taxation regardless of its source, or any trust (i) the administration of which may be subject to the primary supervision of a U.S. court and (ii) the authority to control all of the substantial decisions of which is held by one or more U.S. persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor will notify the Company immediately if the Investor becomes a United States Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of or funding its commitment with funds obtained from a United States Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer or other professional fiduciary, all offers to sell and offers to buy the Shares were made to or by the Investor while the Investor was outside the United States and at the time the Investor's order to buy the Shares originated (and at the time this Subscription Agreement was executed by the Investor) the Investor was outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. <u>Certain Benefit Plan Matters</u>. If the Investor is, will be, or is acting on behalf of, a person or entity that is or will be (i) an "employee benefit plan" subject to Part 4 of Subtitle B of Title I of ERISA, (ii) a "plan" subject to Section 4975 of the Code, (iii) an entity whose underlying assets include "plan assets" of any employee benefit plan or other plan described in clause (i) or (ii) by reason of such plan's investment in the entity or otherwise, or (iv) an employee benefit plan subject to federal, state or local law ("Similar Law") similar to Section 406 of ERISA or Section 4975 of the Code, the Investor represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the decision to invest in the Company was made by a fiduciary of the Investor that has the authority and discretion to, and is duly authorized to, make such an investment decision on behalf of the Investor (the "Fiduciary");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Investor and the Fiduciary have completed <u>Attachment 2</u>, which, without limiting any other assurances in <u>Attachment 2</u>, the Investor and the Fiduciary hereby specifically represent and agree is correct and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Fiduciary is not related to the Investment Manager, the Administrator, the Company or any of their respective employees, representatives or affiliates, (ii) the Investment Manager, the Administrator, the Company and their respective employees, representatives or affiliates do not have investment discretion, and are not otherwise acting in a fiduciary capacity, with respect to the investment of the Investor's assets in the Company, and (iii) without limiting the generality of the foregoing, the Fiduciary has not relied on, and is not relying on, any investment advice or recommendation of any such person with respect to the Investor's investment in the Company or with respect to the decision to purchase or hold any Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Investor's subscription to invest in the Company and the purchase of Shares as contemplated hereby are authorized by and otherwise in accordance with the Investor's governing instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Investor's acquisition, holding, and disposition of Shares do not and will not (i) constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law, or (ii) in the case of an investor subject to Similar Law, cause the assets of the Company to become subject to Similar Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Investor and the Fiduciary each expressly acknowledge that the Company has the authority to require the redemption, withdrawal or other cancellation of any Shares if the Company determines that the continued holding of such Shares, in the opinion of the Company, could result in the Company being subject to ERISA, Section 4975 of the Code or any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. <u>Tax Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor represents and warrants that it has not been subject to any disqualifying events, as defined under Rule 506(d) of Regulation D under the Securities Act (a "Disqualifying Event"), or any proceeding or event that could result in a Disqualifying Event that would either require disclosure under the provisions of Rule 506(e) of the Securities Act or result in disqualification under Rule 506(d)(1) of the Company's use of the Rule 506 safe harbor. The Investor agrees to notify the Investment Manager promptly in writing if, subsequent to the date hereof, the Investor experiences or becomes subject to a Disqualifying Event. The Investor further represents and warrants that, unless it notifies the Investment Manager otherwise in writing, the Investor is not acting as part of a group (as such term is defined in Section 13(d) of the Exchange Act) with any other individuals or entities (including any existing or prospective Investor) for the purpose of acquiring or holding the Shares. If the Investor's interest in the Company constitutes (or the interests held in the aggregate by any group of which the Investor is a part constitute), or may at any time in the future constitute, twenty percent (20%) or more in interest of the Company's voting securities, as determined by the Investment Manager, the Investor agrees to complete a separate questionnaire regarding any Disqualifying Events (a "Bad Actor Questionnaire"). Such Bad Actor Questionnaire and the information and representations otherwise provided hereunder shall form a part of and be incorporated in this Subscription Agreement and shall be subject to, among other things, the indemnification provisions and the duty to update information contained in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor understands, acknowledges and agrees that pursuant to (A) Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations promulgated under such Sections or any official interpretations thereof ("FATCA"), or (B) agreement with the U.S. Treasury Department entered into by the Company (the "FATCA Agreements"), the Company may be required to obtain from the Investor certain identifying information, including, without limitation, name and address, and documentation about the Investor and the Investor's direct and indirect owners, and whether the Investor or any such owner is a U.S. person or entity, and other tax-related information and documentation (collectively, the "FATCA Information").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investor (A) agrees to promptly deliver all FATCA Information upon request by the Company or the Investment Manager and to certify such information in such form as may be required, and (B) understands, acknowledges and agrees that the FATCA Information may be disclosed to the IRS and other governmental tax authorities by the Company or the Investment Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investor understands, acknowledges and agrees that, if the Investor does not provide the requested FATCA Information as required in this Section 2.21(i), the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests by the Investor and/or deduct from such Investor's account and retain amounts sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account of the Investor's not providing all requested information and documentation in a timely manner, and to ensure that such withholding taxes, interest, penalties and other losses or liabilities are economically borne by the Investor. The Investor shall have no claim against the Company, the Investment Manager or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions in the absence of willful misconduct and/or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Investor further agrees to notify the Investment Manager immediately of any change in any of the FATCA Information previously provided to the Company or the Investment Manager. In the event of any change in the applicable status of Investor for purposes of FATCA or the FATCA Agreements, the Investor hereby agrees to promptly inform the Investment Manager thereof and execute and deliver any applicable new IRS Forms or other tax-related documentation and information as necessary for the Company to comply with its obligations under FATCA or any FATCA Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As part of the Company's responsibility for preventing money laundering, the Company, the Investment Manager or their respective affiliates, subsidiaries, agents, or associates may require a detailed verification of the Investor's identity and the source of the payment of each capital contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and/or the Investment Manager reserves the right to request such information as is necessary to verify the identity of the Investor. In the event of delay or failure by the Investor to produce any information required for verification purposes, the Investment Manager, in its sole discretion, may refuse to accept the subscription and the subscription monies relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor understands that the information provided herein will be relied upon by the Company for the purpose of determining the eligibility of the Investor to purchase Shares. The Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to purchase Shares. The Investor hereby waives any right of legal action in the event of any loss suffered as a result of any refusal by the Company to process a subscription, transfer or withdrawal of Shares pending receipt of any requested verifications of identity or other information in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any information forwarded to the Company by the Investor will be treated on a confidential basis except that such information may be passed on to a relevant third party by the Company where so required by law or regulation, or as otherwise in compliance with the Investment Manager's privacy policy (a copy of which has been provided to the Investor) and the Investor, by subscribing for an Interest, shall be deemed to have consented to such release of such confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investor acknowledges that the Company intends to enter into one or more credit facilities with one or more syndicates of banks or to incur indebtedness in lieu of or in advance of capital contributions. In connection therewith, each Investor hereby agrees to cooperate with the Company and provide financial information and other documentation reasonably and customarily required to obtain such facilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investor hereby acknowledges that the Company seeks to comply with all applicable laws and regulations concerning money laundering and related activities. The Investor represents that the amounts it contributes to the Company are not and will not be directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations, and that acceptance by the Company of such investments will not breach any such laws or regulations. Federal regulations and Executive Orders administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals (the lists of OFAC prohibited countries, territories, persons and entities can be found at http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx). In addition, the programs administered by OFAC (the "OFAC Programs") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Investor hereby represents and warrants that none of (i) the Investor, (ii) any person controlling or controlled by the Investor, (iii) if the Investor is a privately held entity (including a corporation, limited liability company, trust or partnership), to the best of the Investor's knowledge after conducting due diligence, any person having a beneficial interest in the Investor, or (iv) to the best of the Investor's knowledge after conducting due diligence, any person for whom the Investor is acting as agent or nominee in connection with this investment, is (x) a country, territory, individual or entity named on an OFAC list (or such other applicable lists), or is a person or entity prohibited under the OFAC Programs (or such other applicable programs), or resident in, organized or chartered under the laws of a jurisdiction that has been designated by the Secretary of the U.S. Treasury Department under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns, or (y) is a senior foreign political figure,<sup>1</sup> any immediate family member<sup>2</sup> or close associate<sup>3</sup> of a senior foreign political figure as such terms are defined in the footnotes below. To the extent that the Investment Manager requests evidence of the Investor's identity, the Investor agrees to provide such evidence and will represent and warrant that the information provided is genuine and all related information provided is accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Investor is investing for its own account, the Investor represents and warrants that: (i) he/she/it is not acting as agent, representative, intermediary/nominee or in any similar capacity for any other individual or entity, (ii) no other individual or entity will have a beneficial or economic interest in the Shares for which the Investor hereby subscribes, and (iii) the amounts contributed to the Company by the Investor originated directly from a bank or brokerage account in the name of the Investor. If the Investor is an intermediary investing in its own name on behalf of other investors, the Investor represents and warrants that: (i) he/she/it is subscribing for the Shares as a record owner in its capacity as an agent, representative or nominee on behalf of one or more investors (the "Underlying Investors") and agrees that the representations, warranties and covenants made herein are made by it on behalf of itself and the Underlying Investors, (ii) the amounts contributed to the Company with respect to the Underlying Investors originated directly from a bank or brokerage account in the name of the Underlying Investors, (iii) he/she/it has all requisite power and authority from the Underlying Investors to execute and perform the obligations undertaken herein, (iv) has carried out agreed identification procedures with regard to all Underlying Investors, and (v) has established the identity of all Underlying Investors, holds evidence of such identities and will make such information available to the Company upon request. The Investor acknowledges that additional capital contributions by the Investor may be refused and/or distributions may be delayed if the Company reasonably believes it does not have satisfactory evidence of the Underlying Investors' and the Investor's identity.

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<sup>1</sup> A "senior foreign political figure" is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation. In addition, a "senior foreign political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure. 

<sup>2</sup> A "Immediate family" of a senior foreign political figure typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>3</sup> A "close associate" of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the senior foreign political figure. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor is a non-U.S. banking institution (a "Foreign Bank") or if the Investor receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Investor represents and warrants to the Company that (i) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (ii) the Foreign Bank employs one or more individuals on a full-time basis; (iii) the Foreign Bank maintains operating records related to its banking activities; (iv) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; and (v) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Investor acknowledges that if any of the foregoing representations, warranties or covenants ceases to be true or if the Investment Manager no longer reasonably believes that it has satisfactory evidence as to their truth, notwithstanding any other agreement to the contrary, the Investment Manager may be required to freeze the Investor's investment in the Company, either by prohibiting additional capital contributions and/or segregating the assets constituting the investment in accordance with applicable regulations, or the Investor's investment may immediately be involuntarily withdrawn by the Company in accordance with applicable regulations. In the event that the Company is required to take any of the foregoing actions, the Investor understands and agrees that it shall have no claim against the Company, the Investment Manager or any of their respective affiliates, directors, members, partners, shareholders, officers, employees and agents for any form of damages as a result of any of the aforementioned actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Investor understands and agrees that any distributions paid to it will be paid to the same account from which the Investor's initial investment in the Company was originally remitted, unless the Investment Manager, in its sole discretion, agrees otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Investor understands that the Company or the Investment Manager may release confidential information about the Investor and, if applicable, any underlying beneficial owners, to proper authorities if required by law or if the Company, in its sole discretion, determines that it is in the best interests of the Company in light of relevant rules and regulations under the laws set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If the Investor is a financial institution (as defined under the USA PATRIOT Act), the Investor represents that it has an appropriate anti-money laundering program that complies with all applicable laws, rules and regulations and has obtained appropriate background information regarding all of the officers, managers, directors, trustees and beneficial owners of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. None of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. The Investor agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance of this Subscription Agreement, each Capital Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification,

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representation or warranty of the Investor contained in this <u>Section</u> <u>2</u> or any information provided by the Investor herein or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. The execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. The Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

**3.**  **<u>POWER OF ATTORNEY</u> <u>FOR ALL INVESTORS IN THE COMPANY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Investor hereby constitutes and appoints the Company as the Investor's true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for the Investor and in the Investor's name, place and stead, to take any and all actions as are authorized by the power of attorney:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all filings required to be made by the Investor under the Exchange Act with respect to any of the Company's securities which may be deemed to be beneficially owned by the Investor under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business development corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The power of attorney granted hereby shall be deemed an irrevocable special power of attorney, coupled with an interest, which the Company may exercise for the Investor by the signature of the Company or by listing the Investor as a member executing any instrument with the signature of the Company as attorney-in-fact for the Investor. This grant of authority shall survive the assignment by the Investor of the whole or any portion of the Investor's Shares and may not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor.

**4.**  **<u>WITHHOLDING FORMS</u>** 

The Investor represents, warrants and agrees (for the benefit of the Company and of any person who participated in the offer or sale of its Shares) that it will provide in a timely manner a properly completed, FATCA appropriate, United States Internal Revenue Service Tax Form W-8BEN, W-8BEN-E, W-8IMY, W-8EXP or W-8ECI (each, a foreign person certificate) or W-9 (a US person certificate), as appropriate, and shall cooperate with the Company upon its request in order to maintain appropriate records

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and provide for withholding amounts, if any, relating to the Investor's Shares and, further, in the event that the Investor fails to provide such information regarding United States tax withholding, the Company, the Investment Manager and their respective direct or indirect partners, members, managers, officers, directors, employees, agents, service providers and their affiliates shall have no obligation or liability to the Investor with respect to any United States tax matters or obligations which may be assessed against the Investor or its beneficial owners. The Investor expressly acknowledges that such tax forms and withholding information may be provided to any withholding agent that has control, receipt or custody of the income of which the Investor is the beneficial owner or any withholding agent that can disburse or make payments of the income of which the Investor is the beneficial owner.

**5.**  **<u>INDEMNIFICATION</u>** 

The Investor acknowledges that he, she or it understands the meaning and legal consequences of the representations and warranties contained in this Subscription Agreement (including the Attachments hereto), and hereby agrees to indemnify and hold harmless the Company, the Investment Manager, each of their respective affiliates, each other person, if any, who controls, is controlled by, or is under common control with any of the foregoing, within the meaning of Section 15 of the Securities Act, and each partner, member, officer, director, employee, and agent thereof, from and against any and all loss, claim, damage, liability or expense whatsoever due to or arising out of or based upon (i) any false or misleading representation or warranty made by the Investor, or breach or failure by the Investor to comply with any covenant or agreement made by the Investor in this Subscription Agreement (including the Investor Questionnaire) or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (ii) any action for securities law violations instituted by the Investor that is finally resolved by judgment against the Investor.

**6.**  **<u>MISCELLANEOUS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Investor represents and warrants that the information provided in this Subscription Agreement and the Attachments hereto is true, accurate and complete and may be relied upon by the Company, the Investment Manager, and their respective affiliates for any purpose, including the establishment of investor-related facts underlying claims of exemption from the registration provisions of federal and state securities laws. The Investor and the Investor's fiduciaries, if any, agree to indemnify and hold the Company, the Investment Manager, and their respective controlling persons, officers, directors, partners and employees, free and harmless from and in respect of any and all claims, actions, demands, causes of action and expenses whatsoever arising from the breach or alleged breach of any of the representations and warranties made in the preceding sentence or elsewhere in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Company is each hereby authorized and instructed to accept and execute any instructions in respect of the Shares to which this Subscription Agreement relates given by the Investor in written form or by facsimile or other form of electronic transmission (collectively, "Electronic Instructions"). If Electronic Instructions are given by the Investor, the Investor undertakes to keep each Indemnified Person indemnified and held harmless against any loss of any nature whatsoever incurred by such Indemnified Person as a result of any of them acting upon Electronic Instructions. The Company may rely conclusively upon and shall incur no liability in respect of any action taken upon any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Company or its designee may request from the Investor from time to time such additional information as it may deem necessary in connection with this Subscription Agreement, including, without limitation, (i) to evaluate the eligibility of the Investor to acquire Shares, (ii) to determine the eligibility of the Investor to hold Shares, (iii) to enable it to determine the Company's compliance with

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applicable regulatory requirements or tax status, and (iv) to enable it to comply with the requirements of applicable anti-money laundering rules and regulations; and the Investor shall provide such information as may reasonably be requested. The Investor agrees to notify the Company promptly if there is any change with respect to any of the foregoing information or representations and to provide the Company with such further information as the Company may reasonably require. In addition, the Investor agrees that if the Investor increases its Capital Commitment, the Investor shall be deemed to have reaffirmed, as of the date of such increase of its Capital Commitment, each and every representation made by the Investor in this Subscription Agreement or any other instrument provided by the Investor to the Company in connection therewith, except to the extent modified in writing by the Investor and consented to by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Notwithstanding any of the representations, warranties, acknowledgments or agreements made herein by the Investor, the Investor does not hereby, thereby or in any other manner waive any rights granted to the Investor under federal or state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. The Investor agrees not to transfer or assign this Subscription Agreement, nor any of his, her or its interest herein, and further agrees that the assignment and transferability of the Shares acquired pursuant hereto shall be made only in accordance with the Operative Documents and this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. The Investor agrees not to cancel, terminate or revoke this Subscription Agreement or any agreement made by him, her or it hereunder and further agrees that this Subscription Agreement shall survive the death, disability or dissolution of the Investor, as the case may be. This Subscription Agreement (i) shall be binding upon the Investor and the heirs, legal representatives, successors, and permitted assigns of the Investor and shall inure to the benefit of the Company and its successors and assigns, (ii) shall survive the acceptance of the Investor as a member of the Company, and (iii) shall, if the Investor consists of more than one person, be the joint and several obligation of each of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. The Investor understands and agrees that the Company may disclose the intended Capital Commitment to other prospective Investors in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. The Investor acknowledges and agrees that the Company, subject to applicable law, will provide to the Investor (or the Investor's designated agents) statements, reports, financial statements and other notices or communications relating to the Company and/or the Investor's investment in the Company in electronic format to the e-mail address set forth in the Investor's signature page below. The Investor acknowledges that e-mails from the Company may be accessed by recipients other than the Investor and may be interfered with, may contain computer viruses or other defects and may not be successfully replicated on other systems. The Company gives no warranties in relation to these matters. The Investor understands that if it has any doubts about the authenticity of an e-mail purportedly sent by the Company should contact the purported sender immediately. All notices or other communications given or made hereunder to the Company shall be in writing and shall be delivered or mailed to the care of Investcorp US Institutional Private Credit Fund, 280 Park Avenue, 39th Floor, New York, New York 10017. Such address may be changed from time to time by a notice given in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. If the Investor is acting as trustee, agent, representative or nominee for another Investor (a "Beneficial Owner"), the Investor understands and acknowledges that the representations, warranties and agreements made herein are made by the Investor (a) with respect to the Investor and (b) with respect to the Beneficial Owner. The Investor further represents and warrants that it has all requisite power and authority from said Beneficial Owner to execute and perform the obligations under this Subscription Agreement. The Investor also agrees to indemnify the Company and its directors, members, partners, officers and agents for any and all costs, fees and expenses (including legal fees and disbursements) in connection with any damages resulting from the Investor's misrepresentation or misstatement contained herein, or the assertion of the Investor's lack of proper authorization from the Beneficial Owner to enter into this Subscription Agreement or perform the obligations hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. **Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription Agreement shall be a federal or state court located in the State of Delaware and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United States mail addressed to the party at the parties address specified herein or in the Investor Questionnaire. THE INVESTOR AND THE COMPANY, IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY ACTION OR PROCEEDING BY OR AGAINST THE COMPANY (OR DIRECT OR INDIRECT OWNERS, OFFICERS, DIRECTORS, MANAGERS OR EMPLOYEES IN THEIR CAPACITY AS SUCH, OR IN ANY RELATED CAPACITY) OR IN ANY WAY RELATING TO THIS SUBSCRIPTION AGREEMENT, OR OFFERING MATERIALS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. This Subscription Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only in writing, executed by all parties hereto. Article titles or headings to sections are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof, shall be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13. This Subscription Agreement will not be binding on the Company until it is agreed to and accepted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. This Subscription Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument.

**7.**  **<u>CONFIDENTIALITY</u>** 

The Investor acknowledges that the Memorandum and other information relating to the Company have been submitted to the Investor on a confidential basis for use solely in connection with the Investor's consideration of the purchase of Shares. The Investor agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company), the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company, in whole or in part, or (b) disclose the Memorandum or any other information relating to the Company to any person who is not an officer or employee of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information related to the Company if the

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Investor has required its Investors to enter into confidentiality undertakings no less onerous than the provisions of this <u>Section</u> <u>7</u>), except to the extent (1) such information is in the public domain (other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such information) or (2) such information is required by applicable law or regulation to be disclosed. The Investor further agrees to return the Memorandum and any other information relating to the Company if no purchase of Shares is made or upon the Company's request therefore. The Investor acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

**8.**  **<u>NECESSARY ACTS, FURTHER ASSURANCES.</u>** 

The parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

**9.**  **<u>NO JOINT LIABILITY AMONG THE COMPANY AND THE INVESTMENT MANAGER.</u>** 

The Company shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Investment Manager under or in connection with this Subscription Agreement. The Investment Manager shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company under or in connection with this Subscription Agreement. There shall be no joint and several liability of the Company, and the Investment Manager for any obligation under or in connection with this Subscription Agreement.

**10.**  **<u>INDEPENDENT NATURE OF INVESTORS</u> <u>'</u> <u>OBLIGATIONS AND RIGHTS, THIRD-PARTY BENEFICIARIES.</u>** 

The obligations of the Investor hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by the Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. This Agreement is not intended to confer upon any person, other than the parties hereto, except as provided above, any rights or remedies hereunder.

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement as of the date referenced below on the applicable signature page.

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**<u>SIGNATURE PAGE FOR INDIVIDUALS AND INDIVIDUAL RETIREMENT ACCOUNTS</u>**

**(For Signature by Entities, See Following Pages)** 

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| | |
|:---|:---|
| Amount of Capital Commitment: | $|

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| | |
|:---|:---|
| **<u>Form of Ownership</u>**<br> **(check one)** | **<u>Individual Signatures</u>**<br> **(Print Name(s) under Signature(s))** |
|  ☐ INDIVIDUAL OWNERSHIP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (One signature required) |  |
|  ☐ TENANTS IN COMMON |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (All tenants must sign) |  |
|  ☐ JOINT TENANTS WITH RIGHT OF SURVIVORSHIP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (All tenants must sign) |  |

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Please provide a copy of a current, government-issued photo identification of the individual(s) signing the Agreement, if it has not already been provided as part of the identity verification document requirements as set forth in the Anti-Money Laundering Supplement.

☐ INDIVIDUAL RETIREMENT ACCOUNT OF THE INVESTOR (Beneficial Owner)

(Trustee or Custodian must sign and owner must countersign below)

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| |
|:---|
| Name of Trustee / Custodian (print): |
| Address of Trustee/Custodian: |
| Account or other Reference No.: |
| Custodian's Tax I.D. No.: |
| Signature of Authorized Signatory: |
| Name of Authorized Signatory (print): |
| Date: |

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Note to Custodian: Please be sure to include an authorized signatory list with this completed page.

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**Agreement of Owner of Individual Retirement Account:** 

The undersigned, being the owner of the above named individual retirement account, hereby accepts and agrees to this subscription.

Signature:

Name of Owner (print):

Date:

(Please PRINT all information exactly as you wish it to appear in the records of the Company.)

<br> Name of Investor (Social Security Number of Individual or other Taxpayer ID Number)

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| | |
|:---|:---|
| Telephone number: | (<u> </u>) |
| Fax number: | (<u> </u>) |

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Please send all reports, notices and other communications to:

E-mail address:

Residential/Business Address (Domicile for Blue Sky filing purposes):

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Registered Address (if applicable):

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Mailing Address *(select one)*:

☐ Please use the Investor's Residential/Business Address as the Mailing Address

☐ Please use the Investor's Registered Address as the Mailing Address

☐ Please use the following as the Investor's Mailing Address:

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*Authorized Signatories*. Set forth below are the names of persons authorized by the Investor to give and receive instructions between the Company and the Investor, together with their respective signatures. Such persons are the only persons so authorized until further written notice to the Company signed by one or more of such persons.

<u> Name of Authorized Signatory</u> <u> Signature</u> <u> Email Address</u>

(*please attach additional pages if needed*)

*Interested Parties.* Please indicate below the contact information for additional parties that you wish to receive duplicate information from the Company (including the Investment Manager). The Company shall not take instruction from these persons in connection with the Investor's investment.

<u> Name of Interested Party</u> <u> Email Address</u> <u> Telephone Number</u>

(*please attach additional pages if needed*)

**\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** 

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**<u>SIGNATURE PAGE FOR ENTITIES</u>**

**(For Signature by Individuals and Individual** 

**Retirement Accounts, See Preceding Pages)** 

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| | |
|:---|:---|
| Amount of Capital Commitment: | $<u> </u> |

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ENTITY OWNERSHIP: Check form of organization of entity investor and attach a copy of the applicable organizational and authority documents (e.g., trust instrument, certificate of incorporation, certificate of formation, corporate resolutions, partnership agreement, operating agreement, plan documents, etc.). Entities more than one year old must also attach a certificate of good standing, which should be dated within one year of such Investor's investment in the Company.

☐ CORPORATION

☐ PARTNERSHIP

☐ LIMITED LIABILITY COMPANY

☐ FOUNDATION

☐ ENDOWMENT

☐ EMPLOYEE BENEFIT PLAN

☐ KEOGH PLAN

&nbsp;&nbsp;&nbsp;&nbsp;OTHER ACCOUNT —

☐ SPECIFY:

Date of Organization: State/Country of Organization:

**ENTITY SIGNATURE**:

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| | | |
|:---|:---|:---|
|  |  | Date: |
| (Print Name of Entity | (Print Name of Entity |  |
| By: |  |  |
|  | (Signature of Officer or Agent) |  |
|  | (Print Name and Title of Person Signing) |  |

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Please provide a copy of a current, government-issued photo identification of the individual signing the Agreement, if it has not already been provided as part of the identity verification document requirements as set forth in the Anti-Money Laundering Supplement.

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(Please PRINT all information exactly as you wish it to appear in the records of the Company.)

Telephone number: (<u> </u>) Taxpayer ID Number: <br> Fax number: (<u> </u>) Email address:

Please send all reports, notices and other communications to:

E-mail address:

Business Address (Domicile for Blue Sky filing purposes):

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Registered Address (if applicable):

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Mailing Address *(select one)*:

☐ Please use the Investor's Residential/Business Address as the Mailing Address

☐ Please use the Investor's Registered Address as the Mailing Address

☐ Please use the following as the Investor's Mailing Address:

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*Name of Trustees or Other Fiduciaries Exercising Investment Discretion with Respect to Benefit Plan or Trust* 

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| | | |
|:---|:---|:---|
| *Name* | *Occupation* | *Business Affiliation* |

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*Authorized Signatories*. Set forth below are the names of persons authorized by the Investor to give and receive instructions between the Company and the Investor, together with their respective signatures. Such persons are the only persons so authorized until further written notice to the Company signed by one or more of such persons.

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<u> Name of Authorized Signatory</u> <u> Signature</u> <u> Email Address</u>

(*please attach additional pages if needed*)

*Interested Parties.* Please indicate below the contact information for additional parties that you wish to receive duplicate information from the Company (including the Investment Manager). The Company shall not take instruction from these persons in connection with the Investor's investment.

<u> Name of Interested Party</u> <u> Email Address</u> <u> Telephone Number</u>

(*please attach additional pages if needed*)

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**FOR FUND USE ONLY** 

**ACCEPTANCE OF SUBSCRIPTION** 

**<u>Investcorp US Institutional Private Credit Fund</u>**

Investor Name:<u> </u>

The foregoing subscription in the amount of $<u> </u> is hereby accepted for and on behalf of [ ], as of this<u> </u> day of<u> </u>, 20<u> </u>.

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| | |
|:---|:---|
| Investcorp US Institutional Private Credit Fund | Investcorp US Institutional Private Credit Fund |
| By: |  |
|  | Name: Michael C. Mauer |
|  | Title: Chief Executive Officer |

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**ATTACHMENT 1 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 1 - INVESTOR QUESTIONNAIRE</u>**

**Instructions: Please complete this Attachment.** 

**A. Accredited Investor Status.** The Investor represents and warrants that it is an "accredited investor" within the meaning of Regulation D under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and has indicated below each category under which the Investor qualifies as an accredited investor. **IF YOU CANNOT MAKE THIS REPRESENTATION, YOUR SUBSCRIPTION WILL BE REJECTED.**

<u> </u> (i) A bank, as defined in Section 3(a)(2) of the Securities Act, whether acting in regard to this offering in its individual or a fiduciary capacity.

<u> </u> (ii) A savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in regard to this offering in its individual or a fiduciary capacity.

<u> </u> (iii) A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

<u> </u> (iv) An insurance company, as defined in Section 2(a)(13) of the Securities Act.

<u> </u> (v) An investment company registered under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>").

<u> </u> (vi) A business development company, as defined in Section 2(a)(48) of the Investment Company Act.

<u> </u> (vii) A private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the "<u>Investment Advisers Act</u>").

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| | |
|:---|:---|
| <u> </u> (viii) | An investment adviser registered pursuant to Section 203 of the Investment Advisers Act or registered pursuant to the laws of a state or relying on the exemption from registering with the Securities and Exchange Commission under section 203(*l*) or (m) of the Investment Advisers Act.  |

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<u> </u> (ix) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

<u> </u> (x) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act.

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| | |
|:---|:---|
| <u> </u> (xi) | A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000.  |

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Attachment 1-1

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| | |
|:---|:---|
| <u> </u> (xii) | An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), if the investment decision regarding this offering was made by a plan fiduciary (as such term is defined in Section 3(21) of ERISA) which is either a bank, savings and loan association, insurance company or investment adviser duly registered under the Investment Advisers Act.  |

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| | |
|:---|:---|
| <u> </u> (xiii) | An employee benefit plan within the meaning of ERISA with total assets in excess of $5,000,000, whether or not the investment decision regarding this offering was made by a bank, insurance company or registered investment adviser.  |

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<u> </u> (xiv) An employee benefit plan within the meaning of ERISA which is a self-directed plan with investment decisions made solely by persons described by one or more of the categories set forth in this Section II.

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| | |
|:---|:---|
| <u> </u> (xv) | Either (A) a corporation, (B) a Massachusetts or similar business trust, (C) a partnership, (D) a limited liability company, or (E) an organization described in Section 501(c)(3) of the Internal Revenue Code, in any case not formed for the specific purpose of acquiring the Shares and having total assets in excess of $5,000,000.  |

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| | |
|:---|:---|
| <u> </u> (xvi) | A natural person whose individual net worth, or joint net worth with his or her spouse or spousal equivalent (defined as "a cohabitant occupying a relationship generally equivalent to that of a spouse"), excluding the value of his or her primary residence, exceeds $1,000,000<sup>4</sup>.  |

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| | |
|:---|:---|
| <u> </u> (xvii) | A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent (defined as "a cohabitant occupying a relationship generally equivalent to that of a spouse") in excess of $300,000 in each of those years and who reasonably expects income in excess of such amounts in the current year.  |

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| | |
|:---|:---|
| <u> </u> (xviii) | A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares whose purchase is directed by a person who has, alone or together with his or her purchaser representative (as defined in the aforementioned Regulation D), such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of this investment.  |

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| | |
|:---|:---|
| <u> </u> (xix) | A trust pursuant to which the grantor(s) of the trust may revoke the trust at any time and regain title to the trust assets and has (have) retained sole or shared investment control over the assets of the trust, and the (each) grantor is described by one or more of the categories set forth in this Section II in which case the Investor has so notified the Company in writing that it is relying on this clause (xix), and agrees to provide the Company with information requested by it respecting each grantor of the Trust).  |

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<sup>4</sup> For purposes of this net worth calculation you may exclude the amount of indebtedness secured by the Investor's primary residence up to the amount of the estimated fair market value of such residence. However, if the amount of the indebtedness secured by the Investor's primary residence exceeds the value of such residence, the amount of that excess debt should be treated as a liability and deducted from Investor's net worth. In addition, indebtedness secured by the Investor's primary residence that is incurred within sixty (60) days of the date of subscription must be included as a liability unless such indebtedness is incurred in connection with the acquisition of the Investor's primary residence. 

Attachment 1-2

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| | |
|:---|:---|
| <u> </u> (xx) | A partnership, corporation or other entity (other than a trust) in which all of the equity holders are persons or entities described by one or more of the categories set forth in this Section II, in which case the Investor has so notified the Company in writing that it is relying on this clause (xx), and agrees to provide the Company with information requested by it respecting the Investor's equity holders.)<sup>5</sup>  |

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| | |
|:---|:---|
| <u> </u> (xxi) | A "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000, that is not formed for the specific purpose of acquiring the Shares, and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment..  |

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<u> </u> (xxi) A "family client," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office defined in clause (xxi) above (and whose prospective investment in the Shares is directed by such family office).

<u> </u> (xxii) A natural person who holds at least one of the following licenses in good standing: a Series 7, Series 65 or Series 82 license.

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| | |
|:---|:---|
| <u> </u> (xxiii) | An entity, not formed for the specific purpose of acquiring the securities offered, which owns in excess of $5 million in "investments" (as defined in Rule 2a51-1(b) under the Investment Company Act).  |

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**B.** **Investor Tax Jurisdiction** 

What is the Investor's tax jurisdiction? Please check at least one of the following and provide specification where applicable. If more than one option applies, please check all that apply.

☐ The Investor is a "United States Person"<sup>6</sup> for U.S. federal income tax purposes.

☐ The Investor is a United Kingdom tax resident<sup>7</sup> for U.K. income tax purposes.

If you are a United Kingdom tax resident, please provide your Date of Birth:

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<sup>5</sup> In reviewing equity ownership, it is permissible to look through various forms of equity ownership to natural persons.

<sup>6</sup> For purposes of this paragraph, "United States person" shall mean an individual who is a citizen of the United States or a resident alien for U.S. federal income tax purposes; a corporation, an entity taxable as a corporation, or a partnership created or organized in or under the laws of the United States or any state or political subdivision thereof or therein (including the District of Columbia); an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or a trust if (y) a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its substantial decisions or (z) such trust was in existence on August 20, 1996 and was treated as a domestic trust on August 19, 1996 and such trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person. 

<sup>7</sup> For purposes of this paragraph, "United Kingdom tax resident" shall mean those persons who are subject to income tax in the United Kingdom of Great Britain and Northern Ireland pursuant to the relevant laws of that jurisdiction.

Attachment 1-3

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☐ The Investor's tax jurisdiction is (please specify the country or countries where the Investor is subject to income taxation):

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Attachment 1-4

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**ATTACHMENT 2 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 2 - BENEFIT PLAN INVESTOR QUESTIONNAIRE</u>**

The Investor represents and agrees that it (check all applicable boxes):

A. ☐ is not and will not be, and is not acting on behalf of (or using the assets of) any entity or other person that is or will be, a Benefit Plan Investor.

"Benefit Plan Investor" is as defined in 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, and includes (i) any "employee benefit plan" subject to Part 4, Subtitle B of Title I of ERISA, (ii) any other plan, account or arrangement (e.g., an individual retirement account (often referred to as an IRA)) subject to Section 4975 of the Code, and (iii) any entity whose underlying assets include "plan

assets" by reason of such plan's investment in the entity. A Benefit Plan Investor can also be an insurance-company general account the assets of which are considered for purposes of ERISA or Section 4975 of the Code to be assets of a Benefit Plan Investor.

B. ☐ is a Benefit Plan Investor that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ An "employee benefit plan" or trust that is subject to Part 4 of Subtitle B of Title I of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ☐ A "plan" to which Section 4975 of the Code applies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ☐ An entity (other than an insurance company general account) whose underlying assets include "plan assets" by reason of investment in the entity by other Benefit Plan Investors.

If Item B.3. above is applicable, insert the maximum percentage of the assets of the entity that constitutes or may in the future constitute "plan assets" during the period of its investment in the Company:

________ %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ☐ An insurance company using assets of its general account (directly or through subsidiaries) that are subject to ERISA or Section 4975 of the Code (including, without limitation, by virtue of Section 401(c) of ERISA).

If Item B.4. above is applicable, insert the maximum percentage of the general account as a whole that constitutes or may constitute "plan assets" during the period of its investment in the Company:

________ %

C. ☐ is not and will not be a person (including an entity) that has discretionary authority or control with respect to the assets of the Company or a person who provides investment advice with respect to the assets of the Company or an "affiliate" of such a person. For purposes of this representation and agreement, an "affiliate" is any person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a controlling influence over the management or policies of such person.

Attachment 2-1

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Without limiting the remedies available in the event of a breach, and without limiting other notice obligations as may be set forth above or otherwise, the Investor agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to or following an investment in the Company and at such time or times as the Administrator or the Investment Manager may request.

Attachment 2-2

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**ATTACHMENT 3 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 3 - PAY TO PLAY CERTIFICATE</u>**

**Instructions: Please complete this Attachment.** 

The Investor hereby represents and warrants, pursuant to Section 2.22 of the attached Subscription Agreement, that he, she or it is correctly and in all respects described by the category or categories set forth below directly under which the Investor or its authorized representative has signed his, her or its name.

**PLEASE COMPLETE ALL APPROPRIATE ITEMS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Investor _______ (is) _______(is not) (please initial one) a government entity.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the Investor is acting as trustee, custodian or nominee for a beneficial owner that is a government entity,
please provide the name of the government entity:

<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the Investor is an entity substantially owned by a government entity (e.g., a single investor vehicle) and
the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:

<u> </u>

Please note that, if the Investor enters the name of a government entity in this Item (C), the Company will treat the Investor as if it were the government entity for purposes of Rule 206(4)-5 (the "<u>Pay to Play Rule</u>") promulgated under the Investment Managers Act.

[*Continued on next page*]

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<sup>8</sup> For these purposes, "government entity" means any U.S. state (including the District of Columbia, Puerto Rico, the U.S. Virgin Islands or any other possession of the United States) or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any agency, authority, or instrumentality of the state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan", as defined in section 414(j) of the Code, or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a plan or program of a government entity; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity. (Note that any such officers, agents, or employees will not be considered a government entity if they are making an investment in the Company not in their official capacity.)

Attachment 3-1

------

If the Investor is (i) a government entity, (ii) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in Item (C), the Investor hereby certifies that:

---

| | |
|:---|:---|
| <u> </u><br> *Initial* | other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on (i) the Company, (ii) its Investment Manager, or (iii) any of their respective affiliates, in connection with the Investor's investment in the Company. |

---

If the Investor cannot make such certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, its Investment Manager or any of their respective affiliates would be subject to in connection with the Investor's investment in the Company:

<u> </u>

Attachment 3-2

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**ATTACHMENT 4 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 4 - ANTI-MONEY LAUNDERING INFORMATION</u>**

Please provide all of the required anti-money laundering ("AML") documentation listed below along with your subscription agreement. The Investment Manager reserves the right to request other or additional information in order to fulfill anti-money laundering obligations with respect to the Investor. For additional information, please contact the Company manager.

**<u>Identity Verification Requirements</u>**

The following materials must be submitted in conjunction with the completed subscription agreement (please provide <u>only</u> those materials pertinent to your category of Investor):

☐ **For Individuals and Participants in Individual Retirement Accounts, Keogh Plans and Other Self-Directed Defined Contribution Plans** 

(1) A government-issued form of photo identification (*e.g.*, passport) verifying full name and date of birth.

(2) Proof of current residential address (*e.g.*, current utility bill).

☐ **For Fund of Funds** 

(1) A certificate of due formation and organization from the jurisdiction of organization (*e.g.,* certificate of incorporation).

(2) An Authorized Signatory list providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(3) Government-issued photo identification (*e.g.*, passport) for those authorized signer(s) who will be executing the subscription document on behalf of the Investor.

**Note**: Should another authorized signer, other than the subscription document signer(s), provide instruction regarding the investment in the future, provision of identification and signature verification (in the form of government-issued photo identification) for said individual(s) will be required at that time.

(4) A completed Fund of Funds AML Representation Letter in the format attached hereto as <u>Fund of Funds Form of AML Representation Letter.</u>

☐ **For Regulated Financial Institutions that Invest on Behalf of Third Parties (*e.g.*, Nominee Banks and Regulated Trust Companies)** 

(1) An Authorized Signatory list on company letterhead providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(2) An AML Representation Letter that conforms with the requirements set forth on **<u>Exhibit A.</u>**

Attachment 4-1

------

☐ **For Companies, Corporations, and Partnerships** 

(1) A certificate of formation and organization in the jurisdiction of organization (*e.g.*, certificate of incorporation). Disclosure of whether organic documents allow for issuance of certificates of ownership in bearer form, and if so, whether any bearer shares have yet been issued.

(2) The entity's organic documents (*e.g.*, articles and memorandum, articles of incorporation, bylaws, partnership agreement, LLC operating agreement).

(3) To the extent that beneficial ownership information is not reflected in the entity's organic documents, provide documentation reflecting such information (*e.g.*, share registry, register of members).

(4) A completed <u>Exhibit C</u> listing the name of each person who directly, or indirectly through entities, is the beneficial owner of 10% or more of any voting or non-voting class of equity interests of the Investor. If the entity is owned by layers of companies/entities, submit the formation and organization documents for each of those entities until individual beneficial owner(s) are identified.

(5) Government-issued photo identification (*e.g.*, passport) for those individual beneficial owner(s) as directed on <u>Exhibit C</u>.

(6) An Authorized Signatory list providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(7) Government-issued photo identification (*e.g.*, passport) for those authorized signer(s) who will be executing the subscription document on behalf of the Investor.

**Note**: Should another authorized signer, other than the subscription document signer(s), provide instruction regarding the investment in the future, provision of identification and signature verification (in the form of government-issued photo identification) for said individual(s) will be required at that time.

☐ **For Trusts** 

(1) The trust deed.

(2) A completed <u>Exhibit D</u> listing the current beneficiaries of the trust that have, directly or indirectly, 10% or more of any interest in the trust, the settlor of the trust and the trustees.

(3) Government-issued photo identification (*e.g.*, passport) for those individual beneficial owner(s), the settlor of the trust and the trustees as directed on <u>Exhibit D</u>.

(4) An Authorized Signatory list providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(5) Government-issued photo identification (*e.g.*, passport) for those authorized signer(s) who will be executing the subscription document on behalf of the Investor.

**Note**: Should another authorized signer, other than the subscription document signer(s), provide instruction regarding the investment in the future, provision of identification and signature verification (in the form of government-issued photo identification) for said individual(s) will be required at that time.

☐ **For Foundations** 

Attachment 4-2

------

(1) Organic documents including foundation charter, articles of incorporation and other formation documents stating the nature and purpose of the foundation (and beneficiary information, as applicable).

(2) To the extent that trustee, director, governor, board member or beneficiary information (as applicable) is not reflected in the foundation's organic documents, provide documentation reflecting such information.

(3) The foundation's most recent IRS Form 990 (as applicable).

(4) Authorized Signatory list providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(5) Government-issued photo identification (*e.g.*, passport) for those authorized signer(s) who will be executing the subscription document on behalf of the Investor.

**Note**: Should another authorized signer, other than the subscription document signer(s), provide instruction regarding the investment in the future, provision of identification and signature verification (in the form of government-issued photo identification) for said individual(s) will be required at that time.

☐ **For Non-Profit Organizations** 

(1) Organic documents including articles of incorporation and other formation documents stating the non-profit charitable purpose of the organization.

(2) To the extent that trustee, director, governor or board member information is not reflected in the non-profit organization's organic documents, provide documentation reflecting such information.

(3) The non-profit organization's most recent IRS Form 990 (as applicable).

(4) Authorized Signatory list providing title, name and sample signature of individuals authorized to instruct changes or trades on behalf of the Investor.

(5) Government-issued photo identification (*e.g.*, passport) for those authorized signer(s) who will be executing the subscription document on behalf of the Investor.

**Note**: Should another authorized signer, other than the subscription document signer(s), provide instruction regarding the investment in the future, provision of identification and signature verification (in the form of government-issued photo identification) for said individual(s) will be required at that time.

Attachment 4-3

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**<u>EXHIBIT A</u>**

**<u>To the AML Supplement</u>**

**<u>EXHIBIT A – FUND OF FUNDS FORM OF AML REPRESENTATION LETTER</u>**

***[To be placed on letterhead of the company providing the anti-money laundering procedures for the fund making the investment into Investcorp US Institutional Private Credit Fund (i.e. administrator or SEC-registered investment adviser)]***

[*DATE*]

To Whom It May Concern:

***Anti-Money Laundering and Client Identification Representations and Warranties***

**Re: [NAME, LEGAL CLASSIFICATION, AND DOMICILE OF THE FUND INVESTOR, e.g., ABC Fund Ltd., an exempted mutual fund company organized under the laws of Bermuda] (the "Fund")** 

We, *[Name of Administrator/SEC-Registered Investment Adviser/Other (please specify)]*, licensed under the laws of *[Country]* are the *[Name of Administrator/Investment Manager/Other (please specify)]* of the Fund and adhere to the anti-money laundering laws, regulations and guidelines applicable in *[Country]* ("Applicable AML Regulations").

In connection with our services to the Fund and the Fund's intended investment in [**NAME OF FUND INTO WHICH THE FUND REFERENCED ABOVE IS SUBSCRIBING**], and in accordance with the laws and regulations relating to money laundering to which the Fund and we are subject in the jurisdictions in which we operate, we hereby represent and warrant that:

**Know Your Customer** 

1. We conduct anti-money laundering due diligence on all Investors in the Fund and, where applicable, the beneficial owners of the Investors in the Fund ("Beneficial Owners").

2. We obtain and verify the identities and addresses of each Investor in the Fund and where applicable, the Beneficial Owners.

3. To the extent that we know or have reason to suspect that any of the Investors or Beneficial Owners is a current or former senior foreign Politically Exposed Person ("PEP"), we have undertaken additional due diligence as necessary.

4. We do not transact with shell banks, or Investors or banks organized or chartered under the laws of a country listed on the Non-Cooperative Countries and Territories ("NCCT") list.

**Suspicious Activity** 

5. We monitor the transactions of the Fund and their Investors to identify possible suspicious activity. If we identify any unusual or suspicious activity related to the Fund that we know or have reason to suspect could require the filing of a Suspicious Activity Report in the relevant jurisdiction, we make such filing.

Attachment 4-4

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**OFAC Representation and Warranties** 

6. We verify that each Investor (and, as applicable, Beneficial Owners) in the Fund are not subject to sanctions administered by the Office of Foreign Assets Control of the United States Department of Treasury ("OFAC") or comparable lists in other applicable countries ("Other Lists"). On a periodic basis, we recheck the names of each Investor in the Funds (and, as applicable, Beneficial Owners) against the OFAC Lists and Other Lists as these lists are from time to time amended.

**General** 

7. We will retain documentary evidence of the identity of Investors (and Beneficial Owners of Investors) for a period of at least five years from the cessation of the Fund's relationship with the Investor.

8. To the extent permitted by applicable law, in the event of any inquiry from the relevant regulator or law enforcement agency, we agree to provide your AML Officer with Fund Investor information in our possession that is necessary to satisfy the request.

9. We understand that the recipient of this representation will place reliance on this certification for purposes of complying with its own obligations under applicable anti-money regulations.

---

| |
|:---|
|  Yours sincerely, |
|  Signed:<u> </u> |
|  Full Name:<u> </u> |
|  Title:<u> </u> |

---

On behalf of: **[Name of Administrator/Investment Manager/Other (please specify)]**

Attachment 4-5

------

**<u>EXHIBIT B</u>**

**<u>To the AML Supplement</u>**

**<u>EXHIBIT B – REGULATED FINANCIAL INSTITUTIONS THAT INVEST ON BEHALF OF THIRD PARTIES AML REPRESENTATION LETTER REQUIREMENTS</u>**

***The AML Representation Letter must meet the following requirements:***

1. Presented on the letterhead of the financial institution.

2. Addressed to the fund or to [___________]. If addressed to [___________], specifically reference the fund into which the financial institution is investing.

3. Specifically reference the name of the Investor as it is registered with the investment.

4. Specify the framework that creates anti-money laundering obligations, including the jurisdiction with whose AML regulations the financial institution must comply and the regulatory body that oversees the financial institution's compliance with those regulations.

5. Contain the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. That the financial institution has obtained and verified the name and address of the Investor and beneficial owners, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That the financial institution has made reasonable efforts to determine whether the Investor or beneficial owners are senior foreign political figures or close family members or close associates of such senior foreign political figures, and has conducted appropriate due diligence on such individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That the financial institution does not transact with shell banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. That the financial institution has procedures to verify that the Investors (and beneficial owners as applicable) are not named on the OFAC lists and similar lists in other countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. That the financial institution monitors the transactions of customers, including the Investor, to identify possible suspicious activity and that it makes suspicious activity filings as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. That the financial institution will make available to us identification documents pertaining to the Investor to the extent permissible by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. That the financial institution understands that the recipient of this representation will place reliance on this certification for purposes of complying with its own obligations under applicable anti-money regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. That the financial institution will retain documentary evidence of the identity of Investors (and beneficial owners of Investors) for a period of at least five years from the cessation of the relationship with the customer.

6. Signed by a person authorized to make these representations on behalf of the financial institution.

Attachment 4-6

------

**<u>EXHIBIT C</u>**

**<u>To the AML Supplement</u>**

**<u>EXHIBIT C – COMPANIES, CORPORATIONS AND PARTNERSHIPS BENEFICIAL OWNERSHIP INFORMATION</u>**

**Instructions: Please complete and return this [Exhibit C](#ex10_6405295_11) and provide the name of every individual or entity who is, directly or indirectly, the beneficial owner of 10% or more of any voting or non-voting class of equity interests of the Investor.** 

**•** **If the entity is owned by individuals, please provide their government-issued photo identification.** 

**•** **If the entity is owned by another company/entity, please submit the formation and organization documents for that entity and identify underlying individual beneficial owners. Verification of identification for individual beneficial owners may also be requested.** 

**•** **If there is more than one layer of companies/entities, please attach ownership and beneficial ownership information separately, including formation and organization documents for all companies/entities in the chain of ownership and control, and identify ultimate individual beneficial owners. Verification of identification for individual beneficial owners may also be requested.** 

**•** **If there are no 10% or greater beneficial owners, please write None.** 

---

| | | |
|:---|:---|:---|
| Full Name and Address of Entity or Individual<br> (and Date of Birth, for Individuals) | Approximate<br> Ownership<br> Percentage | Citizenship (for Individuals)<br> Principal Place of Business<br> (for Entities) |

---

Attachment 4-7

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**<u>EXHIBIT D</u>**

**<u>To the AML Supplement</u>**

**<u>EXHIBIT D – TRUSTS BENEFICIAL OWNERSHIP INFORMATION</u>**

**Instructions: Please complete and return this [Exhibit D](#ex10_6405295_12) and provide the name of: (i) every current beneficial owner that has, directly or indirectly, an interest of 10% or more in the trust; and (ii) every trustee.** 

**•** **For those individuals who control the trust, please provide government-issued photo identification. Verification of identification for individual beneficial owners may also be requested.** 

**•** **If the trust is owned by another entity, please submit the formation and organization documents for that entity and identify underlying individual beneficial owners. Verification of identification for individual beneficial owners may also be requested.** 

**•** **If the trust is owned by more than one layer of companies/entities, please attach ownership and beneficial ownership information separately, including formation and organization documents for all companies/entities in the chain of ownership and control, and identify ultimate individual beneficial owners. Verification of identification for individual beneficial owners may also be requested.** 

---

| | | | |
|:---|:---|:---|:---|
| Full Name and Address of<br> Individual or Entity<br> (and Date of Birth, for<br> Individuals) | Status<br> (Beneficiary/Settlor/Trustee) | Approximate<br> Ownership<br> Percentage | Citizenship (for<br> Individuals)<br> Principal Place of<br> Business<br> (for Entities) |

---

Attachment 4-8

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**<u>EXHIBIT E</u>**

**<u>To the AML Supplement</u>**

**<u>EXHIBIT E – BANK REFERENCE LETTER</u>**

If the name of the registered Investor, or the name of the underlying beneficial owner of the Investor does not match the account name from which subscription funds are remitted, suitable written explanation from the remitting bank is requested.

*[ON BANK LETTERHEAD]* 

---

| | |
|:---|:---|
| Date: |  |
| Attention: | Fund Investor Services |
|  | [___________] |
|  | Phone: |
|  | Fax: |
|  | Email: |

---

Dear Sirs:

Re: *Insert Investor Name*

---

| |
|:---|
| Name of Regulated Institution: |
| Address of Regulated Institution: |
| Name of Investor: |
| Subscribing Bank Account Name: |
| Subscribing Bank Account #: |

---

We hereby confirm that the investor named above is known to us and has an active account at this institution. The account details are as provided above. The above information is given in the strictest confidence for your own use only.

Yours Sincerely,

*SIGNED BY BANK REPRESENTATIVE* 

*Position Held* 

Attachment 4-9

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**ATTACHMENT 5 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 5 – DECLARATION OF TRUST</u>**

Attachment 5-1

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**ATTACHMENT 6 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 6 – BYLAWS</u>**

Attachment 6-1

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**ATTACHMENT 7 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 7 – INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND AND CM INVESTMENT PARTNERS LLC</u>**

Attachment 7-1

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**ATTACHMENT 8 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 8 – ADMINISTRATION AGREEMENT BETWEEN INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND AND CM INVESTMENT PARTNERS LLC</u>**

Attachment 8-1

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**ATTACHMENT 9 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 9 – FORM OF FUNDING NOTICE</u>**

---

| | | |
|:---|:---|:---|
| **TO:**<br> **FROM:**<br> **RE:**<br> **DATE:** | **«Investor Name»**<br> **[ ]**<br> **Notice of Capital Call — <u>Due [ ], 20[ ]</u>**<br> **[ ], 20[ ]** | **280 Park Avenue, 39th Floor**<br> **New York, New York 10017**<br> **E-MAIL: [ ]** |

---

In accordance with Section 1.4(b) of the Subscription Agreement (the "Subscription Agreement") of Investcorp US Institutional Private Credit Fund (the "Company"), you are hereby given notice of a call for capital contribution. The purpose of this capital contribution is to fund your share of proposed investments to be made by the Company.

The total amount due from you is $<>. Details of this capital call and your portion thereof are as follows:

---

| | |
|:---|:---|
| Aggregate number of Shares to be sold to all Investors: | [**•**] |
| Aggregate purchase price for such Shares: | [**•**] |
| Drawdown Share Amount: | [**•**] |
| Drawdown Purchase Price: | [**•**] |
| Per Share Price | [**•**] |

---

We request that you wire your total amount due on or before the due date in accordance with the following instructions:

---

| | |
|:---|:---|
| Bank: | U.S. Bank |
| ABA #: | 075000022 |
| Account Name: |  |
|  | U.S. BANCORP FUND |
|  | SERVICES, LLC |
|  | FBO INVESTCORP US PRIVATE |
|  | CREDIT FEEDER LP |
| Account #: | 1-823-8380-0220 |
| Notation: | «Investor Name» |

---

Attachment 9-1

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**ATTACHMENT 10 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 10 – TRANSFER RESTRICTIONS</u>**

No Transfer of the Investor's Capital Commitment, all or any fraction of the Investor's Shares may be made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Company. In any event, the consent of the Company may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities
or "Blue Sky" laws applicable to the Company or the Shares to be Transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not be a "prohibited transaction" under ERISA or the Code or the regulations
promulgated thereunder or cause all or any portion of the assets of the Company to constitute "plan assets" under ERISA, certain Department of Labor regulations or Section 4975 of the Code.

The Investor agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Company in connection with any Transfer of its Capital Commitment or all or any fraction of its Shares, prior to the consummation of such Transfer.

Any person that acquires all or any fraction of the Shares of the Investor in a Transfer permitted under this Attachment 10 shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company, it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor.

Attachment 10-1

------

**ATTACHMENT 11 TO** 

**INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND** 

**SUBSCRIPTION AGREEMENT** 

**<u>ATTACHMENT 11 – PRIVACY NOTICE</u>**

Investcorp Credit Management BDC, Inc., a Maryland corporation, Investcorp US Private Credit BDC II, a Delaware statutory trust, and Investcorp US Institutional Private Credit Fund, a Delaware statutory trust (each a "***Company***" and together, the "***Companies***", "***our***," "***us***" or "***we***"), are committed to protecting your privacy. This privacy notice, which is required by state and federal law, explains the privacy policies of each Company and its affiliated companies. This notice supersedes any other privacy notice you may have received from each Company, and its terms apply both to our current customers and to former customers as well.

**<u>How We Protect Your Personal Information</u>**

We will safeguard, according to strict standards of security and confidentiality, all information we receive about you. With regard to this information, we maintain physical, electronic, and procedural safeguards that comply with federal and state standards.

**<u>What Kind of Information We Collect</u>**

The only information we collect from you is your name, address and number of shares you hold.

**<u>How We Use this Information</u>**

This information is used only so that we can service your account, send you annual reports and other information about each Company, and send you proxy statements or other information required by law.

**<u>Who Has Access to Personal Information</u>**

We do not share customer information with any non-affiliated third party except as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Employees of CM Investment Partners LLC (the "Adviser") *.*** It is our
policy that only authorized employees of the Adviser who need to know your personal information will have access to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service Providers *.*** We may disclose your personal information to companies that provide
services on our behalf, such as record keeping, processing your trades and mailing information to you. These companies are required to protect your information and use it solely for the purpose for which they received it.

Attachment 11-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Courts and Government Officials *.*** If required by law, we may disclose your personal
information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena or court order will be disclosed.

**<u>Updating Your Information</u>**

To help us keep your customer information up-to-date and accurate, please contact each Company, at the address below, if there is any change in your personal information.

Investcorp Credit Management BDC, Inc.

Investcorp US Private Credit BDC II

Investcorp US Institutional Private Credit Fund

280 Park Avenue, 39<sup>th</sup> Floor

New York, New York 10017

ATTN: Chief Compliance Officer

Attachment 11-2