OUR ADVISER
Eagle Point Credit Management LLC (“Eagle Point” or the “Adviser”) is a specialist asset manager focused on income-oriented credit investments in niche and inefficient markets.
Eagle Point was established in 2012. Eagle Point and its affiliates have over $9.3 billion of AUM across more than 50 funds and separately managed accounts.* The Adviser’s investor base consists primarily of institutional investors.
The Adviser has been executing on comparable CLO investment strategies since 2012. Based on the Adviser’s CLO equity assets under management, the Adviser believes that it is among the largest CLO equity investors in the market. We believe that the Adviser’s direct and often long standing relationships with CLO collateral managers, its CLO structural expertise and its relative scale in the CLO market will enable us to source and execute investments with attractive economics and terms relative to other CLO opportunities.
For more information about Eagle Point, please click here.
To view Eagle Point’s website, please click here.
*As of January 31, 2024, includes committed but undrawn capital and assets managed by Eagle Point Credit Management LLC and certain of its affiliates.
Note: The awards were won by Eagle Point Credit Management LLC, the investment adviser to Eagle Point Institutional Income Fund. The awards are based on the results of a market survey conducted by CreditFlux in October 2023. The awards are based on the subjective impression of the market participants surveyed. Survey respondents included 539 verified CLO investors, collateral managers, bankers, traders and service providers. Each respondent was permitted to vote for one out of the firms nominated for each award. Respondents were not permitted to vote for firms with which they were affiliated. Eagle Point received 48% of the votes for “Best U.S. CLO Equity Investor” and 42% of “Best U.S. CLO Junior Debt Investor.” CreditFlux conducts its CLO survey annually.
With an emphasis on assessing the skill of CLO collateral managers and analyzing CLO structures, the Adviser believes that its approach is more akin to a private equity style investment approach than to the typical process used by many fixed income investors.
INVESTMENT APPROACH
The goal of the investment process is to outperform the CLO market generally over the long-term. Our investment process involves proactive sourcing and identification of investment opportunities in both the primary and secondary market. We believe that Eagle Point’s relative size and prominence in the CLO market and direct and often longstanding relationships of the Adviser’s investment team with CLO collateral managers and arranging banks benefit us by enhancing our ability to source investments and secure allocations of CLO equity and debt investments issued in the primary market (the syndications of which can be oversubscribed).
The Fund invests in CLO equity and junior debt securities. The Fund’s investment strategy leverages the investment strategy employed by the Adviser since the Adviser’s inception in 2012 and the Fund can co-invest on a concurrent basis with other funds and accounts managed by the Adviser. The Adviser generally expects to be able to influence the key terms and conditions of many of its CLO investments through its majority ownership of the CLO’s equity tranche.
EAGLE POINT TEAM
THOMAS P. MAJEWSKI
MANAGING PARTNER
Mr. Majewski is the Managing Partner and founder of the Adviser. Mr. Majewski has been involved in the formation and/or monetization of many CLO transactions across multiple market cycles. Mr. Majewski led the creation of some of the earliest refinancing CLOs, introducing techniques that are now commonplace in the market. Mr. Majewski’s experience in the CLO market dates back to the 1990s. He has spent his entire career in the structured finance and credit markets. Mr. Majewski is a member of the Adviser’s Board of Managers and the Adviser’s investment committee. Mr. Majewski is also the Managing Partner of Eagle Point Income Management.
DANIEL W. KO
SENIOR PRINCIPAL AND PORTFOLIO MANAGER
Mr. Ko is a Portfolio Manager of the Adviser. Mr. Ko is responsible for manager evaluation and structuring investment opportunities in the primary CLO market, analyzing secondary CLO market opportunities, executing trades and monitoring investments. Mr. Ko has specialized in structured finance throughout his entire career.
DANIEL M. SPINNER, CAIA
SENIOR PRINCIPAL AND PORTFOLIO MANAGER
Mr. Spinner is a Portfolio Manager of the Adviser. Mr. Spinner is primarily responsible for overseeing the manager evaluation and due diligence process, monitoring investments, and evaluating potential financing opportunities. Mr. Spinner is also actively involved in investor relations and communications. Mr. Spinner is an alternative asset management industry specialist with 20 years of experience advising, financing and investing in alternative asset management firms and funds. Mr. Spinner’s experience in the CLO market dates back to the late 1990s.
Kenneth P. Onorio
SENIOR PRINCIPAL, CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER
Mr. Onorio has served as the Fund’s Chief Financial Officer, Principal Accounting Officer and Chief Operating Officer since inception. Mr. Onorio also serves as the Chief Financial Officer and Chief Operating Officer of the Adviser and Eagle Point Income Management LLC. Prior to joining the Adviser in 2014, Mr. Onorio was an Executive Director within Private Equity and Hedge Fund Administration at JPMorgan Alternative Investment Services from September 2008 to July 2014. During his tenure at JPMorgan, his responsibilities included managing Hedge Fund and Private Equity Fund Administration. Mr. Onorio received his B.S. from Fordham University and is a Certified Public Accountant (inactive).
Nauman S. Malik
SENIOR PRINCIPAL AND GENERAL COUNSEL
Mr. Malik has served as the Fund’s Chief Compliance Officer since inception. Mr. Malik also serves as the General Counsel of the Adviser and Eagle Point Income Management LLC. He was the Chief Compliance Officer of Eagle Point Income Management from October 2018 to March 2020 and Chief Compliance Officer of the Adviser from September 2015 to March 2020. Prior to joining the Adviser, Mr. Malik was a corporate attorney with Dechert LLP. Mr. Malik received his J.D. from Georgetown University Law Center and his B.S. in finance from the University of Pennsylvania’s Wharton School.
Mr. Malik also serves as Chief Compliance Officer of Eagle Point Income Company and Eagle Point Credit Company.
Courtney B. Fandrick
PRINCIPAL AND CHIEF COMPLIANCE OFFICER
Ms. Fandrick has served as the Fund’s Secretary since inception. Ms. Fandrick also serves as the Chief Compliance Officer of the Adviser and Eagle Point Income Management. She was the Deputy Chief Compliance Officer of Eagle Point Income Management from October 2018 to March 2020 and Deputy Chief Compliance Officer of the Adviser from December 2014 to March 2020. Prior to joining the Adviser in December 2014, Ms. Fandrick was Senior Compliance Associate at Bridgewater Associates, LP, an investment advisory firm. Ms. Fandrick received her B.A. in Mathematics and Statistics from Miami University and her MBA from University of Phoenix.
Ms. Fandrick also serves as Secretary of Eagle Point Income Company and Eagle Point Credit Company.
Joseph H. Roth
PRINCIPAL AND HEAD OF DISTRIBUTION – NON-TRADED REGISTERED PRODUCTS
Mr. Roth serves as Head of Distribution – Non-Traded Registered Products of the Adviser. In his role, Mr. Roth is responsible for product development and distribution oversight related to retail-oriented offerings. Prior to Eagle Point, Mr. Roth managed product development and distribution for alternative asset managers and also served as an investment professional in private credit, structured credit and other income-oriented investment strategies. Mr. Roth has over 15 years of experience in the financial services industry.
Mr. Roth holds a BBA from the Stephen M. Ross School of Business at the University of Michigan.
Cassandra Gengler
PRINCIPAL AND TAX DIRECTOR
Ms. Gengler joined the Adviser in April 2020 and is the firm’s Tax Director. Her responsibilities include managing the tax compliance and reporting obligations for the firm and its affiliated entities. Ms. Gengler has 10 years of experience in tax within the asset management industry. Prior to joining the Adviser, Ms. Gengler was a tax manager in PwC's Asset & Wealth Management Tax practice where she provided tax consulting and compliance services to a wide range of clients, including multi-strategy hedge funds, private equity funds, and fund of funds.
Ms. Gengler has a Master's Degree in Taxation from Baruch College and a Bachelor’s Degree in Accounting from Villanova University. She is also a Certified Public Accountant.
COMPETITIVE ADVANTAGE
Adviser’s track record investing in CLO securities.
Since its inception, the Adviser has focused on investing in CLO securities and related investments. Each member of the Senior Investment Team is a CLO specialist who has been involved with the CLO market for the majority of his career and brings a distinct and complementary skill set that the Adviser believes is necessary for our success. Please refer to the Fund’s prospectus for more information on the Adviser’s track record investing in CLO securities.
Fundamental attributes of CLO equity and junior debt investing.
CLO equity and junior debt investments are supported by the first lien, floating rate U.S. senior secured bank loan market, which has historically generated positive returns in 28 of the last 31 years (according to the Credit Suisse Leveraged Loan Index). CLOs are diversified investment vehicles, with exposure to over 150 unique borrowers in each CLO investment. CLOs have long term (~12 year) committed financing, collateralized by shorter duration assets with no mark-to-market triggers. CLO equity provides protection against rising interest rates due to the floating rate nature of senior secured loans and the CLO’s liabilities. Lastly, CLO equity is expected to have a shorter payback period and higher front-end loaded quarterly cash flows during the early years of the investment, compared to other high-yielding credit investments.
Deep CLO structural experience and expertise.
Members of the Senior Investment Team have significant experience structuring, valuing and investing in CLOs throughout their careers. The Adviser believes that the initial structuring of a CLO investment is an important contributor to the ultimate risk-adjusted returns, and that experienced and knowledgeable investors can add meaningful value relative to other market participants by identifying investments with more protective and advantageous structures (or negotiating such features in connection with primary investments).
Institutional investment management and administration platform with other CLO funds under management.
Investors in the Fund benefit from efficiencies created by the scale of the Adviser’s investment management and administration platform, including co-investments across other funds and accounts managed by the Adviser and enhanced negotiating leverage with counterparties.
Proactive investment sourcing.
We believe that we are structured as an efficient vehicle for investors to gain exposure to CLO securities and related investments, which typically have historically only been available to institutional investors. We believe our closed-end fund structure allows the Adviser to take a long-term view from a portfolio management perspective without the uncertainty posed by daily redemptions in an open-end fund structure. As such, the Adviser can focus principally on maximizing long-term risk-adjusted returns for the benefit of Shareholders.
Efficient vehicle for gaining exposure to CLO securities.
As specialists in the CLO market, members of the Senior Investment Team have developed relationships with many CLO collateral managers and, as such, the Adviser believes that it is viewed as an important market participant. We believe our Adviser’s relative size and prominence in the CLO market and the Senior Investment Team’s broad and often longstanding relationships with CLO collateral managers and arranging banks benefit us by enhancing our ability to source investments in their early stages and to execute investments in CLO securities. Since inception in 2012 through December 31, 2022, the Adviser has invested in over 700 CLO vehicles.