Overview
CM Investment Partners, LLC (“CMIP”) is indirectly majority owned by Investcorp
International Holdings Inc., which is part of the Investcorp group of companies
(“Investcorp Group”). Investcorp Credit Management US LLC, an indirectly wholly
owned subsidiary of Investcorp International Holdings Inc., holds a 76% ownership
interest in CMIP. The Investcorp Group effectively operates as a management-
controlled group, substantially all of whose assets and operations are owned and
controlled by Investcorp S.A., a company domiciled in the Cayman Islands. Certain
of the Investcorp Group’s directors and senior executive officers have the ability to
indirectly control Investcorp S.A.
CMIP provides advisory services to a business development company (“BDC”), two
private funds, and a Separately Managed Account (“SMA”). This Brochure
discusses CMIP’s business practices with relation to the advisory services it provides
to its private funds.
CMIP registered as an investment advisor with the SEC in 2013. In 2019, the
Investcorp Group acquired a majority stake in CMIP. In January 2023, CMIP acquired
and began providing discretionary investment advisory services to SP ALC Credit,
L.P., (“SP ALC”) a private fund, pursuant to an investment management agreement.
This vehicle invests in middle-market loans (i.e. investments in securities issued by
collateralized loan obligations). Investcorp Private Credit Fund I (“IPCF I”), is a
Delaware statutory trust that is exempt from registration as an investment company
under the Investment Company Act of 1940 pursuant to Section 3(c)(7). IPCF I was
previously a wholly owned subsidiary of a BDC also managed by CMIP, Investcorp
US Institutional Private Credit Fund (“IPCF”). As of the date of this filing IPCF has
been deregistered as a BDC, transferred its assets to IPCF I, and subsequently
liquidated. IPCF I invests primarily in private middle-market companies, through first
lien, unitranche, second lien, and unsecured debt financing, with corresponding
equity co-investments in some cases.
In its role as advisor to IPCF I and SP ALC (together the “Private Funds”), CMIP (i)
identifies, evaluates, and recommends potential investment opportunities for the
Private Funds; (ii) negotiates and monitors investments of the Private Funds; (iii)
renders reports, analyses and other information regarding the Private Funds’
investments; and (iv) advises the general partner and trustees of the Private Funds
on other matters as may be requested. CMIP does not provide investment advice to
the underlying investors of the Private Funds. CMIP provides reports and analyses of
the Private Fund’s investments to investors in the fund upon request. CMIP also
provides advisory services to an SMA wholly owned by CMIP’s affiliates. CMIP does
not participate in wrap fee programs.
Assets Under Management
CMIP’s regulatory assets under management (“RAUM”) are $224,309,889 on a
discretionary basis in private fund assets and $515,560,663 in total assets as of
December 31, 2023.