Shareholders of Carey Credit Income Fund, a non-traded business development company, approved the appointment of Guggenheim Partners Investment Management LLC as the company’s new investment advisor. In addition, the company changed its name to Guggenheim Credit Income Fund.
Last month, Carey Credit Advisors resigned as the fund’s investment advisor and Guggenheim was named interim investment advisor. W. P. Carey Inc. (NYSE: WPC), the parent of Carey Credit Advisors LLC, recently exited retail fundraising to focus on its core real estate business.
Shareholders voted at a special meeting held on October 20th and approved the new Guggenheim investment advisory agreement with approximately 15.4 million shares voting in favor of the proposal, 150,400 voting against, and 506,700 abstaining.
The same changes apply to feeder fund Carey Credit Income Fund 2016 T, which is now named Guggenheim Credit Income Fund 2016 T.
Carey Credit Income Fund is a non-traded business development company that invests primarily in large, privately negotiated loans to private middle market U.S. companies. CCIF is the master fund which pools investor capital raised through its feeder fund offerings, such as the current offering CCIF 2016 T. The company’s portfolio consists of investments in 67 portfolio companies totaling $375.2 million, according to Summit Investment Research.