CIM Launches $1 Billion Interval Fund
CIM Group has launched CIM Real Assets & Credit Fund, a new closed-end interval fund that seeks to raise up to $1 billion to invest in a mix of real assets and credit instruments.
CIM Group has launched CIM Real Assets & Credit Fund, a new closed-end interval fund that seeks to raise up to $1 billion to invest in a mix of real assets and credit instruments.
Real assets may consist of direct real estate and infrastructure held through CIM’s real estate investment trust subsidiaries, as well as publicly traded REITs, non-affiliated private REITs and real estate debt.
Credit-related investments may include investments in floating and fixed rate loans; broadly syndicated senior secured corporate loans; investments in the debt and equity tranches of collateralized loan obligation vehicles; and opportunistic credit investments.
CIM Capital IC Management LLC serves as the investment adviser to the fund, while OFS Capital Management LLC serves as the fund’s investment sub-advisor for its corporate credit assets. ALPS Distributors Inc. serves as the distributor of the fund. In addition, a CIM affiliate has committed to investing a total of $20 million in the fund over time as it receives subscriptions from investors.
CIM Real Assets & Credit Fund includes four share classes: Class C (RACRX), Class A (ARACX), Class I (IRACX), and Class L (LRACX) shares. Class A, Class C and Class L are available through brokerage, transactional-based accounts and through certain fee-based programs. Class I shares are generally available to endowments, foundations, pension funds and other institutional investors.
Class C shares are initially priced at $25.00 each with no front-end sales load. Shares also include a 1.50 percent management fee paid to the adviser, as well as a 0.25 percent servicing fee and 0.75 percent distribution fee, both paid to the distributor.
Class A shares are initially priced at approximately $26.53 each and include a maximum sales load of 5.75 percent. Shares also include a 1.50 percent management fee paid to the adviser and a 0.25 percent servicing fee paid to the distributor.
Class I shares are initially priced at $25.00 each with no front-end sales load. Shares also include a 1.50 percent management fee paid to the adviser
Class L shares are initially priced at approximately $26.11 each and include a maximum sales load of 4.25 percent. Shares also include a 1.50 percent management fee paid to the adviser, as well as a 0.25 percent servicing fee and 0.25 percent distribution fee, both paid to the distributor.
The board of CIM Real Assets & Credit Fund declared a quarterly cash dividend of $0.125 per share of common stock for May and June 2020, representing an annual distribution rate of 6 percent of NAV per share.
The dividend of $0.125 per share will be paid on June 3, 2020 to stockholders of record at the close of business on June 1, 2020 and $0.125 per share to be paid on July 6, 2020 to stockholders of record at the close of business on July 1, 2020. For shares issued during the quarter, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect the proration, as applicable.
CIM is a real estate and infrastructure owner, operator, lender and developer. The company sponsors a number of non-traded REITs including CIM Income NAV Inc., Cole Credit Property Trust V Inc., CIM Real Estate Finance Trust Inc. (formerly Cole Credit Property Trust IV Inc.), and Cole Office & Industrial REIT Inc.
Click here to visit CIM Group’s directory sponsor page.
