Flat Rock Global LLC, an alternative credit asset manager, has launched the Flat Rock Opportunity Fund (Ticker: FROPX), an interval fund that seeks to raise up to $100 million to invest in pools of senior secured loans through the equity of collateralized loan obligations.
Shares are initially priced at $20.00 each and have no upfront sales load. The minimum initial investment by a shareholder is $20,000.
The company estimates that the combined organization and offering expenses will be approximately $500,000. Flat Rock Global will be responsible for payment of any and all organization and offering expenses and will not seek reimbursement.
ALPS Distributors Inc. serves as the principal underwriter of the fund.
The chief investment officer of Flat Rock Opportunity Fund is Shiloh Bates, the former managing director at Benefit Street Partners, where he worked on corporate acquisitions, including the acquisition of BDCA Adviser, the advisor to AR Global’s former business development company, Business Development Corporation of America.
Bates served as the head of structured products at BDCA Adviser, and he was responsible for investments in CLOs and publicly traded BDCs, as well as structuring the firm’s credit facilities.
Flat Rock Global, LLC, the advisor for Flat Rock Capital and Flat Rock Opportunity Fund, is a credit manager focused on income investments outside of traditional fixed income. Flat Rock funds are available to institutional investors, family offices, and RIAs.