Minneapolis | January 16, 2024 - Thrivent Private Investments, a division of
Thrivent, a Fortune 500 diversified financial services organization, announced the
closing of the company’s inaugural collateralized fund obligation (“CFO”) offering on
December 27, 2023. The transaction involved certain of Thrivent’s White Rose Funds, a
series of private investment fund of fund vehicles managed by Thrivent Private
Investments. The $400 million private debt offering involved the issuance by a Thrivent
subsidiary (the “Issuer”) to certain large institutional investors of dual-rated, senior
secured Class A Notes (“Notes”). The Notes are collateralized by ownership interests in
the Issuer’s subsidiary, which holds select limited partnership interests in five
different White Rose Funds with an approximate net asset value of $800 million. The
Notes were issued at a 7.698% coupon with a target six-year maturity, and the Notes were
assigned ratings of A(sf) by Kroll Bond Rating Agency, LLC and A-sf by Fitch Ratings
Inc. as of the closing. For more information on these ratings, visit the rating agency’s
websites
The White Rose Funds hold a seasoned pool of private equity interests with diversified
sector exposure in the middle market. “We are thrilled to be able to offer a unique,
capital-efficient way for large institutional investors to access alternative
investments in this market,” said Jen Wilson, Senior Managing Director of Thrivent
Private Investments. “By issuing the largest limited partner-led CFO in the United
States in 2023, this CFO has established a solid market presence with international
marquee investors and global asset managers.”
At closing, Thrivent retained approximately $400 million in subordinated equity in the
CFO to ensure alignment of interests and maintenance of general partner relationships.
Matt Fisk, Private Investments Managing Director, added, “Launching the CFO is a key
milestone in the Thrivent Private Investments team’s strategic growth plan as it allows
us to proactively manage the portfolio and better control liquidity throughout economic
cycles.”
Evercore served as the Sole Structuring Advisor and Sole Bookrunner of the offering.
Sidley Austin LLP served as legal advisor to Thrivent, and Foley & Lardner LLP served as
special counsel to Thrivent.
About Thrivent
Thrivent is a diversified financial services organization that helps people achieve
financial clarity, enabling lives full of meaning and gratitude. Thrivent and its
subsidiary and affiliate companies serve more than 2.3 million clients, offering advice,
insurance, investments, banking and generosity products and programs online and through
financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company
with $162 billion in assets under management/advisement (as of 12/31/22). Thrivent
carries ratings from independent rating agencies which demonstrate the strength and
stability of the organization, including an A++ rating from AM Best; an Aa2 rating from
Moody's Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based
on Thrivent's financial strength and claims-paying ability, but do not apply to
investment product performance. For more information on these ratings, visit the rating
agency’s websites. Dividends are not guaranteed. For more information about Thrivent,
visit Thrivent.com or find us on Facebook and Twitter.
About Thrivent Private Investments
Thrivent Private Investments manages a growing and diversified $6.3 billion private
equity portfolio as a division of Thrivent, a Fortune 500 diversified financial services
organization. The team actively pursues investments in buyout funds, equity
co-investments and other alternative assets. Thrivent Private Investments has built
long-standing relationships with more than 200 high-performing general partners
concentrated on North American lower and middle market buyout firms. In addition to a
robust fund strategy, the Thrivent Private Investments team seeks and invests in equity
co-investment opportunities in small and mid-size companies alongside general partners.
For more information, visit
Thriventprivateinvestments.com.
DISCLAIMER This document does not constitute an offer of securities for sale or
investment advisory services. It contains general information only and is not intended
to provide general or specific investment advice. Past performance is not a reliable
indicator of future earnings and profit, and targets are not guaranteed.
Thrivent is the marketing name for Thrivent Financial for Lutherans.
