Chenavari - Eurpoean Real

Estate Debt Strategy (R2 EUR)

Fund Investment Objectives

The Fund's Real Estate Debt strategy focuses on European real estate debt investments in Europe, particularly in the UK and Germany. The strategy aims at taking advantage of the retreat of the traditional bank lenders and the resultant liquidity constraints on the sector. Investments are conducted mainly through senior and subordinated loans as well as commercial mortgage backed securities (CMBS), either on a primary or secondary basis. January 2010 through November 2011 AUM reflects the aggregate of Multi-Strategy Credit Fund series. December 2011 on AUM reflects aggregate of of the various European Real Estate Debt Strategy share classes and is denominated in USD.