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CAPIX and CAPVX: Private Credit and Private Equity (Aksia and Calamos) -…
CAPIX and CAPVX:
Private Credit and Private Equity (Aksia and Calamos)
Relationship with Calamos and Aksia
Common thread:
Focus on alternatives
CAPIX
: Calamos Aksia Alternative Credit and Income Fund
Goal: Bring institutional private credit or institutional private credit to the wealth management space
Institutional Private Credit
: private loans or credit strategies typically offered to large institutions (pension funds, endowments, insurance companies)
Wealth Management Space
: Service for HNW indiv or retail investors through advisors, RIA, private banks
Historically these investors had limited access to private credit because of regulatory and liquidity contraints
Diversification benefits of private credit by being allocated across all of private credits
Direct lending
Special situations
Specialty finance
Real Estate Credit
Real assets credit
Mezzanine capital
$740M of managed assets, over 150 loans
CAPVX:
Calamos Askia Private Equity Alternatives Fund
Goal
Democratize Access
Historically private equity investments were only available to Institutional investors (pension funds, endowments) or ultra net worth indivs --> want to open up to WM clients or accredited investors with lower minimums and more accessible structure
Private Equity Alpha
Alpha: excess returns above the benchmark
PE often delivers alpha through operational improvements, strategic growth, buying companies and attractive valuations
Targeting Inefficient Areas
Small and Middle Market Co-Investments:
Investments alongside a lead PE sponsor in smaller companies --> Smaller deals tend to be less competitive and can offer better pricing and higher return potential
Specialized Secondaries:
Buying stakes in existing PE funds or portfolios at a discount // specialized secondaries often exploit inefficiencies in niche markets
Launched July 1st 2025 // >$200M in assets, 28 investments, up over 28% year to date
28% year to date
: fund's NAV + any distributions has increased by more than 28% since that start of the calendar year
Private credit
Key Concepts and Market Evolution
Growth of Private Equity
Banks are risky because they are leveraged 10 - 12 times
they operate on thin equity cushions, if people demand capital, banks are forced to sell loans at the clearing price
Private Equity Buyout
typical 60/40 structure
Evolution of the borrowed portion