XA Investments LLC ("XAI"), an alternative investment firm that
focuses on the closed-end fund marketplace, has served as a
consultant to Thornburg Investment Management (“Thornburg”) on the
successful completion of the initial public offering of the
Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD). The
Trust’s shares began trading Wednesday, July 28, 2021 on the
Nasdaq.
In October 2020, XAI announced the formal launch of its
registered closed-end fund structuring and consulting practice. By
using the firm's extensive industry network and expertise, XAI
clients, including Thornburg, can leverage the strategic closed-end
fund marketplace knowledge that has been at the core of XA
Investments since its inception in 2016. XAI provides market and
portfolio insights, and customized services and advice to asset
managers seeking to launch new closed-end funds and other permanent
capital vehicles. Driven by an experienced team with a deep
investment knowledge and registered fund industry network, XAI has
helped clients in engagements ranging from full product builds to
sales and marketing projects.
The Thornburg Income Builder Opportunities Trust (“TBLD”) raised
$580 million, selling 29,000,000 common shares at $20 per share,
excluding any exercise of the underwriters’ option to purchase
additional shares. The lead managers of the underwriting syndicate
were UBS Investment Bank, Wells Fargo Securities, RBC Capital
Markets, Stifel and Oppenheimer & Co. TBLD seeks to provide
high current income and additional total return by investing in a
broad range of income-producing securities. Using an active global
allocation and a rigorous bottom-up fundamental investment process,
TBLD invests in both equity and opportunistic fixed income located
in the United States and around the globe.
"We enjoyed partnering with the team at Thornburg and are proud
to have worked with them to launch their debut closed-end fund
offering. Working together, we have set the foundation for
Thornburg to continue its growth in the closed-end fund
marketplace,” said Kimberly Flynn, Managing Director of XA
Investments.
XAI specializes in helping institutional managers seeking to
enter the growing retail marketplace with the development of U.S.
registered funds including exchange-listed closed-end funds,
interval funds, tender offer funds and hybrid funds. XAI seamlessly
partners with its consulting clients and works collaboratively with
internal project teams to execute on the product launch and capital
raise.
“The XA Investments team serves as a complementary extension of
our clients’ teams and capabilities while also bringing our own
deep knowledge and closed-end fund industry experience to bear for
them. We are pleased to guide Thornburg through the process to the
successful development and launch of their own registered,
closed-end fund," said Benjamin McCulloch, General Counsel of XA
Investments.
XAI’s consulting business is led by Ms. Flynn and Mr. McCulloch
and is supported by a cross-functional team of dedicated
consultants, closed-end fund experts, professionals and research
associates. The combined XAI team brings over 117 years of
registered fund market expertise and collectively has been involved
in 150+ closed-end fund launches.
To learn more about XAI's consulting capabilities, please visit
www.xainvestments.com or contact Robert Chenoweth at (888)
903-3358.
About XA Investments
XAI is a Chicago-based alternative investment management firm
founded by XMS Capital Partners in April, 2016. XAI believes that
the investing public can benefit from new vehicles to access a
broad range of alternative investment strategies and managers. XAI
partners with established asset managers with proven capabilities
in traditional investment strategies or alternative credit, private
debt and select hedge fund strategies. XAI’s proprietary listed
closed-end fund is the XAI Octagon Floating Rate & Alternative
Income Term Trust and has over $313 million in assets under
management. The Trust was launched in September, 2017 and its
common shares are traded on the New York Stock Exchange under the
symbol "XFLT." For more information, please visit
www.xainvestments.com.
About XMS Capital Partners
XMS Capital Partners, LLC, established in 2006, is a global,
independent, financial services firm providing M&A, corporate
advisory and asset management services to clients. It has offices
in Chicago, Boston and London. For more information, please visit
www.xmscapital.com.
XAI does not provide tax advice; consult a professional tax
advisor regarding your specific tax situation. Income may be
subject to state and local taxes, as well as the federal
alternative minimum tax.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Trust
carefully before investing. The preliminary prospectus supplement,
dated July 27, 2021, and accompanying prospectus, dated July 28,
2021, each of which has been filed with the SEC, contain a
description of these matters and other important information about
the Trust and should be read carefully before investing.
The information in the preliminary prospectus supplement, the
accompanying prospectus and this press release is not complete and
may be changed. This press release shall not constitute an offer to
sell or a solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
This press release contains certain statements that may include
“forward-looking statements.” Forward-looking statements can be
identified by the words “may,” “will,” “intend,” “expect,”
“estimate,” “continue,” “plan,” “anticipate,” and similar terms and
the negatives of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Trust’s actual results are the performance of the
portfolio of securities held by the Trust, the conditions in the
U.S. and international financial and other markets, the price at
which Common Shares trade in the public markets and other factors
discussed in the Trust’s prospectus supplement and accompanying
base prospectus and to be discussed in the Trust’s periodic filings
with the SEC.
Although XAI believes that the expectations expressed in such
forward-looking statements are reasonable, actual results could
differ materially from those expressed or implied in such
forward-looking statements. The Trust’s future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and are subject to inherent risks
and uncertainties. You are cautioned not to place undue reliance on
these forward-looking statements, which are made as of the date of
this press release. Except for ongoing obligations under the
federal securities laws, XAI does not intend, and XAI undertakes no
obligation, to update any forward-looking statement.
NOT FDIC
INSURED NO BANK
GUARANTEE MAY LOSE
VALUE
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version on businesswire.com: https://www.businesswire.com/news/home/20210730005583/en/
Kimberly Flynn, Managing Director XA Investments LLC Phone:
888-903-3358 Email: KFlynn@XAInvestments.com
www.xainvestments.com
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