KBRA assigns ratings to the Class A Notes, the Class B Notes, and the Class C Notes issued by Sculptor Alternative Solutions LLC (the “Issuer”).
The primary purpose of the Issuer will be to utilize Notes proceeds to make capital commitments to various open-ended funds and closed-end fund vehicles (the “Core Strategies”) managed by Sculptor Capital II LP. Proceeds from the Notes will initially be used to acquire Liquid Assets, Liquid Strategies, investments in open-ended funds, and finance various transaction costs. As capital calls are made from the underlying Core Strategies, the Investment Manager will utilize available cash flows and if required, will liquidate the transaction’s Liquid Strategies to finance these funding obligations.
Sculptor Capital Management Inc. (“Sculptor”) is a diversified global alternative asset manager established in 1994 and has a strong track record with an AUM of $38.2B as of January 2022, comprising largely of its flagship Multi Strategy Fund ($11.3B), Opportunistic Credit, Institutional Credit Strategies and Real Estate (collectively $26.8B). The management team comprises of 17 investment partners who have worked together for an average of 14 years and helped transition the firm from its former owner-manager structure into an independent asset manager. At present, the Firm has approximately 110 investment professionals specialized by asset class across 3 continents. The Firm has a diverse investor base comprising of institutional capital from pension funds, endowments, sovereign wealth funds, and private businesses.
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Gilbert Ong, Senior Director (Lead Analyst)
+1 (646) 731-3315
Shubham Bhat, Associate
+1 (646) 731-2428
Gopal Narsimhamurthy, Managing Director
+1 (646) 731-3392
Pramit Sheth, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2330
Business Development Contact
Dana Bunting, Senior Managing Director
+1 (646) 731-2419