Alcentra's two funds in the structured credit space focus on secondary mezzanine and equity tranches in European CLOs. Our distinct advantage derives from our knowledge of the underlying loans in the CLOs, coupled with a deep understanding of the analysis and structure of these vehicles. The Fund is supported by the firm's global credit team as well as separate analytical and administration teams, which have developed proprietary software to analyze investment opportunities. The Alcentra Structured Credit Opportunity Fund II aims to generate returns (net of fees) of 20% per annum by investing predominately in the most junior tranches of CLO transactions (CLO Equity) backed by senior secured loans to US and European businesses. Investments are primarily sourced in the secondary market at discounted prices. Alcentra (including affiliates) is a $21.8B AUM London based credit investment manager operating exclusively in the sub-investment grade debt space with a particular focus on European and US bank loans and CLO management. The firm was established in 2002 and is one of the largest loan managers in the European leveraged credit market, running 17 CLOs in Europe and 14 in the US, with a global team of 91 professionals in London, New York, Boston and Singapore. This team manages roughly $9B in European bank loans through our various European loan strategies.