CINCINNATI, OHIO – April 19, 2023 Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service, technology-enhanced fund administration, accounting, and investor solutions, is pleased to announce its collaboration with Flat Rock Global (“Flat Rock”) in the launch of its third interval fund, named the Flat Rock Enhanced Income Fund. According to a recently issued statement, Flat Rock anticipates the fund will invest primarily in the junior debt tranches of Collateralized Loan Obligations (“CLOs”).
Flat Rock is a Jackson, Wyoming based alternative credit manager with over $600m invested across their interval fund strategies. The new fund provides clients access to CLO exposures with the dual objectives of current income and long-term capital appreciation.
Until recently, investing in alternative investment funds required large capital commitments and significant illiquidity, making them too expensive and cumbersome for many investors. Through its interval fund, Flat Rock offers exposure to alternative investments without requiring substantial upfront commitments. To help navigate the complexities of launching an interval fund, Flat Rock selected Ultimus as its service provider based on Ultimus’ consultative approach and expertise in registered alternative funds.
Ryan Ripp, Chief Financial Officer at Flat Rock stated: “We have been very pleased with Ultimus’ deep expertise and high-touch approach to launching our latest fund, and we continue to be impressed with the team and technologies Ultimus introduced to support the product. It was critical for us to identify a long-term partner who has the experience, technology, and comprehensive servicing model to support this product. Ultimus continues to demonstrate its ability to understand and support the unique requirements and navigate the challenges of bringing our latest fund to market.” Mr. Ripp also participated in the Ultimus Registered Funds 2023 Client Summit, where he was a panelist on the topic of bringing alternative strategies to a broader audience.
Kevin Wolf, Executive Vice President, Head of Fund Administration and Product at Ultimus, looks forward to a long-term partnership following the firm’s latest launch. “Ultimus is rapidly gaining recognition for our team’s deep industry and product knowledge, and I am confident that we will continue to prove our role as one of the top providers of fund administration. We’re thrilled that an experienced operator like Flat Rock selected us for their most recent fund launch. We’re excited to support this innovative product and look forward to not only the fund’s growth but continuing our growth in the alternative fund space.”
To further its momentum in the alternative fund space, Ultimus’ Nickolaus Darsch was selected to serve on the IPA (Institute for Portfolio Alternatives) Rising Leaders Council for the 2022-2024 term. Darsch is Managing Director at Ultimus and joined the company in 2019. Darsch recently participated in the 2023 Blue Vault Summit in a panel covering the Interval and Tender Offer Fund Structures. Ultimus is committed to helping drive growth, shape the latest trends in product evolution, and assist in expanding distribution channels in the alternative asset industry.
Ultimus also recently became a member of the Alternative & Direct Investment Securities Association (ADISA), a national trade association of professionals involved in primarily non-traded alternative investments. Ultimus team members will join the upcoming ADISA Spring Conference in San Diego.
Ultimus Fund Solutions (Ultimus) is a leading provider of full-service tech-enhanced fund administration, accounting, middle office, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus’ deep commitment to excellence is achieved through investments in best-in-class technology, compliance programs, organization-wide cyber security efforts, and hiring seasoned professionals.
Headquartered in Cincinnati, Ohio with offices in other major cities such as Chicago, Denver, New York, and Boston, Ultimus employs more than 925 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,800 total traditional and alternative funds, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.
Investors should consider the investment objectives, risks, and charges and expenses of the Flat Rock Enhanced Income Fund before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained at flatrockglobal.com
Investing involves risk, including loss of principal. The Fund is suitable for investors who can bear the risks associated with the Fund’s limited liquidity and should be viewed as a long-term investment. Our shares have no history of public trading, nor is it intended that our shares will be listed on a national securities exchange at this time, if ever. No secondary market is expected to develop for our shares; liquidity for our shares will be provided only through quarterly repurchase offers for no less than 5% of and no more than 25% of our shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. Due to these limited restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in our shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risks, including the risk that a shareholder may lose part of or all of their investment. We intend to invest primarily in the junior debt tranches of CLOs. Our investments in the junior debt tranches of CLOs are exposed to leveraged credit risk. Investments in the lowest tranches bear the highest level of risk. We may pay distributions in significant part from sources that may not be available in the future and that are unrelated to our performance, such as a return of capital or borrowing. The amount of distributions that we may pay, if any, is uncertain.
Flat Rock Enhanced Income Fund is distributed by Ultimus Fund Distributors, Inc.