TCGSX
Seeking Income Through Diversified Credit1
TCG Strategic Income Fund (the “Fund” or “TCGSX”) is a credit-focused investment vehicle that seeks to provide attractive risk-adjusted returns and current income by applying an “all-weather” strategy2 to allocate across private and liquid credit investments. The Fund’s investment objectives are to provide attractive risk-adjusted returns and current income. There can be no assurance that the Fund will achieve its investment objectives.
Class I NAV3
1. Diversification neither assures a profit nor guarantees against loss in a declining market.
2. See Definitions on the “CREDIT STRATEGY TERMS” page for descriptions of key terms and metrics used in this website.
3. The Fund will calculate its NAV for each class of the Fund’s Shares following the close of regular trading on the New York Stock Exchange (“NYSE”) on each day the NYSE is open for trading, and at such other times as the Board may determine.
Peter McNitt, CIO of TCGSX, explains what an interval fund is and why investors are increasingly turning to them to generate income through diversified credit exposure.
FUND HIGHLIGHTS
Investment Objective
To provide attractive risk-adjusted returns and current income
Multi-vertical Strategy
Single-fund exposure to five core private and liquid credit strategies through a single fund
Income Focus
Prioritizes income-producing assets and investments
Experienced Management
Veteran credit investors with multi-cycle, multi-vehicle track records
Invested With You
TCG Principals have made a commitment to TCGSX – with our interests aligned, we remain laser-focused on seeking current income and delivering attractive risk adjusted returns
Attractive Structure with Periodic Liquidity
Interval funds have indefinite lifespans, providing the potential liquidity benefits of a public fund, with the proprietary assets and deal flow of a private fund1
Investor-Friendly Terms
Attractive management fees
(based on equity vs. total
assets), no incentive fees, and
a maximum expense ratio2
Exposure to Alternatives
We seek to establish a curated portfolio of investments across direct lending, asset-based credit, real estate lending, and other proprietary income streams like aircraft leasing and music royalties
Best Ideas Portfolio
This is a best ideas portfolio across income-generating assets – the best of what TCG has to offer in origination and underwriting, all under one umbrella
Opportunistic Mandate
Seeking relative value through fundamental research – primarily in private credit, with the flexibility to capitalize on market dislocations through more liquid opportunities
1.Interval funds provide limited liquidity through the fund’s periodic repurchase offers, generally equal to 5% of outstanding shares at net asset value. While the Fund has a fundamental policy to repurchase at least 5% and up to 25% of its shares at net asset value, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding shares at net asset value. Shares are not listed on an exchange and are not suitable for investors who require daily liquidity or who plan to redeem their shares in the short term. The Fund is a perpetual vehicle with no fixed termination date; shareholders may remain invested for an indefinite period and may seek liquidity only through these periodic repurchase offers. See the Prospectus for additional information.
2. The Adviser has entered into an expense limitation agreement under which it has contractually agreed, through 1/31/2027, to waive fees and/or
reimburse expenses to the extent total annual expenses exceed 2.5% of the Fund’s average daily net assets attributable to each share class, excluding
expenses directly related to the costs of making investments, including interest and structuring costs for borrowings, taxes, dividends, amortization/
accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses (if any), distribution and servicing fees, expenses
related to litigation or potential litigation and extraordinary expenses). Net expense ratio is 4.63% and gross expense ratio is 5.43%. See the Prospectus.
About Us
Learn about the TCG Strategic Income Fund and our approach
TCGSX Fund Overview
Structure Closed-End Interval Fund, Rule 23c-3
Redemptions Quarterly
Management Fee 1.75%1
Gross Expense Ratio 5.43%
Launch Date Q1 2026
Understanding Interval Funds
For individual investors, interval funds combine features of mutual funds with exposure to illiquid strategies or alternative assets, such as public and private credit investments. They are priced regularly, can be purchased anytime, and offer liquidity at preset intervals, allowing managers to hold less-liquid credit and alternative assets while still providing periodic access to capital.
Key Potential Benefits Include:
- Access to less-liquid, institutional-style credit within a 1940 Act fund
- Transparent pricing based on regularly calculated net asset value (“NAV”)
- Periodic liquidity through share repurchase offers at the fund’s NAV
- Professional management of complex alternative assets
- Low investment minimums, simplified tax reporting and no capital calls
Key Considerations:
- Limited Liquidity: Shares are not publicly traded, and liquidity is provided through quarterly repurchase offers.
- Market & Credit Exposure: The Fund’s investments in the Core Asset Classes (as listed below) may be affected by market conditions, borrower performance, and economic trends.
- Interest Rate Sensitivity: Changes in interest rates may influence investment values and returns.
- Valuation Considerations: Certain investments may be valued using models or estimates and may differ from realized outcomes.
- Distribution Risk: Distributions are not guaranteed and may be suspended or modified at any time.
- Investment Risk: An investment in the Fund involves risk, including the potential loss of principal, and there can be no assurance that the Fund will achieve its investment objective.
1. Effective upon Fund launch, the Fund advisory fee will be 0.95% on average daily NAV, decreased from 1.75% previously. This fee waiver of 0.80% will be effective for 12-months from the last day of the month of launch, through 1/31/2027 and net expense ratio is 4.63%.
2. Assets under management (“AUM”) refers to the assets under management for all credit funds for which the Adviser or Tannenbaum Capital Group (“TCG”), respectively, provides investment management or advisory services. AUM equals the sum of the assets at each TCG-managed fund as of January 1, 2026 plus used or available leverage. AUM is unaudited, preliminary, and subject to change. TCG includes the following investment advisers: (A) AFC Management, LLC, SRT Group LLC, Sunrise Manager LLC, TCG Strategic Income Advisor LLC (the “Adviser”), each a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); (B) AFC Institutional Fund Manager, LLC, an exempt reporting adviser under the Advisers Act; and (C) 620 Asset Management LLC, an investment adviser that manages a single family office’s assets and operates under a family office exemption under the Advisers Act. While TCG is affiliated with a number of investment advisers, TCG is not, and does not purport to be, an investment adviser or to manage assets. 620 Asset Management LLC operates under a family office exemption and is not engaged in, and does not plan to engage in, any investment activity other than managing capital of family clients.
3. Refers to the founding date of the first adviser on the TCG platform.
Our Team
Dedicated investment professionals with expertise across credit markets over multiple economic cycles. With extensive combined experience managing and investing across public and private credit vehicles, the team brings a disciplined perspective to sourcing, evaluating, and monitoring investments.4
LEADERSHIP TEAM
*Roles listed reflect each executive’s officer title(s) at TCG Strategic Income Advisor LLC.
1. Additionally, Chief Operating Officer of TCG Strategic Income Advisor LLC, and President and Principal Executive Officer of TCGSX.
2. Additionally, Vice President of TCGSX (at the “fund-level”).
3. Additionally, Vice President of TCGSX.
4. While the principals of the Adviser have the collective expertise and experience in advising investment funds with similar portfolio holdings and investment strategies, these principals do not have a track record for implementing the Fund’s investment strategy in a closed-end fund registered under the 1940 Act.
Investment Strategy
OUR APPROACH*
TCGSX takes a balanced, flexible approach to credit investing. Pairing bottom-up underwriting with dynamic portfolio allocation to maintain a diverse mix of attractive private and liquid credit investments, our refined process is designed to optimize by seeking income-generation and total returns at each step along the risk-curve.
We employ a bottom-up, fundamentals-oriented process to credit selection and underwriting, considers borrower quality, collateral coverage and structural protections. Building on this foundation, we take an opportunistic approach to portfolio construction, allowing the Fund to be nimble in response to market opportunities, sector-specific trends and macroeconomic shifts. This disciplined framework is designed to allow the Fund to participate in a broad range of credit opportunities while actively seeking in mitigating downside risks, with the ultimate objective to provide investors with attractive risk-adjusted returns and current income potential.
*There can be no guarantee that any strategy (risk management) or otherwise will be successful. All investing involves risk, including the potential loss of principal.
Core Asset Classes
Asset-Based Corporate Lending
Loans by companies secured by assets with tangible value
Direct
Lending
Loans directly to businesses, underwritten on a cash flow basis
Commercial Real Estate (CRE) Lending
Loans secured by income producing real estate assets as well as select transitional loans and other credit investments in CRE
Niche
Assets1
Esoteric, hard-to-value investments with higher yields from complexity and illiquidity premiums
Liquid
Credit
Tactical liquid sleeve2 of select high-yield bonds, leveraged loans, and hybrid instruments
Dynamic Portfolio Allocation
Within private credit, the Fund primarily pursues investments that leverage our underwriting expertise, deep industry relationships and proprietary deal flow in the middle-market and other specialized segments. To complement this core private credit portfolio, we tactically invest in liquid credit instruments to capitalize on market dislocations subject to prevailing market conditions. This dynamic approach to identifying relative value also enables us to pursue opportunities in areas with less competition and favorable risk-adjusted returns. The flexibility to invest across asset protected credit sectors positions the Fund to preserve capital and generate income throughout the market cycle.
1. Niche assets: Refers to investments secured by hard assets or intellectual property (“IP”), including, but not limited to:
– Royalties Financing: Investments in entities holding IP rights with credit-like cash flow characteristics or debt investments in companies collateralized by IP
rights.
– Participation in Leasing Obligations (Aircraft, Equipment, Other): Loans directly backed by leasing obligations for commoditized equipment or mission-critical
assets to a counterparty over a defined term.
2. Liquid credit sleeve: Refers to a designated portion of the Fund’s portfolio invested in more readily tradable credit instruments. The sleeve is intended to support the Fund’s portfolio management activities, including rebalancing, liquidity management and tactical repositioning. There is no assurance that the sleeve will achieve these objectives.
Investor Resources
Important information and documents for investors
Frequently Asked Questions
What is an interval fund?
An interval fund is a type of closed-end fund that continuously offers its shares and periodically offers to repurchase a portion of them from shareholders at Net Asset Value (NAV). TCGSX uses this structure to invest in a mix of public and private credit assets, aiming to provide income and access to less liquid markets while offering quarterly repurchase opportunities.
How often can I redeem shares?
TCG Strategic Income Fund offers quarterly redemption opportunities. Redemption requests must be submitted by the deadline specified in the repurchase offer notice.
Interval Fund/Repurchase Offers. The Fund is an “interval fund,” a type of closed-end fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV per share. Subject to applicable law and approval of the Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding Shares at NAV, which is the minimum amount permitted. For more information, please refer to the Prospectus.
What is the minimum investment?
Please contact our investor relations team at ir@thetcg.com for information about minimum investment requirements.
How are distributions taxed?
Distributions may be taxed as ordinary income, qualified dividends, or capital gains. Please consult with your tax advisor for personalized guidance.
Contact Us
Phone
561.510.3133
Address
525 Okeechobee Blvd.
Suite 1650
West Palm Beach, FL 33401
525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL 33401 | 561.510.3313 ir@thetcg.com
Important Disclosures: An investment in TCG Strategic Income Fund (TCGSX) involves risk, including possible loss of principal. Past performance does not guarantee future results. Additional risks include, but are not limited to asset-based lending risk, direct lending risk, real estate lending risk, niche assets risk, high-yield bond risk, loan origination risk, leverage risk, illiquid investment risk, etc. Please click here for additional risk.
The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by clicking here or a free-hard copy is available by calling the toll free number 1.888.942.6220
The Fund is a “non-diversified” management investment company, which means it may invest a greater percentage of its assets in the securities of a limited number of issuers. As a result, the Fund may be more susceptible to risks associated with a single economic, political or regulatory occurrence. Neither TCG Strategic Income Adviser LLC (the “Adviser”) or TCG is affiliated with Foreside Financial Services, LLC, the principal underwriter and distributor of the Fund (the “Distributor”).
© Tannenbaum Capital Group. All rights reserved.
Important Resources
Johanna White, CFA
Head of Underwriting
Johanna White, CFA has over 15 years of experience, primarily in private credit. Prior to joining Tannenbaum Capital Group (TCG), she served as a Credit Analyst at JGB Management Inc., an opportunistic private credit fund, where she focused on the origination, diligence, structuring and portfolio management of direct loans. She was previously an Investment Analyst at MetLife and an Institutional Sales Trader at CRT Capital Group. Johanna graduated with a B.A. in Economics from Colgate University and is a CFA Charter holder.
Leonard M. Tannenbaum, CFA
Manager
As a macro investor focused on credit for more than 25 years, Len Tannenbaum, CFA has underwritten over $15 billion of loans and has taken four entities public. Len has a depth of knowledge in permanent capital vehicles as well as many other SPV’s (special purpose vehicles) such as BDC’s, Hedge Funds and CLO’s.
At the age of 27, he founded Fifth Street Capital out of a two-room office he rented in White Plains, NY, and created an alternative credit asset manager with a nationwide platform with over 150 employees and offices in Palo Alto, Chicago, and Connecticut. Fifth Street was a flexible alternative lender providing capital to developing middle-market businesses in all industries. Fifth Street managed $5 billion of assets across multiple private investment vehicles and three publicly traded companies, including two BDC’s (business development companies). After the sale to Oaktree Capital Management in 2017, Len founded his family office which currently manages and allocates capital across varying strategies.
Peter McNitt, CFA
Chief Investment Officer
Peter McNitt, CFA is a Partner & Portfolio Manager at Tannenbaum Capital Group’s TCG Strategic Income Advisor LLC, bringing over a decade of experience in investment management, growth equity analysis, and strategic finance. Previously, as a Senior Analyst at the Federated Kaufmann Fund ($12B AUM), he was responsible for a $1 billion generalist equity portfolio spanning diverse sectors, geographies, and market caps, honing his expertise in identifying high-growth opportunities, while mitigating risk.
Peter began his career as an Investment Banking Analyst at JP Morgan, where he developed foundational skills around financial modeling and deal structuring, in addition to an understanding of the global capital markets. A University of Richmond graduate with a B.S. in business/finance, his CFA charter underscores his analytical rigor and ethical standards. Peter leverages both his depth and breadth of experience, as well as his extensive list of industry contacts, to look across the capital structure for opportunities to deliver clients superior risk adjusted returns.