Ivy Hill Asset Management, L.P.

Ivy Hill Asset Management is an SEC-registered investment adviser that provides portfolio management and related services primarily to pooled investment vehicles — including collateralized loan obligations (CLOs), private investment funds and separately managed accounts — with underlying investors such as banks, institutional investors, insurance companies, pension funds, sovereign wealth funds and high-net-worth individuals. As of December 31, 2025, Ivy Hill reported approximately $12.96 billion in regulatory assets under management and typically focuses on middle‑market senior secured loans and revolving credit facilities for its Clients.

The firm’s investment process emphasizes company-specific due diligence, relative‑value analysis, active portfolio monitoring and principal protection, with portfolio construction that seeks diversification, credit quality and defensive industry allocations. Ivy Hill integrates risk management tools and may use portfolio financing and hedging — for example, subscription lines, repurchase agreements and other financing arrangements — as part of its management across commingled vehicles and separately managed accounts, and it applies its parent Ares Management’s Responsible Investment Policy in considering ESG factors.

Ivy Hill is wholly owned by Ares Capital Corporation and operates as part of the broader Ares Management platform, which includes affiliated capital‑markets and broker‑dealer capabilities (such as Ares Management Capital Markets LLC and the Ares Capital Solutions business) that can provide origination, syndication and placement services to Clients and portfolio companies. Those affiliations, together with the firm’s routine use of leverage and hedging across pooled vehicles and separately managed accounts and its acceptance of insurance company and other institutional investors, create structural relationships and potential conflicts of interest that the brochure discloses and addresses through its policies and governance.