Historically, investors have utilized Private Credit as a means to receive periodic income distributions, often on a quarterly basis, similar to dividends. These income payments are typically derived from the contractual interest earned on the private debt assets held within the Fund. It’s important to note that income distributions are not guaranteed and may vary.

At their core, private credit funds and bond ETFs are actually fairly similar. Both are investment vehicles that aim to generate interest payments from investing in the debt of companies and governments. While they share similarities, the Private Credit fund operates differently than bond ETFs.

Private credit typically refers to privately negotiated loans made outside of public debt markets to companies valued between $100M and $1B. These loans are not traded on a public exchange like stocks or bonds, which may result in potentially lower volatility for the Private Credit fund compared to publicly traded securities.

Private credit investments have the potential to offer higher yields compared to their publicly traded counterparts, but they also come with varying levels of risk. The higher yields are typically due to the illiquidity of the private credit market and the fact that private borrowers may not have easy access to traditional bank loans. This is often due to regulatory constraints that were implemented following the 2008 global financial crisis.

Let’s say that a privately held manufacturing company has $500 million in revenue. The company needs to raise capital in order to open a new factory overseas. Management can either issue more of their stock to investors and say “we can’t tell you exactly how much this will be worth, but hopefully much more over time”. Or they could look to the credit markets and say “we’re looking to raise $200M and we’re willing to pay 8% interest every year for the next 10 years”.

The stock may very well post 8% annual returns over that period, but almost certainly with more volatility. Meanwhile, the credit investors will sleep well at night knowing they are contractually obligated to earn 8% a year with little volatility associated.

The example above is general in nature and is not intended to guarantee future results or returns.

Clients can get liquidity from the fund four times a year. A cap of 5% of the total fund can be withdrawn each quarter, but this does not mean clients will only get 5% of their investment. On the contrary, we believe it's doubtful that clients will not receive 100% liquidity given the size of the fund and the long-term nature of the investor base. The 5% cap means that if more than 5% of the assets in the fund request liquidity in a given quarter, investors may only get a portion of their investment back that quarter.

Four times a year, clients have the opportunity for quarterly liquidity from the fund as Carlyle offers to repurchase a select number of shares. We’re quite confident that clients will be able to receive full liquidity as needed, but there may be scenarios where clients only receive a percentage of their investment back in a given quarter. The fund’s Repurchase Offer Amount will be between 5% and 25% of the total number of shares outstanding on the repurchase request deadline. If clients request for repurchase more than the Repurchase Offer Amount for a given quarter, the fund will repurchase the shares on a pro rata basis. However, the fund may accept all shares requested for repurchase by clients who own less than one hundred shares and who request all their shares be repurchased, before prorating other amounts requested. For more information about the fund’s repurchase program or other important information, please see the fund’s prospectus.

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that invests across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. Founded in 1987, the firm currently has $376 billion of assets under management and a team of over 1,900 employees around the globe. Carlyle’s mission is to drive long-term value for investors, companies, shareholders, people and communities.

Serving some of the largest university endowments, sovereign wealth funds and pension plans in the world, The Carlyle Group is an invaluable partner for many of the premier institutional investors around the globe. Over the last several decades, institutional investors of all stripes have been increasing their allocations to private markets, typically to percentages in the high teens or low 20s. Carlyle is a foundational partner for institutions of all backgrounds to gain access to private market investments. With global insights across their business segments, Carlyle looks to partner with businesses that have diverse teams, engaged employees, sustainable growth, and strong ties to their communities. Their global platform and mission have allowed Carlyle to become a preferred partner for capital solutions for businesses around the globe.

In Carlyle’s words: “our people make us unique” and this couldn’t be more true. With over 100 years of combined investment experience, the Carlyle Tactical Credit fund has assembled a team of exceptional investors with experience across countless market cycles.

Carlyle is an iconic investment institution in our eyes and we couldn’t be prouder to partner with them in an effort to bring private investing to the everyday investor. You can read more about Carlyle, their services and their mission at: https://www.carlyle.com

Interval funds are registered investment vehicles that provide access to less liquid assets. Interval funds do not trade on the public market, should be considered long term investments and have restricted opportunities to sell.

The main benefit of an interval fund is that they can invest in illiquid assets.

The Fund aims to pay quarterly distributions. The Annualized Distribution Rate is 10.89%.

Yes, all distributions will be automatically reinvested into the Fund in which they were paid from. To the extent an investor prefers that these distributions not be reinvested, investors can choose to have distributions paid directly to their Titan Cash balance.

Long-term investors generally look to reinvest any distributions received so that their capital continues to compound over a long time horizon. If investors prefer to receive distributions in cash, they are able to opt out of the automatic reinvestment plan in app and on web. To opt out, follow the steps here.

Investors will receive a 1099-DIV in early Q1 if invested in CTAC during the prior calendar year in a non-retirement account. In a retirement account, investors will receive a 1099-R.

The Fund allows for liquidity in the form of quarterly redemptions: in other words, you can withdraw your capital at multiple points throughout the year, unlike traditional private funds, which have much longer lock-ups.

Now, it’s important to note that only 5-25% of the total shares in CTAC can be redeemed in a given quarterly redemption window. If the sum of requested redemptions exceeds that maximum, each investor who requested a redemption will receive only a proportion of their requested sale.

In other words, if you request to liquidate your $5,000 from the Carlyle Credit Fund during a quarterly window when the requested redemptions exceed the 25% overall limit, you may only receive a portion—say, $4,000—of your requested redemption.

Don’t worry, we’ll keep you updated every step of the way in the app.

There are two types of fees you may encounter when investing with Titan. There are Titan Fees and Fund Fees.

Titan fees are advisory fees charged by Titan. They can vary from 1% AUM for assets above $10,000 or $5/month for assets under $10,000.

Fund Fees are charged by the institutions whose products are available on the Titan platform. These fees may include a flat management fee and other expenses, such as and a performance fee with a hurdle rate.

Fund fees for Carlyle Tactical Credit (CTAC) are 1.0% of AUM annually, charged on a quarterly basis from NAV. The Fund has a hurdle rate of 6% and a performance fee of 15% for all performance above the 6% hurdle rate.

Please reference the prospectus documents for an in depth breakdown of Carlyle credit fees