TMM 6 ETN ACCESS | PM Alpha Platform

Triton 6

ACCESS

TMM 6 EXCHANGE TRADED NOTE

Actions

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NOTE FACTS

Minimum Investment

€ 100,000

Redemptions

At or around maturity

of the Fund

Underlying Investment

Triton Middle Market 6

Vehicle

ETN

Subscription

Based on the capital call notice

Distributions

Monthly**

ISIN

TBC

BLOOMBERG

SEARCH BY ISIN

ETN OBJECTIVE

The Triton 6 Notes (the "Notes") are a type of financial instrument that can be bought and sold on an exchange. They are designed to provide investors with a simplified investment into the Triton 6 Fund.

The Notes are 100% collateralized by common stock of Triton 6 Finde. The Notes act as a one-to-one passthrough for non-US investors to access the Fund in a streamlined manner.

The Notes are traded and settled via Euroclear, Clearstream or Pershing with a monthly NAV and the ability to accumulate or receive monthly income distributions.

PM Alpha offer six different Note Classes with various fee structures.

GROSS IRR

GROSS MOIC

15-20%

COMPELLING OPPORTUNITIES SET

7.2x

PRODUCT OVERVIEW

The Notes are 100% collateralized by common stock of Triton 6 Finde. The Notes act as a one-to-one passthrough for non-US investors to access the Fund in a streamlined manner.

The Notes are traded and settled via Euroclear, Clearstream or Pershing with a monthly NAV and the ability to accumulate or receive monthly income distributions.

PM Alpha offer six different Note Classes with various fee structures.

ETN SHARE CLASS (I ACC)

INSTITUTIONAL ACCUMULATING

Re-Invest Net Quarterly Distribution into new subscription

ETN SHARE CLASS (I DIS)

INSTITUTIONAL DISTRIBUTING

Distributed totality of income to the shareholder accounts

ETN SHARE CLASS (A ACC)

BROKERAGE ACCUMULATING

Re-Invest Net Quarterly Distribution into new subscription

Advisory Fee: 85bps annually

ETN SHARE CLASS (A DIS)

BROKERAGE DISTRIBUTING

Distributed totality of income to the shareholder accounts

Advisory Fee: 85bps annually

TRANSACTION PARTIES

The transaction parties involved in the issuance and trading of the Ares Strategic Income (ASI) Exchange Traded Note (ETN)

ISSUING AGENT & PRINCIPAL PAYING AGENT

Bank of New York Mellon (Dublin Branch)

BNY Mellon is a global financial services company that provides investment management, investment services, and wealth management to institutions, corporations, and high-net-worth individuals. The company was founded in 1784 and is headquartered in New York City. BNY Mellon has a strong presence in Europe, with its Dublin branch also serving as a hub for its European operations.

BNY Mellon's Dublin branch offers a wide range of financial services, including asset servicing, treasury services, securities lending, and foreign exchange trading. The branch also provides investment management services, including multi-asset and active equity investment strategies. The company has established itself as a leading provider of financial services in Europe, serving some of the world's largest corporations, financial institutions, and government entities.

In addition to its financial services, BNY Mellon is committed to social responsibility and sustainability. The company has implemented various initiatives aimed at reducing its carbon footprint, promoting diversity and inclusion, and supporting local communities. For example, BNY Mellon's Dublin branch has partnered with various organizations to support charitable causes and promote sustainability initiatives.

Overall, BNY Mellon's Dublin branch plays a vital role in the company's global operations, serving as a hub for its European business and providing a wide range of financial services to its clients.

WEBSITE

NOTEHOLDER TRUSTEE & CALCULATION AGENT

Waystone Corporate Services (IE) Ltd.

Waystone Corporate Services (IE) Ltd is a global professional services provider that also acts as an Exchange Traded Note (ETN) Trustee. As an ETN Trustee, Waystone is responsible for overseeing the interests of investors and ensuring that the ETN issuer adheres to the terms and conditions of the trust agreement.

Some of the key responsibilities of Waystone as an ETN Trustee include:

Safeguarding Investor Interests: Waystone is responsible for safeguarding the interests of investors in the ETN by ensuring that the ETN issuer complies with the trust agreement and any regulatory requirements. The trustee also monitors the performance of the issuer and takes appropriate action if necessary to protect the interests of investors.
Administration and Record-Keeping: Waystone performs administrative tasks related to the ETN, such as maintaining records, monitoring the payment of fees and expenses, and managing the distribution of ETN proceeds to investors.
Oversight of Issuer Actions: Waystone is responsible for monitoring the actions of the ETN issuer to ensure that they are in compliance with the trust agreement and any regulatory requirements. This includes overseeing the issuance and redemption of ETNs and ensuring that the issuer adheres to the investment guidelines and restrictions set out in the trust agreement.

Overall, Waystone plays a crucial role in the oversight and administration of ETNs as a Trustee. Its responsibilities include safeguarding the interests of investors, monitoring the actions of the ETN issuer, and maintaining accurate records and communication with investors.

Trustee: The trustee is an independent entity appointed to protect the interests of the ETN holders. They act as a fiduciary and oversee the operations of the ETN. The trustee ensures that the issuer follows the terms and conditions set forth in the ETN's prospectus and other legal documents. They may also monitor the issuer's compliance with regulatory requirements and investor protection standards.

Calculation Agent: The calculation agent is responsible for calculating the value of the ETN and any associated indices or benchmarks. They determine the periodic returns based on the performance of the underlying assets. The calculation agent's role is critical in ensuring accurate valuation and tracking of the ETN's performance.

WEBSITE

ARRANGER & SERIES SPONSOR

Private Markets Alpha Limited

Private Markets Alpha Limited (“PM Alpha”) serves as the arranger, series sponsor, and digital portal provider for this ETN transaction.

PM Alpha is incorporated in England and Wales and is an appointed representative of its principal firm, which is authorised and regulated by the Financial Conduct Authority in the UK. The firm is headquartered in London and has presence in Paris.

PM Alpha is a digital marketplace for asset & wealth managers, advisors, and distributors to access and distribute private markets investments to their clients utilising a flexible open architecture platform. Founded in 2021 by asset and wealth management veterans and private markets experts (CEO Tom Douie and CIO Alexis Weber), the firm is focused on delivering best-in-class global private investments leveraging the founding team’s long-term track record as a principal investor across alternatives in funds and co-investments. The founding team has a unique mix of LP structuring and GP distribution skills with a proven track record of launching and managing 20+ US GP domiciled funds within the AIFM regime. Having worked closely with some of the world’s leading institutional investors, asset & wealth managers and family offices, the PM Alpha team has developed a deep knowledge and understanding of the needs of their businesses and that of their clients. PM Alpha works with wealth and asset managers to create long-term value for their clients.

Arranger: The arranger plays a crucial role in the issuance process of an ETN, it structures the ETN and coordinates its launch. The arranger is responsible for designing the ETN's features, such as the underlying index or asset, maturity date, and the note's tracking mechanism.

Sponsor: The sponsor is the entity that initiates the creation of the ETN that seeks to provide exposure to a specific asset or index through the ETN. The sponsor works closely with the arranger to define the investment strategy and the characteristics of the ETN. They often play a role in marketing the ETN to potential investors.

WEBSITE

LISTING AGENT

Wiener Boerser

As the main infrastructure provider in the region, Wiener Börse AG is the gate to global financial markets. It operates the stock exchanges in Vienna and Prague. With state-of-the-art technology and customer-oriented services, the Vienna Stock Exchange, as a private, profit-oriented company, makes a significant contribution to an internationally competitive capital market.

Listing Agent: The listing agent is a party involved in the process of listing an Exchange Traded Note (ETN) on an exchange. Their primary role is to facilitate the listing and trading of the ETN on the exchange platform

WEBSITE

ETN Minimum Investment	€100,000 for qualified investors
ETN Underlying Investment	Triton Middle Market 6
Eligible Investors	Professional investors (or otherwise “accredited investors”) who are not US Persons
Clearing Systems	Euroclear; Clearstream; Pershing
ETN Listing/Clearing	Wiener Boerse - Vienna exchange. Notes are exchange traded via Clearstream, Euroclear, and Pershing.
Placement Agent/Master Distributor	Private Markets Alpha Ltd.
ETN Trustee	Waystone
ETN Issuer	PM Alpha Designated Activity Company Domiciled in Ireland. All TMM VI Notes are fully segregated as separate legal entities with no claims outside of ETN note shareholders.
ETN Share Issuer & Paying Agent	The Bank of New York Mellon SA/NV, Dublin Branch
ETN Final Maturity	6-year term from final closing date
ETN Subscriptions	On the Issue Date, the investors will subscribe to Notes on an amount as notified to them by PM Alpha (as manager), based on the capital call notice received from the Manager.
ETN Distribution Of Income	Distributions are expected at or around maturity of the Fund, subject to Fund’s documents.
Distributor Fees	0% - 3% on committed capital payable to Distributor on top of commitments (optional)
PM Alpha Vehicle Mgmt Fees	0.40% on committed capital during the term of the fund (size of commitment)
TMM 6 Management Fees	1.5% p.a (20% carry across their respective strategies with a hurdle of 8%)
TMM 6 Targeted Returns	3.0x Gross MOIC*
TMM 6 Investment Period	3-year period from final closing date
TMM 6 Fund Term	6-year term from final closing date

TRITON MIDDLE MARKET 6 (TMM 6) - EXCHANGE TRADED NOTE (ETN) PROGRAM

Triton Middle Market 6 (the “Fund”), focuses on European Middle-Market opportunities originated and managed by Triton Partners (“Triton”), who have been investing in the European mid-market since 1997. The firm is well-regarded for its value-based investment strategy, which centers on identifying and growing companies in three key sectors: Business Services, Industrial Technology, and Healthcare.

The TMM Note ("Note") are a type of financial instrument that can be bought and sold on an exchange and are designed to provide investors with access to a diversified portfolio of short-term privately negotiated loans in a format not typically available to investors.

The Note is 100% collateralized by common stock of the Triton Fund 6 (the Fund). The Note acts as a one-to-one passthrough for non-US investors to access the Fund in a streamlined manner. The Note is traded and settled via Euroclear, Clearstream or Pershing with a monthly NAV.

PM Alpha’s ETN framework offers a fully outsourced institutional quality ETN structure arranged and managed on behalf of the TMM with the most suited service providers efficiently assembled at cost for our clients

TARGETED MOIC

Gross Moic

TARGET RETURNS MASTER FUND

15-20%

NET IRR

DIVERSIFICATION

15-20

Positions

Accumulating classes do not distribute yield, rather reinvest any income into additional shares of the strategy providing access to total return rather than regular income payments.

WHAT IS AN ETN?

An ETN is a loan instrument issued by a financial entity, such as a bank or financial entity, such as a bank or a specialised vehicle (the "issuer")

ETN AND UNDERLYING ASSETS

They are a type of bond that pays the returns of the underlying asset that it tracks.

ETNs are issued by the Issuer, and their return is based on the performance of an underlying asset.

Simplified access with no subscription documents or cumbersome onboarding for end investors

MATURITY & TRADING OF ETNS

ETNs can be purchased via Delivery Versus Payment (DVP) through standard custodian channels.

At maturity, ETNs pay investors a cash amount linked to the performance of the underlying asset, minus fees.

Available in both Distributing (regular payouts) and Accumulating (reinvested gains) formats to suit different investment strategies)

CONTROL AND DEBT NATURE OF ETNS

Exchange-traded notes do not give holders control of the assets but merely pay the return that the asset generates. Consequently, ETNs are similar to debt instruments. Investors must assume that the issuer can make a successful return based on the underlying asset.

WHY TRITON MIDDLE MARKET (TRITON 6) x ETN?

Simplified monthly access to the Triton Middle Market (Triton 6) with no subscription documents, cumbersome onboarding, or capital commitments.
Multiple note classes providing for both monthly income or total return (Income accumulation).
Investors who qualify, may subscribe to the note classes on a monthly basis in accordance with ETN subscription windows, which replicate the underlying Triton 6 shares subscription windows. Investors may also have access to redeem their monthly basis, after the first month of trading, penalty fees apply (administrative costs may also apply). Noteholders are subject to the terms and conditions of the ETN programme, which replicate the underlying the Fund conditions.

Disclaimer

triton@pmalpha.co.uk