Real Estate Fund Design
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Photography / IndustryImages & place imagery Overview Our industry and place imagery should follow the same basic style principles as our primary imagery, including coloration, lighting, depth of field, cropping and composition. Follow the guidance listed to the right when selecting industry and place imagery.
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PROPERTY PORTFOLIO
1
60 Spear St. San Francisco, CA CLARION LION PROPERTIES FUND
2
265 Franklin St. Boston, MA BLACKROCK GRANITE PROPERTY FUND
3
Hubbard Place Chicago, IL MEPT EDGEMOOR
4
100 Wall St. New York, NY BARINGS CORE PROPERTY FUND
5
Worthing Place Delray Beach, FL BLACKROCK GRANITE PROPERTY FUND
6
The Crossings Anaheim, CA BLACKROCK GRANITE PROPERTY FUND
9
5
Worthing Place Delray Beach, FL BLACKROCK GRANITE PROPERTY FUND
7
Seabourn Cove Boynton Beach, FL HEITMAN AMERICA REAL ESTATE TRUST
6
The Crossings Anaheim, CA BLACKROCK GRANITE PROPERTY FUND
8
The Taylor Dallas, TX BLACKROCK GRANITE PROPERTY FUND
The Millenium Arlington, TX CLARION LION PROPERTIES FUND
10
475 Sansome San Francisco, CA MEPT EDGEMOOR
11
353 North Clark Chicago, IL HEITMAN AMERICA REAL ESTATE
12
1221 Broadway Oakland California UBS Trumbull Property Fund
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
Why Real Estate? • • • • •
Total Return: U.S. commercial real estate, the third-largest asset class, has been used for generations as a wealth accumulation tool due to its historically attractive return profile. Durable Income: Commercial real estate benefits from contractual revenue, resulting in durable income returns that have outpaced stock and bond yields over the past 20 years1.
Tax Efficiency: It’s not what you earn, but what you keep that matters. Investors should consider exploring the potential tax efficiencies provided by an investment in commercial real estate. Diversification: Commercial real estate offers a return profile generally less volatile than that of the broader stock market, thus enhancing diversification within a mixed-asset portfolio and potentially improving risk-adjusted returns. Inflation Hedge: Real estate has historically been an effective hedge against inflation and has performed well in inflationary environments2.
W H Y G R I F F I N I N S T I T U T I O N A L A C C E S S R E A L E S TAT E F U N D ( T H E “FUND”)? •
• • •
Exposure & Access: Griffin Institutional Access Real Estate Fund’s private real estate portfolio provides access to over two dozen real estate managers, who we believe to be best in class, with exposure to over 3,400 properties with a gross asset value of over $200 billion3.
Active Management: As market conditions evolve, the Fund’s utilization of real estate securities allows for more efficient exposure rotation, when compared to investment strategies pursuing direct investment into properties. Flexibility: The ability to take advantage of opportunities across both private and public real estate markets may provide for additional sources of returns when compared to real estate strategies with more limited opportunity sets. Simplicity & Transparency: The Fund provides daily pricing at NAV, a degree of quarterly liquidity, transparent
Investor Fact Sheet
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
Holding Steady Amid Large Market Drawdowns
• •
Griffin Institutional Access Real Estate Fund (the “Fund”) seeks to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation1 to the broader markets by investing in an actively
managed combination of large, established private real estate funds and public real estate securities. As the following chart illustrates, the Fund’s portfolio has historically performed well during times when the broader markets have exhibited significant drawdowns.2
reporting, and can be purchased electronically through most clearing platforms.
To learn more about how real estate strategies like Griffin Institutional Access Real Estate Fund may complement your portfolio, talk to your financial advisor or visit www.griffincapital.com.
Portfolio Positioning: The Fund is positioned to take advantage of opportunities across both public and private markets and will continue to actively allocate to sectors positioned to benefit from secular growth trends that may provide an opportunity for attractive risk-adjusted returns moving forward.
Griffin Capital and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. 1. Source: Griffin Capital Advisor, LLC based on data from National Council of Real Estate Fiduciaries (NCREIF) Property Index (NPI), and Morningstar Direct. 2. Source: PREA Quarterly, Spring 2018. 3. Source: Griffin Capital Advisor, LLC. Metrics express the Fund’s portfolio allocated to private funds in which the underlying holdings of such private funds generally consist of real estate-related interests that are not publicly traded as of September 30, 2020. Underlying data and statistics of the Fund’s private real estate exposure as of September 30, 2020. Holdings are subject to change without notice. 4. Source: Griffin Capital Advisor, LLC based on analysis utilizing data from National Council of Real Estate Fiduciaries (NCREIF), U.S. Federal Reserve Bank of St. Louis, and CenterSquare Investment Management.
GRIFX
Griffin Institutional Access Real Estate Fund’s (the “Fund”) investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets.
Despite rising volatility in the broader markets, financial advisors do have options to help stabilize an investor’s portfolio. Institutional investors have long allocated to property markets to enhance portfolio diversification and potentially improve riskadjusted returns, as the return profile of real estate is generally less volatile than that of the broader stock market.
Income Advantage: Investors seeking to identify an alternative source of income generation may find the Fund provides an attractive solution for enhanced, stable, tax-efficient income. Attractive Entry Point: Historically, both private equity real estate and publicly traded REITs have delivered attractive forward returns at current spread levels4.
Ticker Symbol (NASDAQ):
INVESTMENT OBJECTIVE
WHY NOW? •
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
CLASS I1
1. Correlation is a statistical measurement of how two securities move in relation to each other. 2. Drawdown is the peak to trough decline during a specific recorded period of an investment, fund or commodity. A drawdown is usually quoted as the percentage between the peak and the subsequent trough.
I N V E S T M E N T S T R AT E G Y The Fund strategically invests in an actively managed combination of large, established private real estate funds and public real estate securities.
Cumulative Return
44.82%
Annualized Return
7.08%
Structure
1940 Act continuously offered closed-end interval fund
Positive Returns2
Distribution Reinvestment
Automatic participation
By investing in the Fund, investors may benefit from:
Liquidity Feature/ Repurchase Offer
Once each quarter at net asset value no less than 5% of the outstanding shares of the Fund
Fund Adviser
Griffin Capital Advisor, LLC
Distributor
ALPS Distributors, Inc.
Custodian
UMB Bank, n.a.
Transfer Agent
DST Systems, Inc.
•
Access to an institutional investment strategy
•
Fund management by experienced institutional advisers
•
Multi-tiered diversification
•
Periodic liquidity and daily pricing transparency
and sub-advisers
Fund Inception Date June 30, 2014
Griffin Institutional Access Real Estate Fund is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund’s shares and none is expected to develop.
Dear Fellow Shareholders:
Performance2
39822J300
BENEFITS
December 27, 2019
Class A Shares (NASDAQ: GIREX) Inception Through 11/30/191
CUSIP
Minimum Investment $1,000,000
We are pleased to present the Griffin Institutional Access® Real Estate Fund (the “Fund”) Winter 2019 shareholder update. We greatly appreciate the support of our shareholders and we will remain true to
21 out of 21 quarters
Standard Deviation
The Fund’s Standard Deviation (a measure of volatility/risk) was
period.2, 4
2.832
Beta
0.082,3
Alpha
Private Fund Diversification5
Tax Reporting
1099-DIV
Sales Load
No Load
Asset Value
Management Fee
1.50%
2,723 investments diversified by
President Griffin Capital Asset Management Company, LLC
•
Portfolio Manager & Founding Partner Griffin Institutional Access Real Estate Fund
Total cumulative return of 44.82% and a 7.08% annualized return 2 Sharpe ratio of 2.832 Standard deviation of 2.15%, which is less than that of the Bloomberg Barclays U.S. Aggregate Bond Index (3.02%)2 Alpha of 5.01%2,3 Beta of 0.082,3
• •
5.01%2,3
August 10, 2015
broader markets. From the Fund’s inception on June 30, 2014 through November 30,
2019, the Fund’s load-waived Class A shares (NASDAQ: GIREX) generated a(n):
2.15% — more than five times less than the S&P 500 over the same
Sharpe Ratio
Randy I. Anderson, Ph.D., CRE
our stated objective of delivering returns comprised of income and appreciation with moderate volatility and low correlation to the
2.15%2
Class I Share Inception Date
• •
(as of 10/1/19) Approximately $192B Gross
During 2019, investors have dealt with a variety of market regimes. Ten-year US Treasury Bond yields, after climbing for much of 2018,
fell from a high of 2.79% in January to a low of 1.47% in September.6 The Federal Open Market Committee (FOMC) reversed course and
sector, geography, and manager
1. The Fund currently offers five different classes of shares. Not all financial intermediaries offer all classes of shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads, and ongoing fees and expenses for each share class may be different. You should carefully consider which class of shares to purchase.
WINTER 2019
Investor Update
began lowering its target rate in an effort to stimulate economic growth. Within these changing market conditions, we believe our
Past performance is no guarantee of future results. All metrics are based on load waived Class A shares and do not reflect a maximum sales charge of 5.75% for Class A shares. If the data reflected the deduction of such fees, the performance would be lower. The Fund offers five share classes: GIREX - Class A, GCREX - Class C, GRIFX - Class I, GLREX - Class L, and GMREX - Class M. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: www.griffincapital.com.
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
Strong Historical Performance Across Market Cycles Many asset managers adhere to prudent diversification and asset allocation strategies to lower volatility and improve riskadjusted performance. While traditional investments, like stocks and bonds, have a place in a portfolio, we believe investors
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D
Access to a Larger Opportunity Set
2020 Highlights and Investment Themes
We believe a strategy that provides access to all four quadrants of the institutional real estate market may offer a
differentiated return profile when compared to real estate strategies focusing on just one portion of the investable
universe. Each quadrant has its own unique set of risk-return considerations, and each plays a key role within a real estate portfolio. Griffin Institutional Access® Real Estate Fund actively invests across all four quadrants by allocating to both debt and equity opportunities across private and public real estate markets in its pursuit of generating sustainable,
Institutional Real Estate Market
Academic research and data suggest a blend of private real estate and public real estate (“Private/Public Real Estate”) has historically delivered strong risk-adjusted returns with low volatility and low beta relative the broader markets.1 In
Four Quadrants
To learn more about how real estate strategies like Griffin Institutional Access Real Estate Fund may complement your portfolio, talk to your financial advisor or visit www.griffincapital.com. Griffin Institutional Access Real Estate Fund is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund’s shares and none is expected to develop. Past performance is not indicative of future results. 1. “Private/Public Real Estate” is represented by a blend of 70% NFI-ODCE and 30% FTSE NAREIT All Equity REITs Index. 2. “Stocks” are represented by the S&P 500 and “Bonds” are represented by the Bloomberg Barclays U.S. Aggregate Bond Index. 3. Data source: Morningstar Direct for the period of December 31, 2000 – December 31, 2020. The S&P 500 is generally representative of the broad market and as such is used as a calculation benchmark for standard deviation. Performance reflects the reinvestment of dividends or other distributions. Metrics calculated utilizing quarterly data. 4. Under normal circumstances, private real estate funds will likely comprise between 50% and 95% of the Fund’s portfolio and public real estate securities are estimated to comprise between 5% and 50% of the Fund’s portfolio. Holdings subject to change. There is no guarantee that the investment strategies will work under all market conditions.
Market Size (Billions)
fact, over the past 20 years, a Private/Public Real Estate blend has generated significant outperformance relative many asset types. During this period, a Private/Public Real Estate blend generated approximately 96% more return than a typical 60% Stock/40% Bond portfolio2 with a standard deviation approximately 15% lower on a relative basis.3 Such
Griffin Institutional Access Real Estate Fund strategically invests in an actively managed combination of best-in-class private real estate funds and public real estate securities with the purpose of generating a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets.4
•
$6,500 $6,000 $5,500 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Private Equity
Private Equity Alone
Total $6,037 $6,500 $6,000 $5,500 $1,376 $5,000 $4,500 $4,000 $3,500 $3,128 $3,000
$697 $836
$2,500 $2,000 $1,500 $1,000 $500 $0
Public Equity
Private Debt
WORRIED ABOUT VOLATILITY? DIVERSIFY WITH GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND
$555M+ of capital invested into private real estate opportunities in 2020.
97% of capital invested into private real estate in 2020 was allocated to our 2021 high-conviction investment themes: -
positive risk-adjusted returns.
can achieve broader diversification and enhance portfolio returns with an allocation to private and public real estate.
outperformance was generally derived from the strong income generated by institutional private real estate and the diversification benefits garnered when public real estate, an asset class that has exhibited strong performance over the past 20 years, and private real estate are combined in a portfolio. Whether comparing returns on an absolute or risk-adjusted basis, the historical results are compelling. Accordingly, we believe investors should consider a long-term allocation to an actively managed private and public real estate solution which may help to enhance returns and lower volatility within a mixed asset portfolio.
•
G R I F F I N I N S T I T U T I O N A L A C C E S S ™ R E A L E S TAT E F U N D
JANUARY 2021
Multifamily
Industrial Specialty (life science, government office, self-storage) Private real estate debt
•
4.22% total return from Class I shares (NASDAQ: GRIFX) during the six-month period ending December 31, 2020.1
•
Shareholder Capital Raise exceeded interval fund peers in 2020 and remains the largest real estate-focused interval fund.2
Diversification May Protect in Periods of High Volatility Volatility is back. High market volatility can damage portfolio values and derail an investor’s
The ability to access all
four quadrants of the institutional real estate market within the same
portfolio may provide for more opportunities to generate attractive riskadjusted returns.
goals. Despite rising volatility in the broader markets, financial advisors do have options to
High-Conviction Investment Themes for 2021
help minimize volatility within an investor’s portfolio.
We are observing several trends within commercial real estate property markets, some of which are being driven by strong
Drawdowns and the Longer Road Back
secular growth and may present compelling investment opportunities. We believe that multifamily, industrial, and specialty properties are positioned well to outperform in 2021. To that end, over 75% of Griffin Institutional Access Real Estate Fund’s (GIARF) private equity portfolio is allocated within these sectors as of January 4, 2021 to take advantage of strong
A drawdown, or the decline from peak to trough, in a portfolio requires an exponentially higher gain to get back to even. Stated another way, the larger the percent drawdown,
potential growth. Additionally, private real estate debt, which performed well throughout 2020, may be poised for strong performance in 2021 as traditional lenders tend to be less present after periods of market volatility, leaving opportunities
an even more significant percent gain is needed to recoup those losses. So, it’s crucial to manage losses while they’re small.
for private debt funds to lend at attractive terms. A summary of our high-conviction property themes can be found below:
As the chart shows, a loss of 5% requires a gain of 5.3% to make whole. Meanwhile, a drawdown of 50% needs a 100% gain to get back to breakeven!
$836 Public Debt
Source: Pension Real Estate Association, 2Q 2020. Market size estimated as of 4Q 2019 and 1Q 2020. Private equity is on a net asset value basis and based on professionally managed properties held for investment purposes; only includes portfolios with total value greater than $100 million. Public equity includes market value of equity REITs, minus their holdings of cash and debt investments. Public Debt includes CMBS, mortgage REITs, debt investments held by equity REITs, and corp. bonds of REITs. Private Debt includes all multifamily and commercial mortgages except those in CMBS, held by mortgage REITs, or held by GSEs or by federal, state, or local governments.
Talk to your financial advisor about how Griffin Instititional Access® Real Estate Fund’s actively managed portfolio of private and public real estate may help generate durable income.
Allocation Multifamily
Industrial
GIARF Private Equity Weight
Notes
(01/04/2020)
38.13%
24.93%
Strong supply/demand fundamentals. 52% of people ages 18-29 are currently living at home with a parent or grandparent. The most since the Great Depression.3
76.38% of the GIARF private
•
Demand for industrial space is being driven by continued adoption of e-commerce. Supply has not been able to keep up with surging demand as industrial net absorption surged to a four-year high in Q4 2020.4 For every $1 billion in additional e-commerce sales, the market would need to deliver 1.25 million square feet of industrial space.4
estate portfolio is allocated to sectors that
• •
Specialty
13.32%
% Portfolio Loss
• •
• •
Demand for lab space has grown through mid-2020 as supply struggles to meet demand. Consequently, vacancies in most lab markets remain at or near record lows and rents are rising rapidly. Biotech R&D employment reached a record in June as more venture capital was invested in life sciences opportunities in Q2 2020 than ever before.5 Pharmaceutical, biotech, and other medical disciplines require physical space to conduct research and are less likely to be able to work from home.
% Gain Needed to Get to Even 5.0%
5.3%
10.0%
equity real
11.1%
20.0%
25.0%
25.0%
33.3%
50.0%
we believe are poised to take
100.0%
For illustration purposes only.
advantage of strong secular
Look Beyond Stocks and Bonds to Diversify
growth.
Diversification is a fundamental tenet of portfolio management that can help lower volatility and improve risk-adjusted performance. While traditional investments have a place in a portfolio, broader diversification may be achieved with an allocation in real estate. Real estate offers low correlation to traditional asset classes. During broad market sell-offs, real estate
Past performance is not a guarantee of future results. Source: Griffin Capital Advisor, LLC. Holdings, allocations, and notes as of 01/04/21 and subject to change without notice. There is no guarantee that the investment strategies will work under all market conditions.
may hold up better than stocks and bonds. As the pie charts show, adding real estate to a portfolio of stocks and bonds has not only
Griffin Institutional Access Real Estate Fund is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund’s shares and none is expected to develop.
lowered volatility, but increased returns over the long haul.
0% Real Estate
10% Real Estate
20% Real Estate
10%
20%
40% 35%
60%
Stocks
30%
Stocks
Bonds
Stocks
Annualized Return
Standard Deviation
10.46%
9.45%
(as of 12/31/17)
Annualized Return
(as of 12/31/17)
10.60%
Annualized Return
Standard Deviation
10.32%
9.97%
(as of 12/31/17)
50%
55%
Annualized Return
Standard Deviation
10.46%
9.45%
(asReal ofEstate 12/31/17)
Bonds
Bonds
Real Estate
Annualized Return
Standard Deviation
10.46%
9.45%
(as of 12/31/17)
Stocks
Bonds
Annualized Return
Standard Deviation
10.32%
9.97%
(as 12/31/17) Realof Estate
Annualized Annualized Return Return
Standard Standard Deviation Deviation
10.60% 10.32%
8.97% 9.97%
(as (asofof12/31/17) 12/31/17)
Past performance is no guarantee of future results. This chart is intended for illustrative purposes only and not Annualized Standard Standard indicative of any investment. An investment cannot be made directly in an index. Return Deviation Griffin Institutional Access RealDeviation Estate Fund Performance Since Inception (6/30/14) (as of 12/31/17) Source: Morningstar Direct as of 1/1/1978 - 12/31/2017. Stocks are represented by the S&P 500 Index. YR YR 3 YR Since Inception Bonds are represented by the Bloomberg Barclays U.S.1 Aggregate Index. Real 2estate 8.97% 10.60% 8.97% is represented by a 70% 6.74% 7.05% 7.23% 7.73% allocation in the NCREIF Property Index (private real estate) and a 30% allocation in the FTSE NAREIT U.S. All Equity REIT Index (public real estate).
Griffin Institutional Access Real Estate Fund Performance Since Inception (6/30/14) Griffin Institutional Access Real Estate Fund Performance Since Inception (6/30/14) 1 YR 6.74%
2 YR 7.05%
3 YR
Since Inception 1 YR
2 YR
3 YR
Since Inception 7.73%
7.23% Institutional 7.73% 6.74% Access™ 7.05% Real Estate 7.23% Griffin Fund
Media Marketing
Business Media Postings on Linkedin
Global Credit Fund Design
Toolkit Style Identity | At-A-Glance
Color Palette
Typography
Primary Colors
Avenir Roman
Blue
Dark Teal
Teal
C:90 M:68 Y:0 K:0
C:95 M:41 Y:10 K:0
C:72 M:20 Y:0 K:0
R: 0 G:71 B: 187
R: 0 G: 118 B: 169
R: 28 G: 166 B: 223
#0047BB
#0076A9
#1CA6DF
Pantone 2728C
Pantone 7690C
Pantone 2171C
AaBbCcDdEeFfGgHhIiJjKkLlMmNn OoPpQqRrSsTtUuVvWwXxYyZz 0123456789!@#$%^&*()? Avenir Oblique AaBbCcDdEeFfGgHhIiJjKkLlMmNn OoPpQqRrSsTtUuVvWwXxYyZz 0123456789!@#$%^&*()?
Pale Blue
Dove
Magenta
C:30 M:13 Y:2 K:0
C:68 M:42 Y:19 K:1
C:68 M:4 Y:6 K:0
R: 174 G:200 B: 230
R: 93 G: 131 B: 168
R: 82 G: 186 B: 225
#0076A9
#0076A9
#1CA6DF
Pantone 7690C
Pantone 2171C
Pantone 277C
Neutrals
Avenir Black AaBbCcDdEeFfGgHhIiJjKkLlMmNn OoPpQqRrSsTtUuVvWwXxYyZz 0123456789!@#$%^&*()? Avenir Black Oblique
Dark Gray
Medium Gray
Light Gray
C:66 M:55 Y:58 K:10
C:32 M:26 Y:29 K:3
C:13 M:9 Y:13 K:0
R: 113 G: 110 B: 106
R: 174 G: 168 B: 165
R: 207 G: 205 B: 201
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#E6E6E3
#CFCDC9
Pantone 233C
Pantone 2331C
Pantone 2330C
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Business Charts
t
Icons
Photography / IndustryImages & place imagery Overview Our industry and place imagery should follow the same basic style principles as our primary imagery, including coloration, lighting, depth of field, cropping and composition. Follow the guidance listed to the right when selecting industry and place imagery.
Industry
Here are a few considerations for selecting industry imagery: •
When possible, look for opportunities to include people in order to add a human element to our industry images.
•
Consider scale (both close-in and stepped-back) to show a more interesting perspective.
•
Like our people photography, the coloration of our imagery is rich in tonality, with natural lighting adding warmth.
Places
For places, consider these additional principles: •
Imagery of places such as our offices or an event can show the location—but you can also highlight the city or an iconic detail of the building in order to provide a sense of place or location.
Powerpoint Presentation
Investment Opportunities
Griffin Institutional Access® Credit Fund
Power Point Design
Introduction and Overview
The Credit Fund Diversification and Experience
The Credit Fund Experience Runs Deep Across the Globe
London Dublin New York Boston Chicago Madrid Hong Kong Guangzhou Seoul Mumbai Melbourne Sydney
3
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
4
Higher Duration Risk for Lower Returns
The Opportunity for Yield with Alternative Credit
Today, investors are faced with higher duration risk for lower returns. 2020 Credit Yields 12%
Challenges for Investors: Low Yields and High Interest Rate Sensitivity Based on the Bloomberg Barclays U.S. Aggregate Bond Index (1/1/1989 – 12/31/2019)
9.1%
4%
1.9%
2.9%
6.3%
3.8%
6.5
0% 10 Year U.S. Treasury
Corporate Credit
European High YIeld
European Bank Loans
Traditional Credit
U.S. High Yield
U.S. Bank Loans
U.S. CLO BB
Alternative Credit
6
10% 5.5
8% 6%
4.5
4% 2%
3.5
Past performance is no guarantee of future results. Chart data source: Bain Capital Credit, LP. Data as of December 31, 2019. “10 Year U.S. Treasury” uses bid prices per Bloomberg. “Corporate Credit” is the yield to worst (YTW) of the Bloomberg Barclays U.S. Aggregate Industrial Corporate Index. “European Bank Loans Loans” is the yield to maturity (YTM) of the S&P European Leveraged Loan Index. “European High Yield” is the YTW of the Credit Suisse Western European High Yield Index. “U.S. High Yield” is the YTW of the Credit Suisse High Yield index. “U.S. Bank Loans” is the three-year life swapped to fixed yield of the Credit Suisse Leveraged Loan Index. “U.S. CLO BB” is the JP Morgan CLOIE BB Post Crisis Yield. This chart is only intended for illustrative purposes and does not represent the returns of Griffin Institutional Access Credit Fund, Griffin Capital Credit Advisor, LLC, Bain Capital Credit, LP, BCSF Advisors, LP or any particular investment. An investment cannot be made directly in an index, which is unmanaged and has returns that do not reflect any trading, management or other costs.
12%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0%
Past performance is not a guarantee of future results. Chart data is from 01/01/1989 to 12/31/2019. This chart is intended for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Source: Barclays, Bloomberg, FactSet, J.P. Morgan Asset Management. Yield is Yield to worst. J.P. Morgan Asset Management, Guide to the Markets .
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
Finding Sources for Income through Traditional Asset Classes
Yield
5.8% 4.0%
Duration (years)
Yield
8%
8
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
11
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
Portfolio Diversification
The search for income continues to be a priority – couples aged 65 today have a 90% probability of living to age 80 and almost 50% to age 90. 2020 Stock and Bond Yield 3.00% 2.21% 1.89%
2.00% Yield
1.55%
1.00%
0.00%
Bonds
Stocks
T-Bills
Past performance is no guarantee of future results. This chart is intended for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index, which is unmanaged and has returns that do not reflect any trading, management or other costs. A bond is a debt instrument, also considered a loan, that an investor makes to an issuer, such as a corporation, government, federal agency or other organization, in which the issuer typically agrees to pay the investor the amount of the bond on a future date, as well as pay interest at a specified rate at regular intervals. Bond values fluctuate in price, so the value of your investment can go down depending on interest rates, inflation and market condition.
7
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
Diversification does not guarantee against a loss.
Active Management May Create More Opportunities for Upside
A Dynamic Approach to Identifying Opportunities Across the Entire Cycle Bain Capital Credit’s teams are structured into a network that enables us to identify and respond to investment opportunities regardless of
Griffin Institutional Access Credit Fund (the “Fund”) is designed to provide investors with a long-term allocation to potentially higher-yield
region, industry, market cycle, or position in the capital structure.
alternative credit strategies that have been used by institutions for decades to improve portfolio diversity and return efficiency.
Late Recovery
Peak
Early Slowdown
Late Slowdown
Trough
Early Recovery
Harvest gains on special situations and private credit
Build dry powder, reduce lower-quality assets
Stay senior and liquid, start to increase exposure as spreads widen
Selectively add high yield/junior capital exposure
Increase special situations and private credit, reduce hedges
Overweight high yield
The Fund is actively managed and its characteristics will vary. Active portfolio management could result in underperformance. Fixed income risks include interest-rate and credit risk, bond values fluctuate in price so the value of your investment can go down depending on market conditions. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
15
14
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
20
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
Potentially Lower Duration Risk, Higher Returns Alternative credit can offer higher yield per unit of risk (duration) taken. High-Yield Bonds and Bank Loans Historically Offered Greater Yield Per Unit of Duration 7.00%
Bank Loans
6.00%
High-Yield Bonds
Yield (%)
5.00%
Investment Grade Corp.
4.00% 3.00%
Aggregate
F O R M O R E I N F O R M AT I O N
2.00%
Treasuries
1.00% 0.00%
0
1
2
3
4
5
West Coast Management Team
Municipal 6
7
8
9
Source: Bloomberg. Data as of 12/31/2019. Duration measures sensitivity of the price of a bond to a change in interest rates. The higher the duration, the greater the sensitivity of the bond is to movements in the interest rate. Yield is yieldto-worst or the lowest possible yield an investor would receive if the bonds were redeemed by the issuer. Municipal is represented by Bloomberg Barclays Municipal Bond Index. High-Yield Bonds are represented by Bloomberg Barclays U.S. Corporate High Yield Index. Bank Loans are represented by the S&P/LSTA Leveraged Loan Index.
13
TEL
Duration (Years)
GRIFFIN INSTITUTIONAL ACCESS CREDIT FUND
WEB
800.555.1250
info@creditfund.com griffincapital.com
Print Collateral Design
Senior Leaders and Team Perspectives Global Expertise in Credit •
Offices in Boston, Chicago, New York, London, Dublin, Madrid, Hong Kong, Guangzhou, Seoul, Mumbai, Melbourne and Sydney
•
24 languages spoken
•
310 employees
•
Over 140 investment professionals
•
Analyzed 5,000 companies in 40 countries
Established Allocation Strategies •
Flexibility to invest across different market sectors, capital structures and geographies
•
Approximately $1 billion in employee co-investment
Business Insights Through Research, Metrics and Artificial Intelligence
Scale & Experience •
More than 30 Managing Directors, each with:
•
22 years average industry experience
•
10 years average tenure at Bain Capital Credit
Broad Platform Part of Bain Capital, one of the world’s largest private investment firms: •
Approximately $105 billion5 in assets under management
•
More than 950 employees wordwide
•
Employee owned
Griffin Institutional Access Credit Fund (the “Fund”) is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund’s shares and none is expected to develop.
A DYNAMIC APPROACH TO CREDIT RESEARCH
I N D U S T RY R E S E A R C H GROUP
BROAD BUSINESS PERSPECTIVE
ARTIFICIAL INTELLIGENCE & BUSINESS MODELING
Bain Capital Credit’s teams are structured into a network that responds to varied investment opportunities, regardless of region, industry or position in the capital structure, which increases the
Bain Capital Credit’s Industry Research Group is organized into fourteen teams, each responsible for monitoring micro and macro trends and for reviewing and selecting attractively priced securities across the
Since inception in 1998, Bain Capital Credit’s team has analyzed over 5,000 issuers, giving the firm unique institutional knowledge of the market and the ability to identify attractive investment opportunities
Unsupervised is the only platform in the analytics and space built on unsupervised machine learning from the ground up. This provides the ability to handle vastly larger and more complex data. We don’t ask for
breadth of their pipeline. Investment professionals are organized in teams of specialists based on either industry type or product type, which enables Bain Capital Credit to field what it believes is the optimal team to evaluate every deal.
capital structures within their sectors. Based upon underlying industry drivers, teams are organized so as to provide local or global insights.
across cycles and geographies. The breadth of Bain Capital Credit’s coverage adds additional value by investing in securities which may be underfollowed, mispriced or perhaps out of favor with the market.
tradeoffs or prep work. We embrace data complexity to produce insights that you can act on, drive ROI and track the results.
Management Team Partnership
Senior Management Focus and Outlook
PHILOSOPHY
Apart from being one of the world’s leading multi-asset alternative investment firms, a key difference between Bain Capital Credit and other global credit managers is its structure. Bain Capital Credit is a privately held, employeeowned organization that operates without market pressures that a publicly owned asset manager may face, such as shareholder expectations. Bain Capital Credit also has approximately $1 billion in employee co-investment. This co-investment helps align Bain Capital Credit’s interests with yours, and it creates a mutual incentive in the performance of their investments.
Led by more than 30 Managing Directors across the United States, Europe, Asia and Australia, Bain Capital Credit’s culture is team-oriented and performance driven. The firm’s collaborative environment creates a team with diversity across experience and perspectives. Bain Capital Credit’s team of over 140 investment professionals seeks to identify attractive credit opportunities and are supported by robust operational and technical resources.
EXPERIENCED GLOBAL P R E S E NC E The cornerstone of Bain Capital Credit’s philosophy is to generate attractive risk-adjusted returns for investors through rigorous due diligence at the industry, company and individual security level. Bain Capital Credit seeks to maximize expected, not potential, return through fundamentally driven, bottom-up security selection that leverages the depth and experience of its investment team.
Employees at Bain Capital Credit are personally invested in each other’s successes and united by a shared goal of creating a lasting impact and developing exceptional partnerships. This culture has helped fuel the growth of Bain Capital Credit’s assets under management, which has grown by more than 100% over the past six years.
Data source: Bain Capital Credit, LP for the period of June 30, 2013 – July 1, 2019. Bain Capital Credit’s assets under management includes its subsidiaries and credit vehicles managed by its AIFM affiliate.
Research Methodologies
Best in Class Resources, Analysis and Salesforce Integration
Portfolio Construction and Active Management •
Offices in Boston, Chicago, New York, London, Dublin, Madrid, Hong Kong, Guangzhou, Seoul, Mumbai, Melbourne and Sydney
•
24 languages spoken
•
310 employees
•
Over 140 investment professionals
•
Analyzed 5,000 companies in 40 countries
Data Analytics and Real Time Modeling •
Flexibility to invest across different market sectors, capital structures and geographies
•
Approximately $1 billion in employee co-investment
Qualitative and Quantitative Research •
More than 30 Managing Directors, each with:
•
22 years average industry experience
•
10 years average tenure at Bain Capital Credit
24/7 ONLINE DASHBOARD AND TECH SUPPORT
I N D U S T R Y A N A LY T I C S & RESEARCH
W H I T E PA P E R R E S E A R C H A N D A N A LY S I S
ADVISOR TOOLBOX & SALESFORCE
Bain Capital Credit’s teams are structured into a network that responds to varied investment opportunities, regardless of region, industry or position in the capital structure, which increases the breadth of their pipeline. Investment professionals are organized in teams of specialists based on either industry type or product type, which enables Bain Capital Credit to field what it believes is the optimal team to evaluate every deal.
Bain Capital Credit’s Industry Research Group is organized into fourteen teams, each responsible for monitoring micro and macro trends and for reviewing and selecting attractively priced securities across the capital structures within their sectors. Based upon underlying industry drivers, teams are organized so as to provide local or global insights.
Since inception in 1998, Bain Capital Credit’s team has analyzed over 5,000 issuers, giving the firm unique institutional knowledge of the market and the ability to identify attractive investment opportunities across cycles and geographies. The breadth of Bain Capital Credit’s coverage adds additional value by investing in securities which may be underfollowed, mispriced or perhaps out of favor with the market.
Unsupervised is the only platform in the analytics and space built on unsupervised machine learning from the ground up. This provides the ability to handle vastly larger and more complex data. We don’t ask for tradeoffs or prep work. We embrace data complexity to produce insights that you can act on, drive ROI and track the results.
Financial Insights Part of Bain Capital, one of the world’s largest private investment firms: •
Approximately $105 billion5 in assets under management
•
More than 950 employees wordwide
•
Employee owned
Griffin Institutional Access Credit Fund (the “Fund”) is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund’s shares and none is expected to develop.
Global Outlook and Insights 2020 PERSPECTIVES Led by more than 30 Managing Directors across the United States, Europe, Asia and Australia, Bain Capital Credit’s culture is team-oriented and performance driven. The firm’s collaborative environment creates a team with diversity across experience and perspectives. Bain Capital Credit’s team of over 140 investment professionals seeks to identify attractive credit opportunities and are supported by robust operational and technical resources.
PORTFOLIO CONSTRUCTION FOR ALL CYCLES The cornerstone of Bain Capital Credit’s philosophy is to generate attractive risk-adjusted returns for investors through rigorous due diligence at the industry, company and individual security level. Bain Capital Credit seeks to maximize expected, not potential, return through fundamentally driven, bottom-up security selection that leverages the depth and experience of its investment team.
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