Alternative Credit Income Fund (RCIIX) ends the year with the best performing fund

NEW YORK, February 1, 2022 /PRNewswire/ — The Alternative Credit Income Fund (the “Fund”) (tickers: RCIIX, RCIAX, RCIWX, RXICX, RCILX), a closed range fund managed by BC Partners, had a total return of 13.43 % in 2021, including four quarterly distributions of $0.175 and capital gains above 6.2%.

“The Alternative Credit Income Fund has generated double-digit returns for its investors in 2021, amid an increasingly difficult hunt for yield,” the portfolio manager said. Michael Terwilliger. “The Fund is the best performing credit interval fund in terms of returns on a one-year and five-year basis and the second best performing on a three-year basis.”1

“By leveraging all of our resources, team and institutional pipeline, we are uniquely positioned to provide our investors with access to differentiated private credit assets that were largely unavailable to investors. retail investors,” said Ted GoldthorpeCEO of BC Partners Credit.

“We encourage investors to view our performance the same way we view our investments, with a long-term perspective,” Terwilliger said. “Nevertheless, we highlight the Fund’s performance at the start of 2022. With the S&P, US High Yield and Barclays Agg all deep in the red, the Credit Income Fund is positive for the year. This continued outperformance reflects the early stages the Fund’s move into private assets, which will help reduce volatility.”2

The Fund has outperformed the relevant bond benchmarks on a 1, 3 and 5 year basis on the date:

Since the first




3 years

5 years




Credit Income Alternative Fund (RCIIX)








Bloomberg US Aggregate Bond Index








S&P/LSTA Leveraged Loan Index







* From the beginning of the year until 01/24/2022
**Data represents performance as of the date the Fund began actively investing on 27/10/2015.
***The date of creation of the Fund is 17/04/2015.
The Bloomberg Barclays US Aggregate Index is a broad-based benchmark that measures the US dollar-denominated investment-grade fixed-rate taxable bond market. The index includes treasury bills, government and corporate securities, MBS (fixed rate and agency hybrid ARM transmissions), ABS and CMBS (agency and non-agency).
The S&P/LSTA Leveraged Loan Total Return Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based on market weights, spreads and interest payments.

You cannot invest directly in an index. Performance quoted represents past performance. Past performance is no guarantee of future results and investment returns and the principal value of the Fund will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Actual performance may be higher or lower than the performance data quoted above. For up-to-date performance information through the end of the most recent month, please call toll-free (833) 404-4103 or visit

Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions. The total annual operating expenses of the Fund, as disclosed in the prospectus dated December 16, 2020: RCIAX (4.64%), RCICX (5.39%), RCIIX (4.38%), RCIWX (4.38%), RCILX (4.90%). The advisers have contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit the total annual operating expenses of the fund (excluding interest, dividend expenses, amortization/revaluation of securities sold short, brokerage commissions, acquired funds fees and charges and extraordinary expenses) at 2.59% (RCIAX), 3.34% (RCICX), 2.34% ( RCIIX), 2.59% (RCIWX) and 2.84% (RCILX) of the average daily net assets of the funds per October 31, 2022.

The Fund is distributed by ALPS Distributors, Inc. (ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203). Sierra Crest Investment Management LLC (the Fund’s investment advisor), its affiliates, ALPS Distributors, Inc. and US Bank, NA are unaffiliated.

Investing involves risk. Investment returns and the principal value of an investment will fluctuate, and an investor‘s shares, when redeemed, may be worth more or less than their original cost. Alternative investment funds, ETFs, interval funds and closed-end funds are subject to management and other fees, which will be paid indirectly by the Fund. Debt securities are subject to credit risk and interest rate risk and may be subordinated to senior debt securities. BDCs often use leverage to enhance returns and are subject to interest rate risk, credit risk and liquidity risk. CLOs are debt instruments but also carry additional risks related to the complexity and leverage inherent in the CLO structure. The use of leverage, such as borrowing money to buy securities, will incur additional costs for the Fund and magnify the Fund’s gains or losses.

There is currently no secondary market for the shares of the Fund and the Fund expects no secondary market to develop. The shares of the Fund will not be listed on any stock exchange, which makes them inherently illiquid. An investment in shares of the Fund is not suitable for investors who cannot tolerate the risk of loss or who require liquidity other than that provided by the redemption policy of the Fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly redemption offers, regardless of the performance of the Fund. The Fund’s distribution policy may, in certain circumstances, have certain adverse consequences for the Fund and its shareholders because it may result in a return of capital, which has the effect of reducing a shareholder‘s assets invested in the Fund and, over time, increase the Fund’s Expense Ratio. Any invested capital that is returned to the shareholder will be reduced by the fees and expenses of the Fund, together with the applicable sales charge. Investments in lesser-known small and mid-cap companies may be more vulnerable than larger, more established organizations. The sale of securities to fund redemptions could reduce the market price of those securities, which in turn would reduce the net asset value of the Fund.

About the Advisor
Sierra Crest is a subsidiary of BC Partners Advisors LP (“BC Partners”), which has invested for over 30 years in Europe and North America and about $60 billion of assets under management in private equity, private credit and real estate strategies. BC Partners operates a private equity investment platform, a credit investment platform (“BCP Credit”) and a real estate investment platform as fully integrated businesses. Sierra Crest’s investment activity takes place within the BCP Credit platform. Integration with the broader BC Partners platform enables BCP Credit to leverage a team of investment professionals across its entire private equity platform, including its operations team. BC Partners has remained an independent partnership since its inception as a pan-European private equity manager. Its entrepreneurial spirit is rooted in the culture of its organization and manifests itself in its three complementary and integrated activities.

Media inquiries

Devin Shorey
[email protected]
302 593-3197

1 Source: Morningstar, 1-year, 3-year, and 5-year returns, respectively, as of December 31, 2021. as follows: Alternative Credit Income I (13.44%, 32.23% and 47.97%); PIMCO Flexible Credit Income Inst (11.10%, 27.72% and NA), Cliffwater Corporate Lending I (10.38%, NA, NA); CION Ares Diversified Credit I (8.87%, 22.96% and NA); PIMCO Flexible Municipal Income Ins (6.20%, NA and NA); Alternative Income Institutional variant (12.29%, 33.40% and NA); Lord Abbett Credit Opportunities Instl (13.35%, NA and NA); Griffin Institutional Access Credit I (8.55%, 24.19% and NA); Carlyle Tactical Private Credit Invesco Senior Loan Y (7.37%, NA and NA); FS I Credit Income (7.48%, 31.71% and NA); Blackstone Floating Rate Enhanced Inc I (6.87%, 22.92% and NA); KKR Credit Opportunities I (5.41%, NA and NA); BlackRock Credit Strategies Instl (2.58%, NA and NA); Palmer Square Opportunistic Income (6.66%, 21.54% and 34.33%) and Ecofin Tax-Advantaged Scl Impct Instl (4.35%, 9.88% and 34.33%)
2 Source: Bloomberg YTD returns through 01/24/2022; US high yield bond yield as measured by Bank of America US High Yield Index (H0A0), total return -1.91%; Bloomberg US Aggregate Bond Index (LBUSTRUU), total return -1.87%; Alternative Credit Income Fund (RCIIX), total return +0.27%.

SOURCE BC Partners

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