Access to Private Equity Market
Debt-Like Protections
Equity-Like Returns
ALARIS REPRESENTS A UNIQUE ASSET CLASS
Attractive initial cash yields with participation in growth
through an annual adjustment
Adjustment tied to top-line growth in the underlying
business
Exposure to market-leading businesses that are not
otherwise accessible to traditional equity investors
In the event its investment is repurchased, Alaris is
entitled to receive a premium in addition to the return
of its original invested capital
Common equity returns through dividends and capital
appreciation
Comprehensive set of rights and remedies
Consent rights over material changes in the
underlying business of the Partner Companies
Non-payment of distributions constitutes an event of
default
Uncured remedies include the ability to assume a
more active role in management, and if necessary,
take voting control
Ultimately, Alaris can require the repurchase of its
investment or engage in a controlled sales process
Remedies for uncured defaults include the ability to
assume a more active role in management, and if
necessary, take voting control
14.8%
Alaris Equity Partners - Lifetime IRR
(Exited Investments)
3.2%
3.6%
21.6%
16.1%
(5.5%)
Initial
Stated
Yield (1)
Distribution
Growth (2)
Redemption
Pre-
Remediated
Premium (3) Remediation IRR Investments (4)
Realized
Unlevered
Return
(1) Reflects weighted average initial yield of realized investments
(2) Reflects IRR with impact of distribution adjustments and debt
contributions (excludes ccComm, Group SM, KMH, Sandbox, SHS and
Providence)
(3) Reflects incremental IRR achieved from redemption premiums
(excludes ccComm, Group SM, KMH, Sandbox, SHS and Providence)
(4) Reflects impact on IRR from remediated investments (includes
ccComm, Group SM, KMH, Sandbox, SHS and Providence)
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