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First and foremost, the team at Ivy Asset Group ("IAG") would like to thank our investors, partners, referral sources, and friends for a busy and thriving 2022. We successfully closed Ivy Credit Opportunities Fund (“ICO”) in May 2022 with over $100 million of capital raised and fully deployed.
During Q4 2022, ICO originated 2 new credit facilities, along with 4 different refinancings/upsizes, growing ICO’s assets under management to ~$105mm and IAG's to ~$300m in aggregate. The portfolio is diversified across 12 industry verticals with 27 lending partners and a weighted average maturity of 25 months with 60% of the portfolio investments in first lien position.
Over the past 14 years, our direct lending strategy has been a consistent source of income for our investors, and the strategy has performed through various economic scenarios. The continued retrenchment from the banks has created attractive investment opportunities in private credit for direct lenders like IAG. We are excited to announce the soft launch of our next credit offering, Ivy Evergreen Fund. The fund will follow a similar strategy as ICO. Our investment team will continue to focus on floating rate, shorter duration loans, and believes the middle market offers the most compelling opportunity and risk-adjusted returns. Our market niche allows opportunity for directly originated loans with enhanced yield at lower LTVs and lower leverage.
The official institutional launch of Ivy Evergreen Fund will occur in early Q2 2023.If you have not received the deck outlining our new Ivy Evergreen Fund offering or have questions regarding this update or your investment, please contact our Investor Relations team. Again, we thank you for your continued support and commitment to Ivy Asset Group and Ivy Credit Opportunities Fund, LP.
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