Financial Services Portfolio

We focus on investment opportunities in two large, complex and capital-intensive industries: Financial Services and Energy.

AloStar Bank of Commerce

AloStar Bank of Commerce was a privately held Birmingham, Alabama-based commercial bank focused on providing asset based loans to small and medium-sized businesses. In September 2017, Alostar was acquired by State Bank Financial Corporation for $48 million in proceeds.

Amedeo Capital Limited

Amedeo Capital Limited is an asset manager and niche lessor focused on widebody aircraft leasing. In December 2017, Pine Brook completed the sale of its majority ownership interest to the company and its management team. Financial terms of the private transaction were not disclosed.

Aurigen Capital Limited

Aurigen Capital Limited was a Bermuda-domiciled life reinsurer focused primarily on providing reinsurance to Canadian and U.S. primary life insurers. In April 2017, Aurigen was acquired by PartnerRe Ltd, for $61.1 million in proceeds.

Better Mortgage

Better Mortgage is a residential mortgage lender focused on simplifying the origination process for consumers and investors through its online platform.

www.better.com

Clear Blue Financial Holdings LLC

Clear Blue Financial Holdings LLC is a Charlotte, North Carolina-based non-risk bearing insurance business that enables insurers to access the on-shore U.S. market through use of its licensing and rating and services.

www.clearblueinsurancegroup.com

Essent Group Ltd.

Essent Group Ltd. is a Bermuda-based holding company which, through its wholly owned subsidiaries, provides private mortgage insurance and reinsurance for U.S. residential mortgages. In October 2013, Essent completed an initial public offering and currently trades on the NYSE under ticker symbol ESNT.

Fair Square Financial Holdings LLC

Fair Square Financial Holdings LLC is a Wilmington, DE-based company focused on servicing customers with competitive credit card products. The company utilizes advanced data analytics, modeling and strategic testing to identify segments of customers to whom it can provide a differentiated, superior solution. In December 2021, Fair Square Financial was acquired by Ally Bank for approximately $750 million.

Fidelis Insurance Holdings Limited

Fidelis Insurance Holdings Limited is a Bermuda-based specialty insurance and reinsurance provider, employing an innovative model to optimize the underwriting and asset sides of the balance sheet.

www.fidelisinsurance.com

Global Atlantic Financial Group Limited

Global Atlantic Financial Group Limited is a Bermuda-based financial services company focused on the annuity, life insurance and reinsurance markets. In February 2021, Global Atlantic was acquired by KKR & Co. Inc. for approximately $4.7 billion in an all-cash transaction.

Green Bancorp, Inc.

Green Bancorp, Inc. is a Houston, Texas-based commercial bank offering commercial and industrial and commercial real estate loans through locations in Houston, Dallas and Austin. On August 7, 2014, Green Bank completed an initial public offering and currently trades on the NASDAQ under ticker symbol GNBC.

NBIC Holdings, Inc.

NBIC Holdings, Inc. was a Rhode Island-based specialty underwriter of homeowners insurance products and services in states along the Eastern seaboard. In November 2017, NBIC was acquired by Heritage Insurance Holdings, Inc. (NYSE:HRTG) for a mix of stock and cash equivalent to approximately $250 million.

Origin Bancorp Inc.

Origin Bancorp Inc. is a community bank focused on commercial lending in northern Louisiana, the Dallas/Fort Worth area, Houston and north-central Mississippi. On May 10, 2018, Origin Bank completed an initial public offering. Origin Bank currently trades on the NASDAQ under ticker symbol OBNK.

SPI Aeolus

SPI Aeolus is a Bermuda-based special-purpose insurance company which provides reinsurance and retrocession coverage on a fully-collateralized basis. In May 2011, Pine Brook, an LP co-investor and a third party each invested $25.0 million to capitalize SPI and begin writing insurance for the June 2011 renewal period. The June 2011 renewal portfolio completed its exposure period in July 2012 generating a profit, and Pine Brook received its capital and its return from the investment.

Strategic Funding Source, Inc.

Strategic Funding Source, Inc. is a New York-based provider of financing to a wide range of businesses including retailers, restaurants, hotels, medical professionals, manufacturers, wholesalers and automotive dealers and suppliers.

www.kapitus.com

Syndicate Holding Corp.

Syndicate Holding Corp. is an insurance company that acquires and manages syndicates within Lloyd’s of London. The company offers “reinsurance-to-close” for open syndicate years, which facilitates the release of trapped capital for the original Lloyd’s capital providers and insulates the Lloyd’s Central Fund by injecting incremental capital into Lloyd’s.

Talcott Resolution

Talcott Resolution is a life and annuity insurance company headquartered in Windsor, Connecticut. In July 2021, Talcott was purchased by Sixth Street for approximately $2.25 billion in an all-cash transaction.

Third Point Reinsurance Ltd.

Third Point Reinsurance Ltd. is a Bermuda-based provider of property and casualty reinsurance coverage to insurance and reinsurance companies on a worldwide basis. On August 14, 2013, TP Re completed an initial public offering and currently trades on the NYSE under the ticker symbol “TPRE”.

Trinitas Capital Management

Trinitas Capital Management (“TCM”) is a Dallas, TX-based credit investment management company that manages collateralized loan obligations. In June 2020, Clearlake acquired Pine Brook’s stake in TCM.

United PanAm Financial Corp.

United PanAm Financial Corp. is a California-based subprime auto financing company that has origination relationships with a substantial network of independent auto dealers across nearly all 50 states. In February 2022, UPFC was acquired by Vroom for approximately $300 million in an all-cash transaction.

Vibe

Syndicate Holding Corp. is an insurance company that writes specialty live and run-off insurance within Lloyd’s of London and in the London market.

www.vibesm.com

Vida Bank Limited (Vida Homeloans)

Vida Bank is a UK-based mortgage bank offering competitive savings accounts through Vida Savings, as well as specialist residential and buy-to-let mortgages under the Vida Homeloans brand.

www.vidabank.co.uk

Whitestar Asset Management, LLC

Whitestar Asset Management, LLC is a Dallas, TX-based credit asset manager that manages collateralized loan obligations. In June 2020, Clearlake acquired Pine Brook’s stake in WhiteStar Asset Management, LLC.

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Financial Services Portfolio