Invico Credit Opportunities Master LP (“ICOLP” or “the Fund”) is a private, open-ended limited partnership that seeks to preserve capital and generate consistent USD-denominated income by investing in senior secured corporate debt across North America. These facilities are typically first lien senior secured investments marked daily by a third party and traded over-the-counter (“OTC”) through an institutional market. With a strict focus on risk-managed credit selection, ICOLP targets overlooked segments of the syndicated loan market to deliver high current yield and alpha through disciplined underwriting. The Fund is diversified, industry agnostic, and is primarily invested in U.S.-domiciled companies.
Investments
Where We Focus Our Investments
Corporate
Credit
We specialize in non-investment grade corporate credit, specifically focusing on first lien syndicated loans to U.S. corporations.
Smaller, Undervalued
Opportunities
We target smaller loan tranches (typically between US$500MM and US$1Bn in size) where credit analysis can uncover pricing inefficiencies, offering high yields with manageable risks.
Active
Management
The Fund’s strategy emphasizes security selection and active, hands-on monitoring of investments, aiming to capitalize on market inefficiencies while avoiding loans with weak free cash flow or excessive leverage.
Fund Overview
Invico Credit
Opportunities Overview
Portfolio
ICOLP focuses on syndicated corporate credit opportunities in the U.S., with a preference for secondary market investments in sub-$1Bn loan facility sizes. The Fund targets mispriced, senior secured, first lien loans issued by borrowers with sustainable free cash flow and a low net debt/EBITDA multiple. The portfolio emphasizes identifying loans priced below par with the potential for capital gains, while applying disciplined underwriting that includes fundamental credit analysis, active monitoring, and a focus on liquidity and downside protection. The Fund seeks to deliver alpha by generating more yield than comparable benchmarks with less risk as defined by a net debt/EBITDA multiple.
Fund Details
Fund Name1: Invico Credit Opportunities Master LP
Feeder Fund Name1: Invico Credit Opportunities LP
Fund Type: Private Limited Partnership
Inception Date: April 23, 2025
Assets Under Management: US$126.8 million as at June 30, 2026
Fund Manager: Invico Capital Corporation
Investor Eligibility: Canadian accredited investors under applicable securities law
Feeder Fund Domicile: Canada
Distributions: Monthly
Purchases: Monthly
NAV Reporting: Monthly
Redemptions: Monthly
Available Units
| Series IU 2 | |
|---|---|
| Fundserv Code | ICC800IU |
| NAV per Unit | $10.15 |
| Current Monthly Distribution | $0.0700/unit |
| Annualized Distribution Yield | 8.28% |
| Management Fee | 0.70% |
| Series FU 2 | |
|---|---|
| Fundserv Code | ICC800FU |
| NAV per Unit | $10.00 |
| Current Monthly Distribution | $0.0680/unit |
| Annualized Distribution Yield | 8.16% |
| Management Fee | 0.95% |
1 Invico Credit Opportunities U.S. Feeder LP (the “Feeder Fund”) invests all of its assets in Invico Credit Opportunities Master LP (the “Master Fund”). Investors subscribe for interests in the Feeder Fund, with invested capital subsequently deployed through the Master Fund. Unless otherwise indicated, references herein to the Fund’s investment strategy, portfolio holdings, and performance reflect those of the Master Fund.
2 As at July 31, 2026.
Please refer to the Fund Facts for additional information and disclosures.
Fund Materials
Contact us to receive a copy of the Fund Facts.
Resources
Latest Credit Opportunities News & Insights
Stay informed with the latest news, insights, and updates on Invico Credit Opportunities.
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Volatility to Velocity: U.S. Loan Market Review Q2 2026
Tyler Gramatovich, Portfolio Manager of Invico Capital Corporation’s Credit Opportunities fund, provides his commentary on
Risk-Off… That Was Quick. U.S. Loan Market Review Q1 2026
Tyler Gramatovich, Portfolio Manager of Invico Capital Corporation’s Credit Opportunities fund, provides his commentary on
Understanding Syndicated Credit Investments
Syndicated corporate credit offers access to performing public and private credit with scale, liquidity, and
Banks Back Invico’s Syndicated Loans Strategy
Invico Capital Corporation gains institutional support for its syndicated loan strategy, enabling greater stability for
Why
Why Choose ICOLP?
Secure, Contractual Yield & Fundamental Analysis
The majority of income for end investors typically comes from contractual interest paid by the companies in which the Fund invests. ICOLP provides access to a large and growing investment universe exceeding US$3T in an asset class that has existed for decades but remains relatively unknown due to its traditional restriction to institutional investors. The Fund targets smaller, underfollowed credits that require rigorous analysis, offering yield potential without sacrificing credit quality.
Diversification &
Liquidity
The portfolio consists of predominantly USD-denominated, senior secured investments across diversified sectors. Investors benefit from capital structure seniority, monthly USD income, low-interest rate sensitivity, institutional OTC-traded loan liquidity, and third-party daily valuations.
Experienced
Management
Backed by a seasoned investment team with over 100 years of combined credit and underwriting experience, the Fund is actively managed to navigate changing markets, minimize risk, and uncover overlooked value.
What Are Syndicated Loans?
Syndicated loans are the core assets in ICOLP, offering strong security and potentially high returns.
The Advantages of Syndicated Loans
How
How to Invest
Invico offers flexible investment options for both institutional and individual investors.
Institutional Investors & Financial Advisors
Connect with our sales team to learn more about incorporating Invico’s alternative investment funds into your portfolio.
Individual
Investors
Speak to your financial advisor about investing in Invico Credit Opportunities and other Invico funds.
Offering
Documents
Contact us to schedule a call with our syndicated credit team to learn how you can gain access to ICOLP.
FAQ
Frequently Asked Questions
What is the Fund’s investment strategy?
ICOLP is focused on generating attractive risk-adjusted returns by investing primarily in first lien, broadly syndicated senior secured loans issued by corporate borrowers in North America. The Fund focuses on generating current income while emphasizing capital preservation through disciplined credit underwriting, active portfolio management, and investments that are senior in a company’s capital structure.
What are broadly syndicated loans?
Broadly syndicated loans (“BSLs”) are senior secured loans made to corporations by a group of lenders rather than a single institution. They are typically arranged by investment banks and syndicated among institutional investors, providing companies with access to capital while offering investors diversified exposure to corporate credit. Once originated and syndicated, these loans trade in an over-the-counter (“OTC”) market. These loans trade exclusively in an institutional market and are generally not accessible to individual investors outside of a professionally managed fund.
What does "senior secured" mean?
Senior secured loans sit at the top of a company’s capital structure and are backed by specific collateral. In the event of a restructuring or liquidation, senior secured lenders generally have priority over unsecured creditors and equity holders when recovering value.
Why do companies issue syndicated loans?
Companies use syndicated loans to finance acquisitions, refinance existing debt, fund growth initiatives, or support general corporate purposes. By sharing the financing among multiple lenders, borrowers can access larger amounts of capital than a single lender may be willing to provide. These borrowers are typically larger and more established than those in the middle-market private credit segment, which often allows them to secure more competitive financing terms and be viewed as lower risk by market participants.
Is ICOLP a Private Credit Fund?
ICOLP is a broadly syndicated credit fund that differs from a traditional private credit fund. The Fund invests primarily in senior secured corporate loans alongside other institutional lenders under a common legal credit agreement. Rather than providing the entire loan directly to a borrower, the Fund can purchase a smaller portion of a larger loan that has been arranged by an investment bank and syndicated among a group of institutions. Unlike private credit, these loans are typically rated by the two major rating agencies: S&P and Moody’s.
This structure provides investors with many of the features associated with private credit, including negotiated lender protections, seniority in the capital structure and contractual interest income. The key difference is that broadly syndicated loans trade in an institutional secondary market. This gives the Fund greater flexibility to buy, sell or adjust positions, while independent third-party pricing provides daily transparency into the value of the underlying assets. As a result, the Fund combines many of the defensive characteristics of private credit with meaningfully greater liquidity and valuation transparency
Why invest in broadly syndicated loans?
Broadly syndicated loans have been an established institutional asset class for several decades, supported by a long history of market and performance data. The asset class has historically delivered attractive income with lower volatility than many other non-investment-grade credit and equity markets. These loans generally carry floating-rate coupons and are secured by a senior claim on a borrower’s assets, providing investors with priority in the capital structure. They have also historically experienced lower default rates and higher recoveries than many other forms of below-investment-grade corporate debt. With base interest rates remaining elevated, current yields are particularly attractive relative to the ultra-low-rate environment of recent years. The combination of income, senior secured positioning, floating-rate exposure and portfolio diversification can make broadly syndicated loans a diversifier within a fixed-income allocation.
What role can broadly syndicated loans play in a portfolio?
Broadly syndicated loans can provide investors with an additional source of income and portfolio diversification. Their floating-rate nature and senior secured position may complement traditional fixed-income investments, particularly during periods of changing interest rates.
Are the loans fixed-rate or floating-rate?
Most broadly syndicated loans pay floating-rate interest, meaning coupon payments adjust periodically based on changes in benchmark interest rates. This feature has historically helped reduce interest rate sensitivity compared to traditional fixed-rate bonds and allows the Investment Team to focus on managing credit risk.
How does Invico source investment opportunities?
The Fund invests across both the primary and secondary broadly syndicated loan markets. In the primary market, established relationships with leading Wall Street broker-dealers are essential to accessing new issues and securing allocations. In the secondary market, the opportunity extends to more than 2,000 borrowers and is sourced primarily through the Investment Team’s internal processes designed to identify, analyze, and assess the credit risk of potential investments across the broader market. This enables the Fund to be selective in portfolio construction without relying principally on broker-dealer relationships for sourcing.
How does the Investment Team select investments?
Every investment undergoes a disciplined underwriting process that evaluates factors such as leverage, free cash flow generation, loan to value, industry dynamics, and management quality. The Investment Team focuses on companies with sustainable capital structures and typically targets borrowers with lower leverage than the broader syndicated loan market, emphasizing downside protection and the ability to refinance throughout market cycles. Only investments that meet the Fund’s risk and return objectives are considered for inclusion in the portfolio.
Why does the Fund focus on smaller broadly syndicated loans?
The Fund primarily targets loans with facility sizes below US$1 billion. We believe this segment of the market is often less efficiently priced than larger, more widely followed loans, creating opportunities to identify attractive risk-adjusted investments through detailed fundamental credit analysis. The Investment Team emphasizes free cash flow generation, sustainable capital structures, and rigorous bottom-up credit underwriting when evaluating investment opportunities.
How does Invico manage credit risk?
Every investment undergoes extensive due diligence before being added to the portfolio. Following investment, the Investment Team has a rigorous monitoring process to assess borrower performance, quarterly financial results, covenant compliance, market developments, and broader economic conditions. Disciplined underwriting, ongoing portfolio oversight, portfolio diversification, and active risk management are central to the Fund’s investment approach.
What happens if a borrower experiences financial difficulty?
The Investment Team actively monitors each portfolio company for changes in financial performance, liquidity and credit quality. Because broadly syndicated loans trade in an institutional secondary market, the Fund can reduce or exit a position if the team believes a borrower’s fundamentals are deteriorating and a restructuring or bankruptcy is becoming more likely. The Fund’s mandate is focused on performing credit rather than distressed investing, and the team will generally seek to sell a loan before it enters a formal restructuring process when the expected risk and return no longer meet the Fund’s objectives. In limited circumstances, the Fund may determine that holding the position offers greater value. As senior secured lenders, loan investors typically rank ahead of unsecured creditors and may benefit from stronger recoveries in a restructuring.
Does the Fund use leverage?
Yes. The Fund may employ a prudent level of leverage in accordance with its investment guidelines to enhance portfolio efficiency. All leverage is managed within required risk parameters and is subject to ongoing oversight by the Investment Team. The Fund has a financing facility with the Bank of Montreal that supports efficient portfolio management and provides additional portfolio diversity through an increased investable universe of higher-rated loans. The facility was established in 2025 following extensive due diligence on Invico’s investment process, operations, and performance, and is subject to ongoing eligibility requirements and portfolio compliance parameters that reinforce prudent portfolio management and provide an additional layer of protection for the Fund’s investors.
Can I reinvest my distributions?
Yes, investors can enroll in ICOLP’s Distribution Reinvestment Plan (“DRIP”) to have their income reinvested into additional units each month.
How can investors track their personalized performance?
Investors can track their personalized performance through quarterly statements and reports, which are available on the Invico Investor Portal.
Does the Fund have an Independent Review Committee?
Yes, Invico maintains an Independent Review Committee (“IRC”) with at least two independent members. You can view the current members of our IRC here.
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