ATLalts Andres Sandate

XAI is focused on closed-end funds and helps clients build permanent capital vehicles including U.S. Listed CEFs, Interval Funds, CEF/REITs, London Listed Investment Companies, Tender Offer Funds and Auction Funds. XAI Consulting clients leverage XA's experienced team to launch innovative closed-end funds (CEFs) in traditional and alternative asset classes. In this interview, Kimberly and I walk through a typical client's feasibility assessment step-by-step before launching a CEF.
Kimberly Ann Flynn is a Managing Director at XA Investments. She is a partner in the firm and is responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.
Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional, and alternative investment funds, including CEFs, ETFs, UITs, and commodity pools.
Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.
Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.

My guest on ATLalts was Chief Investment Officer and Co-founder of Three Bulls Capital LLC Michael Liss.Three Bulls Capital is a real estate investment company focused on a community-driven investing approach to single family housing in former textile milling towns in Georgia.Three Bulls Capital focuses specifically on Middle Georgia communities where it can revitalize workforce housing neighborhoods through a sustainable model of secondary/tertiary market investments, self-management and a focused ESG component.Eventually the team plans to extend their platform to additional former textile milling towns throughout the Southeastern U.S.Middle Georgia has benefited from statewide efforts to develop new industry and Foreign Direct Investment (FDI) in these communities that have sticky populations but also are attracting newcomers seeking quality jobsMiddle Georgia markets where Three Bulls Capital is most active sit along Interstate 75 and among major transportation arteries including the Atlanta Airport and the Port of Savannah Three Bulls Capital collaborates with city officials, employers, and other key stakeholders seeking to uplift neighborhoods and renovate historic SFR housingThree Bulls Capital differentiates itself by creating clusters of renovated properties, driving positive change in neighborhoods. SFR investing has evolved from buying cheap assets to generating cash and achieving efficiencies through scale.Three Bulls Capital operates in SFR 4.0, focusing on community-driven investing and revitalizing former mill towns to create communities that can thrive again.Their investment model aims to provide quality workforce housing, drive value at a community level, and promote home ownership.Buying right, managing costs, and maintaining high standards are crucial for uplifting neighborhoods and creating positive social impact.

Robert Swarthout's LinkedIn Bio
Robert Swarthout has founded multiple technology companies during his career and his latest venture is running an investment firm called Teton Crypto Capital. Teton is focused on commercial utility in the alternative token marketplace. As one of the few managers running a digital assets firm who probably doesn't own Bitcoin or Ethereum, to call Robert a contrarian is perhaps an understatement.

Cascade is a fintech platform democratizing access to institutional debt. Co-Founder & CEO Mike Shum and Co-Founder and COO Kyle Meade built a platform to help companies streamline complicated and time-consuming debt processes. Whether raising debt for the first time, or already using multiple debt facilities, Cascade can help.
Cascade website
Mike Shum's LinkedIn
On this episode of ATLalts, Mike Shum, the Co-Founder and CEO of Cascade, shares his journey and the mission of the company. Mike discusses the challenges in the private debt market and how Cascade is building solutions to simplify and streamline the process. Mike also provides insights on preparing for accessing institutional debt and the importance of the structuring phase in the debt raise process. In this conversation with ATLalts host Andres Sandate Mike discusses the importance of valuation and terms in debt financing. Mike emphasizes that price and size are not the primary concerns for early-stage founders, but rather factors such as leverage and flexibility should get more attention. Mike explains that interest rate is just one component of a term sheet and that founders should consider other factors like upfront fees and unused capital fees. Mike highlights the significance of eligibility criteria and concentration limits. Mike discusses the monitoring and compliance aspect of debt deals, emphasizing the need for accurate and real-time reporting. Mike concludes by explaining how Cascade provides solutions for asset managers in the private credit space and shares the company's vision for the future.
Takeaways
Price and size are not the primary concerns in debt financing; factors like leverage and flexibility are important considerations as well, particularly for early-stage companies.Interest rate is just one component of a term sheet; founders should consider other factors like upfront fees and unused capital fees.Eligibility criteria and concentration limits are crucial aspects of debt deals that often get overlooked by founders who prioritize price and size.Accurate data and real-time monitoring and compliance are essential for successful debt deals.Cascade provides solutions for asset managers in the private credit space and aims to streamline the debt management process.The private credit market is growing rapidly, and Cascade envisions becoming a one-stop shop for managing all aspects of the debt stack.

Trilogy Investment Co website
Jason Joseph Bio
Jason Joseph LinkedIn
Link to First Interview with Jason Joseph on ATLalts in 2021

Michael Maroon's LinkedIn page
Glasfunds website
GLASfunds offers a digital and operational access point, bringing research, sourcing and reporting under one roof, driven by the idea that alternative investing should be streamlined yet customizable.
From finding the ideal investment manager to receiving consolidated reporting through its best-in-class organizational framework, the GLASfunds platform offers a comprehensive playing field for the active advisor or institutional investor all for a single management fee.