ORIX USA GP Solutions invested in the Senior Class A (rated BBB-) and Class B (rated BB-) Notes issued by a $250MM Rated Note Feeder (“RNF”). The RNF was established by a $52B global asset management firm (“Sponsor”) to invest in its most recent GP Stakes fund. The Sponsor’s GP Stakes investment strategy acquires 5-25% minority equity interests in middle-market GPs diversified across strategies, asset classes, geographies, and vintages (“Portfolio GPs”). ORIX USA GP Solutions sourced and executed the investment on behalf of a third-party client and continues to manage it.