INDEPENDENT VERDICT
Shenkman Multi-Asset Credit Values Screening Fund is not a conventional Delaware hedge fund using a simple U.S. GP structure. It is an Irish sub-fund of Shenkman Funds ICAV, and its September 10, 2026 Form D/A reports $279,563,312 sold to 35 investors under an indefinite Rule 506(b) offering, Section 3(c)(7), a $1 million U.S. minimum and a September 3, 2024 first sale. The capital progression is substantial: the initial September 2024 filing reported $176.5 million sold to eight investors, the September 2025 amendment increased that to $249.24 million across 21 investors, and the 2026 amendment added another $30.323 million to reach $279.56 million and 35 investors. The defining feature, however, is not simply fundraising growth. Irish regulatory records independently confirm that this feeder sits inside a formal master-fund architecture, with Carne Global Fund Managers (Ireland) Limited serving as AIFM and State Street Custodial Services (Ireland) Limited serving as depositary.
THE MASTER-FEEDER STRUCTURE IS CONFIRMED BY BOTH IRISH REGULATORY RECORDS AND U.S. ADVISER DISCLOSURES
The Central Bank of Ireland approved Shenkman Multi-Asset Credit Values Screening Fund on August 1, 2024 as a sub-fund of Shenkman Funds ICAV. Separate regulatory records identify Shenkman Multi-Asset Credit Values Screening Master Fund as a corresponding sub-fund of Shenkman Master Funds ICAV, also approved in August 2024. Shenkman Capital Management's Form ADV reporting independently lists both the feeder and the Values Screening Master Fund, making the master-fund relationship much stronger than a name inference. This distinction is essential because the $279.56 million Form D amount applies to securities sold by the U.S.-offered feeder, not automatically to the current NAV of the master portfolio. Capital may enter through other share classes or jurisdictions, and master NAV will also move with investment performance, subscriptions, withdrawals and expenses.
THE THREE-ENTITY OPERATING MODEL IS UNUSUALLY CLEAR
The fund has three distinct operating layers. Carne Global Fund Managers (Ireland) Limited is the regulated Alternative Investment Fund Manager of the Irish ICAV; Shenkman Capital Management, Inc. is named in the Form D as Investment Manager; and State Street Custodial Services (Ireland) Limited is identified by the Central Bank of Ireland as depositary. That division of responsibility is important. Carne carries the Irish AIFM regulatory role, Shenkman performs investment management, while State Street provides the depositary layer required in the Irish fund architecture. Investors therefore should not treat the names interchangeably. The Dublin address belongs to the ICAV/AIFM infrastructure, while Shenkman's investment team operates from New York at 151 West 42nd Street. The 2026 Form D itself lists Shenkman at 141 West 42nd Street, but current SEC adviser, 13F and Shenkman prospectus records consistently use 151 West 42nd Street; that one-digit inconsistency should be treated as a filing-address discrepancy rather than proof of a separate office.
SHENKMAN'S PLATFORM HISTORY PROVIDES MUCH MORE CREDIT CONTEXT THAN THE FUND NAME ALONE
Shenkman Capital Management is an SEC-registered adviser under CRD 112192 and SEC file 801-25180, registered since 1985. Its 2026 prospectus says the firm has spent its entire history researching and investing across the capital structures of highly leveraged companies and reports approximately $37.8 billion of group AUM as of December 31, 2025, including approximately $34.7 billion managed by Shenkman Capital Management and $3.1 billion managed by Romark CLO Advisors. Mark R. Shenkman founded the firm in 1985 after earlier high-yield roles at First Investors Asset Management and Lehman Brothers Kuhn Loeb and is publicly described as an early specialist in high-yield bonds and leveraged credit. The Values Screening Fund therefore sits inside a deeply established below-investment-grade credit platform rather than representing an isolated first-time strategy. The $37.8 billion figure, however, is manager-level AUM and must not be substituted for this fund's $279.56 million Form D sales.
THE "VALUES SCREENING" LABEL IS IMPORTANT, BUT THE PUBLIC FORM D DOES NOT DEFINE THE SCREEN
The legal name strongly distinguishes this vehicle from Shenkman's broader Multi-Asset Credit Fund, but Form D does not describe which sectors, issuers or activities are excluded by the values screen, nor does it state whether the screen is environmental, social, faith-based, institutional-policy-driven or client-specific. Public regulatory records confirm that the Values Screening Fund and the ordinary Multi-Asset Credit Fund are separate sub-funds under the same Irish ICAV architecture. That means investors should not assume the two portfolios are identical except for a superficial exclusion list. The screening criteria could affect sector weights, issuer selection, yield, tracking error, liquidity and opportunity set. The offering memorandum and investment guidelines are therefore necessary to determine exactly what securities the fund may not own and how exceptions, issuer classification and ongoing monitoring are handled.
FINAL ASSESSMENT
Shenkman Multi-Asset Credit Values Screening Fund is defined by at least six specific facts: it grew from $176.5 million and eight investors in 2024 to $279.56 million and 35 investors in 2026; it is an Irish ICAV sub-fund rather than a U.S. partnership; a matching Values Screening Master Fund is independently confirmed; Carne Global Fund Managers serves as AIFM; State Street serves as depositary; and Shenkman Capital Management is an SEC-registered credit specialist with roughly $37.8 billion of group AUM. The most important diligence issue is therefore not fund identity but portfolio construction: investors need the exact values-screening policy, current master-fund NAV, exposure by credit segment, leverage, liquidity and fee structure before determining how much the screened mandate differs economically from Shenkman's ordinary multi-asset credit strategy.
SEC SNAPSHOT
Issuer: Shenkman Multi-Asset Credit Values Screening Fund CIK: 0002036834 SEC Form: Form D/A Accession No.: 0002036834-26-000002 File No.: 021-523797 Filing Date: September 10, 2026 Year Organized: 2024 Jurisdiction: Ireland Entity Type: Sub-Fund of Shenkman Funds ICAV Principal Address: 3rd Floor, 55 Charlemont Place, Dublin, Ireland D02 F985 Telephone: 212-867-9090 Industry: Pooled Investment Fund Fund Classification: Other Investment Fund Investment Company Registered: No Investment Company Act Exclusion: Section 3(c)(7) Offering Exemption: Rule 506(b) Security Type: Pooled Investment Fund Interests Offering Amount: Indefinite Amount Sold: $279,563,312 Remaining: Indefinite Investors: 35 Minimum Investment: $1,000,000 First Sale: September 3, 2024 Offering Duration Over One Year: Yes Business Combination Transaction: No Sales Commissions: $0 Finder's Fees: $0 Related-Person Payments: $0 AIFM: Carne Global Fund Managers (Ireland) Limited Investment Manager: Shenkman Capital Management, Inc. Depositary: State Street Custodial Services (Ireland) Limited Signer: James Larsen Signer Role: Authorized Signatory
CAPITAL FORMATION HISTORY
September 2024 Amount Sold: $176,500,000 September 2024 Investors: 8
September 2025 Amount Sold: $249,240,312 September 2025 Investors: 21 Increase From 2024: $72,740,312
September 2026 Amount Sold: $279,563,312 September 2026 Investors: 35 Increase From 2025: $30,323,000 Increase Since Initial Filing: $103,063,312
2024 Simple Average Capital Per Investor: Approximately $22.06 million 2026 Simple Average Capital Per Investor: Approximately $7.99 million Actual Investor Subscription Sizes Publicly Disclosed: NO
MASTER / FEEDER PENETRATION
Feeder: Shenkman Multi-Asset Credit Values Screening Fund Umbrella: Shenkman Funds ICAV Central Bank of Ireland Reference: C542977 Approval Date: August 1, 2024 Structure: Open-ended ICAV sub-fund
Master Vehicle: Shenkman Multi-Asset Credit Values Screening Master Fund Umbrella: Shenkman Master Funds ICAV Master Fund Confirmed by Irish Regulatory Records: YES Master Fund Confirmed in U.S. Form ADV Reporting: YES Feeder / Master Relationship Strongly Established: YES
Feeder Form D Amount Sold: $279,563,312 $279.56M Proven to Equal Current Master NAV: NO Other Investor Classes or Jurisdictions May Feed Master: YES Feeder Sales and Master NAV Automatically Additive: NO
IRISH REGULATORY ARCHITECTURE
Shenkman Funds ICAV Authorised: September 1, 2021 Values Screening Sub-Fund Approved: August 1, 2024 Alternative Investment Fund Manager: Carne Global Fund Managers (Ireland) Limited Carne Regulatory Reference: C46640 Depositary: State Street Custodial Services (Ireland) Limited State Street Regulatory Reference: C20909 Central Bank of Ireland Registration Confirmed: YES Qualifying-Investor Structure at Umbrella Level: YES Irish Umbrella Minimum Subscription Framework: EUR 100,000 U.S. Form D Minimum for This Offering: $1,000,000 Those Two Minimums Measure the Same Regulatory Requirement: NO
SHENKMAN MANAGER PENETRATION
Investment Adviser: Shenkman Capital Management, Inc. CRD: 112192 SEC File No.: 801-25180 SEC Registration Effective Date: September 6, 1985 Official Website: shenkmancapital.com Current SEC / Public Address: 151 West 42nd Street, 29th Floor, New York, NY 10036 Telephone: 212-867-9090
Shenkman Group AUM as of December 31, 2025: Approximately $37.8 billion Shenkman Capital Management Portion: Approximately $34.7 billion Romark CLO Advisors Portion: Approximately $3.1 billion Fund Form D Amount Equal to Group AUM: NO
Founder: Mark R. Shenkman Firm Founded: 1985 Core Historical Specialty: High-Yield / Leveraged Credit High-Yield Research Across Capital Structure: YES Longstanding Institutional Credit Platform: YES
VALUES-SCREENING STRUCTURE
Separate Shenkman Multi-Asset Credit Fund Exists: YES Separate Values Screening Fund Exists: YES Separate Values Screening Master Fund Exists: YES Values Screen Defined in Form D: NO Excluded Industries Publicly Enumerated in Form D: NO ESG Methodology Fully Public in Form D: NO Faith-Based Screening Confirmed: NO Client-Specific Values Mandate Confirmed: NOT FROM FORM D Portfolio Identical to Ordinary Multi-Asset Credit Fund: NOT ESTABLISHED Potential Tracking Error From Screening: YES
WEBSITE / ENTITY PENETRATION
Official Shenkman Website Confirmed: YES SEC Adviser Registration Confirmed: YES CRD 112192 Confirmed: YES SEC 801-25180 Confirmed: YES Shenkman Investment Manager Role Confirmed in Form D: YES Carne AIFM Role Confirmed: YES State Street Depositary Role Confirmed: YES Irish ICAV Registration Confirmed: YES Matching Master Fund Confirmed: YES Current Portfolio Holdings Publicly Identified for This Private Fund: NO Current Master-Fund NAV Publicly Confirmed: NO Current Leverage Publicly Confirmed: NO Current Administrator Beyond AIFM / Depositary Roles Independently Confirmed: NO Auditor Independently Confirmed From Reviewed Sources: NO
ADDRESS CONSISTENCY REVIEW
Form D Shenkman Address: 141 West 42nd Street, 29th Floor Current SEC Adviser Address: 151 West 42nd Street, 29th Floor Current Form 13F Address: 151 West 42nd Street, 29th Floor Current Shenkman Prospectus Address: 151 West 42nd Street, 29th Floor Interpretation: One-digit address discrepancy in the fund filing; current regulatory and official manager records consistently support 151 West 42nd Street
CORE INVESTOR QUESTIONS
What exact values-screening criteria apply Which industries or business activities are excluded Are issuers screened on revenue thresholds or absolute prohibitions Who determines whether an issuer passes the screen How frequently are portfolio holdings re-screened What happens when an existing holding later fails the screen How much tracking error has the screening process created versus the standard Multi-Asset Credit strategy What is the current NAV of the Values Screening Master Fund What percentage of master capital comes through this U.S. Form D feeder What other feeder classes or jurisdictions invest into the master What percentage of the portfolio is high-yield bonds What percentage is syndicated loans Does the strategy hold distressed or stressed credit Does it use CLO securities, private credit or derivatives How much leverage can the master fund employ What are current redemption and liquidity terms Can redemptions be gated or suspended What management and performance fees apply Are fees charged at both feeder and master levels How are responsibilities divided among Carne, Shenkman and State Street Who serves as auditor and fund administrator How does First Sentier's Form ADV reporting relationship to the fund arise, and does it represent an investor/client arrangement rather than an investment-management mandate
PRIMARY EVIDENCE REVIEWED
SEC Form D/A for Shenkman Multi-Asset Credit Values Screening Fund filed September 10, 2026. SEC Form D/A filed September 11, 2025. Original SEC Form D filed September 11, 2024. Central Bank of Ireland register for Shenkman Multi-Asset Credit Values Screening Fund. Central Bank of Ireland records for Shenkman Funds ICAV. Irish regulatory records identifying the corresponding Shenkman Multi-Asset Credit Values Screening Master Fund. SEC Form ADV records listing both the Values Screening feeder and master fund. SEC Investment Adviser Public Disclosure record for Shenkman Capital Management, Inc. Shenkman 2026 statutory prospectus documenting firm history and approximately $37.8 billion of group AUM. SEC 13F reporting confirming Shenkman Capital Management's current New York address and CRD / SEC adviser numbers.
IMPORTANT FORM D NOTICE
The $279,563,312 reported in Shenkman Multi-Asset Credit Values Screening Fund's September 2026 Form D/A is the cumulative amount of securities sold through that specific offering. It should not be interpreted as the current NAV of the corresponding Values Screening Master Fund or combined with Shenkman Capital Management's approximately $37.8 billion group AUM. Irish regulatory records separately confirm the feeder, master fund, AIFM and depositary architecture. The "Values Screening" label does not by itself identify the exact exclusions applied to the portfolio; those criteria require the current offering and investment-policy documents. Form D, Central Bank registration and SEC adviser registration are regulatory records and do not constitute SEC or Central Bank endorsement of investment performance.