SEI Carlyle Private Markets Fund (PRVTX)

There are risks involved with investing, including loss of principal. Diversification may not protect against market risk. Current and future holdings are subject to risk. Bonds and bond funds will decrease in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. In addition to the normal risks associated with investing, real estate and REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. The use of leverage by the fund managers may accelerate the velocity of potential losses.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance quoted.

The information contained herein is for general and educational information purposes only and is not intended to constitute legal, tax, accounting, securities, research or investment advice regarding the strategies or any security in particular, nor an opinion regarding the appropriateness of any investment.

To determine if the Funds are an appropriate investment for you, carefully consider the investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds’ summary and full prospectuses, which may be obtained by calling 1-800-DIAL-SEI. Read it carefully before investing.

• Not FDIC Insured
• No Bank Guarantee
• May Lose Value 

SEI Investments Management Corporation (SIMC) is the adviser to the SEI Funds, which are distributed by SEI Investments Distribution Co (SIDCO). SIMC and SIDCO are wholly owned subsidiaries of SEI Investments Company (SEI). 

The Fund ’s shares have no history of public trading and the Fund does not currently intend to list its shares for trading on any national securities exchange. There currently is no secondary market for the Fund’s shares and the Fund expects that no secondary market will develop.

The Fund is a closed-end interval fund, which means the Fund offers investors periodic opportunities to repurchase their shares. To provide shareholders with limited liquidity, the Fund intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV. The Fund expects to make its initial repurchase offer after two full quarters following commencement of operations. In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Quarterly repurchases occur in the months of March, June, September and December. 

Even though the Fund will make periodic repurchase offers to repurchase a portion of the shares to provide some liquidity to shareholders, you should consider the shares to be an illiquid investment. An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the shares. An investor’s participation in the Fund requires a long-term commitment, with no certainty of return. 

The Fund seeks exposure to alternative investments including private equity, private credit, collateralized loan obligations, real assets, and secondary investments, primarily through investments in underlying funds and, to a lesser extent, through individual securities and other Private Markets instruments. These investments are subject to a complete loss of capital and are only appropriate for parties who can bear that risk and the illiquid nature of such investments. These investments: 

- often engage in leveraging and other speculative investment practices that may increase the risk of investment loss 

- can be highly illiquid 

- are not required to provide periodic pricing or valuation information to investors. 

- involve complex tax structures and delays in distributing important tax information 

- certain private investment vehicles are not subject to the same regulatory requirements and investor protections as registered investment companies and 

- often charge high fees.

These complex strategies expose investors to several risks which are generally discussed, and more extensively described in the Fund’s Prospectus.

Collateralized Loan Obligations (CLOs) and their underlying loans may be less liquid than other investments, and the Fund may have difficulty buying or selling CLOs at favorable prices, particularly during volatile markets. CLOs are also subject to interest rate, refinancing, prepayment and default risks, which may reduce their value or income and may require the Fund to reinvest proceeds at less favorable rates.

Because the Fund was newly formed, its operating expenses may be higher than more established, larger funds. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case it might be liquidated. In addition, there might be greater risk that its principal investment strategies will not work as intended. Additionally, SIMC and Carlyle have formed a strategic relationship; in the event the two firms later or terminate the relationship, the Fund may not be able to pursue its investment strategies in whole or in part and the Fund and shareholders could experience investment losses as a result.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Private Markets instruments. Under normal market conditions, at least 60% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) will be invested in underly funds (including unfunded commitments) managed, sponsored or advised by Carlyle Investment Management LLC or one of its affiliates with the remaining Private Markets exposure primarily obtained through investments in one or more underlying funds managed, sponsored or advised by SEI Investments Management Corporation (the Adviser), the Fund’s investment adviser (SEI underlying funds), or direct or other indirect investments in Private Markets instruments selected by the Adviser, including potential co-investments. Any investments in SEI Funds will be limited to registered funds that pursue Private Markets strategies and will not include any private funds managed by the Adviser.

Given the Fund’s primary focus on Caryle underlying funds and secondary focus on SEI underlying funds, the Adviser will select the underlying funds for Private Markets exposure from among available Carlyle and SEI Funds without considering funds with other managers.

SIMC has sole investment discretion as to whether, and to what extent, the Fund will invest in Carlyle Funds or co-investment opportunities. Carlyle does not provide investment advice to the Fund, and is not a sponsor, investment adviser, sub-adviser, promoter, principal underwriter or affiliate of the Fund.

The Fund invests a significant portion of its assets in underlying funds, which subjects the Fund to the variety of risks associated with investing in the underlying funds. The ability of the Fund to achieve its investment objective will depend upon the ability of the underlying funds to achieve their respective investment objectives. The complex strategies employed by this Fund expose investors to several risks which are generally discussed herein, and more extensively described in the Fund’s prospectus.

The Adviser will be subject to potential conflicts of interest in allocating the Fund’s assets to both Carlyle and SEI underlying funds, including selecting affiliated SEI underlying funds over unaffiliated Carlyle underlying funds. Additionally, the Adviser or its affiliates provide significant fund administration and related services to Carlyle separate and apart from the Fund relationship. Because of this business relationship, the Adviser or its affiliates may have potential conflicts of interest to favor investments in Carlyle Funds or to direct or allocate a high degree of resources and attention to Carlyle to secure additional business. Because of this business relationship, the Adviser may face a potential conflict of interest to select investments in Carlyle Funds relative to other potential investments that may be better suited for the Fund. Please read the Prospectus for additional details regarding potential conflicts of interest.

Index returns are for illustrative purposes only and do not represent actual fund performance. Index returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Certain information contained herein has been provided to SEI by an unaffiliated third party. SEI cannot guarantee the accuracy or completeness of the information and assumes no responsibility or liability for its incompleteness or inaccuracy.