Executive Summary

• Investment funds offer a globally established mechanism for pooling investor capital into professionally managed, diversified portfolios.

• With AUM exceeding $2.1 trillion globally in 2025, private credit is no longer a niche - it has become a core component of the global investment landscape, offering predictable, yield-driven income in volatile markets.

• Led by global giants such as Apollo, Blackstone, Ares, KKR and others, private credit has grown into a large-scale institutional asset class - poised for continued expansion through evergreen fund structures, ESG integration, and growing retail access.

• The Georgian investment fund market has been growing rapidly over the past few years, primarily in credit and fixed income strategies (83% of the AUM), with total Assets Under Management (AUM) reaching approximately GEL 204 million as of year-end 2024.

• TBC Asset Management (TBC AMC) is Georgia’s leading asset manager, with approximately GEL 155 million in assets under management (AUM) as of June 30, 2025, and a dominant 68% market share by the end of 2024.

• With gross pre-tax returns ranging between 8.50% and 9.00% over the past 12 months, TBC AMC’s credit funds have consistently delivered strong, risk-adjusted returns that generally closely matches or outperforms other local investment instruments.

• TBC AMC’s private credit funds closely mirror the composition of the overall USD-denominated corporate loan portfolio in Georgia’s banking sector.

• Strong international investor interest mirrors Georgia’s broader capital market growth, with non-resident investors comprising more than 55% of the existing TBC AMC fund investor base.

• TBC AMC’s Diversified Credit Portfolio recorded significantly higher Secondary Market Activity of up to 20% in 2024, although not publicly traded - even compared to other domestic public investment instruments - indicating stronger-than-expected liquidity and interest from investors.