Launches with significant commitments, including anchor investment from Apollo S3 Credit Solutions

New interval fund provides access to TCW’s long heritage in private credit and securitization

The TCW Group, a leading global investment firm, today announced that it has launched the TCW Private Asset Income Fund (TPAY), a private asset-backed finance interval fund to provide exposure to asset-backed finance opportunities to a range of investor types. TPAY launches with over $450 million in subscription commitments, including an anchor commitment from Apollo S3 Credit Solutions.

TPAY focuses on private lending opportunities that power the real economy, providing investors with the potential for attractive excess risk-adjusted returns, consistent income and portfolio diversification. To manage liquidity, approximately 20% of the fund will be invested in attractive liquid structured products. TPAY has the ability to target opportunistic transactions in the ABF market across the capital structure and is designed to offer meaningful diversification away from corporate-credit exposures.

“As capital markets continue to evolve, asset-backed finance offers significant opportunities for scaled, non-bank lenders to provide flexible capital to borrowers and potential to deliver attractive risk-adjusted returns for investors,” said Dylan Ross, Co-Portfolio Manager of TPAY. “The TCW Private Asset Income Fund delivers private market access to wealth investors supported by TCW’s multi-decade experience record investing across the public and private credit spectrum and deep expertise in securitized assets.”

The fund is managed by Co-Portfolio Managers Ross, Max Scherr and Peter Van Gelderen. Ross, who joined TCW in 2024 to lead the firm’s asset-backed finance effort, has two decades of experience in alternative credit investing with a primary focus on structured credit and asset-backed finance. Scherr joined TCW in late 2024 from Brigade Capital where he ran financial investing, which included securitized and structured credit. Van Gelderen serves as Co-Head of Global Securitized within TCW’s Fixed Income group, which manages over $80 billion in securitized assets.

The U.S. asset-backed finance market is currently estimated at approximately $5 trillion and is projected to grow to $8 trillion by 2027, with the global market reaching an estimated $20 trillion. Wealth advisors are steadily increasing average allocations to alternative investments from low single digits toward goals of 15%+ in the next decade. This shift is driven by growing demand for diversification, enhanced income, and inflation protection. Private credit alternatives are one of the fastest-growing categories.

For more information on the TCW Private Asset Income Fund, please visit https://www.tcw.com/Products/Interval-Funds/TCW-Private-Asset-Income-Fund/TPAYX-A.

About The TCW Group

TCW is a leading global asset management firm with a broad range of products across fixed income, alternative investments, equities, and emerging markets with over half a century of investment experience. Through its TCW MetWest Funds, TCW Funds and ETF suite, TCW manages one of the largest fund complexes in the U.S. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. For more information, please visit www.tcw.com.

You should consider the investment objectives, risks, charges and expenses of this fund carefully before investing. A Fund’s Prospectus and Summary Prospectus contain this and other information about the Fund. To receive a Prospectus, please call 877-829-4768 or you may download the Prospectus from the Funds' website at TCW.com. Please read it carefully.

All investments involve risk, including the possible loss of principal. There is no guarantee that the investment objective of a Fund will be achieved. Past performance is no guarantee of future results.

INVESTMENT RISKS

This fund is new. A new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies. Because of the risks associated with the Fund’s ability to invest in high yield securities, loans and related instruments and mortgage-related and other asset-backed instruments, foreign (including emerging market) securities (and related exposure to foreign currencies), and the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment. Mortgage-backed and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. Asset-backed securities involve the risk of loss as a result of impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the ABS, if any, may be inadequate to protect investors in the event of default. The Fund may use leverage to increase its net income, but these activities entail the risk that under certain market conditions the cost of leverage could exceed the return of the fund, reducing returns to shareholders. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. This may cause a Fund to be more volatile, which may increase the risk of investment loss. CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” of debt that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and exhaustion of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. Subordinate tranche investments involve greater risk of loss than more senior tranches. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. To the extent that the Fund invests in unrated CLO tranches, the Fund’s ability to achieve its investment objective will be more dependent on the Adviser’s credit analysis than would be the case when the Fund invests in rated CLO tranches. The CLOs in which the Fund invests are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans or bonds within a CLO. CLO managers may have limited operating histories and may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLOs in which the Fund invests .There is currently no secondary market for the Fund’s Shares and the Fund does not expect a secondary market is to develop. Even though the Fund makes quarterly repurchase offers for its outstanding Shares (currently intended to be for 5% of its outstanding Shares per quarter), investors should consider Shares of the Fund to be an illiquid investment. There is no guarantee that any distributions will be paid by the Fund and, the potential that, if paid, may include return of capital which may adversely impact the Fund. There is no guarantee that you will be able to sell your Shares at any given time or in the quantity that you desire. All investing involves risk including the potential loss of principal. Market volatility may significantly impact the value of your investments. Recent tariff announcements may add to this volatility, creating additional economic uncertainty and potentially affecting the value of certain investments. Tariffs can impact various sectors differently, leading to changes in market dynamics and investment performance.

Glossary:

Asset backed finance: A form of financing whereby loans are collateralized by pools of cash flows or assets.

Private credit: Privately negotiated loans between a borrower and a non-bank lender.

TCW Private Asset Income Fund is distributed by TCW Funds Distributors LLC. The TCW Private Asset Income Fund is advised by TCW Asset Backed Finance Management Company, a wholly-owned subsidiary of The TCW Group, Inc.

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