ArrowMark Files 2 Vehicles $866.7M: David Corkins' Global Opportunity Fund Splits Onshore and Offshore

ArrowMark Partners filed two vehicles on August 26 under David Corkins as key person: ArrowMark Global Opportunity Fund V, LP at $391.2 million and ArrowMark Global Opportunity Fund V Offshore, LP at $475.5 million, combining for $866.7 million, or 5.6% of all capital filed on the day. Unlike Madison Dearborn's five identically-sized parallel vehicles, ArrowMark's two vehicles report different amounts, consistent with a genuine onshore and offshore split where US and non-US investors commit through separate legal entities with potentially different subscription timelines rather than mirrored parallel structures.

Who ArrowMark Partners Is

ArrowMark Partners, operating through ArrowMark Colorado Holdings LLC, is an investment management firm specialising in alternative credit and multi-asset strategies, including regulatory capital relief transactions, multi-sector credit, and collateralized loan obligation management. David Corkins is a founding partner and portfolio manager at the firm, focused on regulatory capital relief, multi-sector credit, and multi-asset investment strategies, while ArrowMark's CLO and leveraged loan strategies are led by a separate portfolio management team. The firm's Global Opportunity Fund series reflects its broader credit opportunities mandate, investing across a range of credit instruments rather than a single narrow strategy.

The Onshore/Offshore Structure

Splitting a fund into onshore and offshore vehicles is standard practice for credit managers seeking to raise capital from both US taxable and tax-exempt investors as well as non-US institutional investors, each of which may have different tax and regulatory considerations that make a single commingled vehicle impractical. The offshore vehicle, typically domiciled in a jurisdiction like the Cayman Islands, allows non-US investors and certain US tax-exempt investors to avoid unrelated business taxable income or other US tax complications that can arise from direct investment in a US-domiciled credit fund, particularly one using leverage. The different dollar amounts across ArrowMark's two vehicles, $391.2 million onshore versus $475.5 million offshore, suggest the offshore vehicle attracted a larger pool of committed capital, potentially reflecting strong demand from international institutional investors for US credit exposure.

Credit Opportunities Strategies in Context

Global opportunity or multi-sector credit funds like ArrowMark's give managers flexibility to allocate across leveraged loans, high yield bonds, structured credit, and other credit instruments depending on where relative value is most attractive at any point in the cycle, rather than committing to a single fixed strategy. This flexible mandate has become increasingly common among credit managers navigating a rate environment where relative value between different credit market segments shifts more frequently than in the low-rate era that preceded 2022. See related institutional credit filing coverage for other multi-vehicle credit filings tracked this month.

What This Means for Founders

ArrowMark's credit vehicles, like most large multi-sector credit funds, are not sources of primary equity capital for startups and have no direct relevance to founders raising venture rounds. The onshore/offshore structure is nonetheless a useful pattern to recognise when interpreting institutional capital filings, since it explains why some managers report differing amounts across multiple vehicles while others report identical amounts, as with Madison Dearborn's parallel structure filed the same day. Use the investor match tool to find equity investors actually relevant to your stage, and browse active investors on AngelLinx by sector and geography.

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