Core Insights - Aoris Investment Management's "Aoris International Fund" reported a decline in performance for Q3 2025, with Class A (Unhedged) returning -2.6% and Class C (Hedged) returning -1.0%, compared to benchmark returns of 6.5% and 8.0% respectively [1] Group 1: Market Performance - Global equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, increased by 6.5% in AUD for the September quarter, with local currency gains at 8.0% [1] - Currency fluctuations negatively impacted the AUD return by 1.5% [1] Group 2: Fund Performance - The Aoris International Fund's Class A (Unhedged) and Class C (Hedged) underperformed against their respective benchmarks in Q3 2025 [1] Group 3: Company Focus - SAP SE - SAP SE (NYSE:SAP) is highlighted as a leading enterprise application and business solutions provider, with a one-month return of 3.22% and a 52-week loss of 1.45% [2] - As of December 19, 2025, SAP SE's stock closed at $244.31 per share, with a market capitalization of $285.06 billion [2] - SAP is recognized as the world's leading ERP software company, with 99 of the world's 100 largest customers using its services, and 77% of daily global transactions involving an SAP system [3]

Core Insights - Oak Hill Advisors ("OHA") acted as the Administrative Agent and Lead Left Arranger for a private unitranche financing to support Francisco Partners' acquisition of Elite, a leading provider of ERP software and integrated payment solutions for law firms globally [1] - OHA's previous experience as the sole lender for TPG's carve-out of Elite from Thomson Reuters in 2023 facilitated a decisive financing solution due to its familiarity with the company and expertise in ERP software investments [2] - Eric Muller from OHA highlighted Elite's strong performance and growth, emphasizing its market leadership and customer retention, and expressed excitement about the partnership with Francisco Partners and Elite's leadership for future expansion [3] Company Overview - Oak Hill Advisors is a global credit-focused alternative asset manager with over 30 years of investment experience, managing approximately $98 billion in capital across various credit strategies as of June 30, 2025 [4] - OHA employs over 400 professionals across six global offices, providing a collaborative platform to meet diverse credit needs and is the private markets platform of T. Rowe Price Group, Inc. [5] - Elite, founded in 1947, is an independent technology company that develops innovative digital financial solutions for law firms, positioning itself as a leader in the legal technology sector [6] Investment Firm Profile - Francisco Partners is a global investment firm specializing in technology and technology-enabled businesses, having invested in over 450 technology companies and raised more than $50 billion in capital since its inception [7]

Core Insights - Oak Hill Advisors ("OHA") acted as the Administrative Agent and Lead Left Arranger for a private unitranche financing to support Francisco Partners' acquisition of Elite, a leading provider of ERP software and integrated payment solutions for law firms globally [1][2] Company Overview - OHA is a global credit-focused alternative asset manager with over 30 years of investment experience, managing approximately $98 billion of capital across various credit strategies as of June 30, 2025 [4] - Elite, founded in 1947, is a leading independent technology company that provides innovative digital financial solutions for law firms [6] - Francisco Partners is a global investment firm specializing in technology and technology-enabled businesses, having invested in over 450 technology companies and raised more than $50 billion in capital [7] Transaction Details - The financing transaction follows OHA's previous role as the sole lender for TPG's carve-out of Elite from Thomson Reuters in 2023, showcasing OHA's familiarity with the company and its expertise in ERP software investments [2] - Eric Muller, Partner and Portfolio Manager at OHA, highlighted Elite's strong performance and growth, emphasizing its market leadership and customer retention [3]