Module Introduction-V1

MODULE INTRODUCTION
PRIVATE DEBT MICROCREDENTIAL
Narrated By
Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP
UniFi by CAIA™ Private Debt Microcredential
Private Debt Microcredential Introduction
Contents
Introduction .............................................................................................................................................. 2
About UniFi by CAIA™ ............................................................................................................................... 2
About the Program ................................................................................................................................... 2
Program Structure..................................................................................................................................... 2
After Completion of the Program ............................................................................................................. 3
Our Partners .............................................................................................................................................. 3
Acknowledgements................................................................................................................................... 4
UniFi by CAIA™ 1

Introduction
Hello everyone, and welcome to the Private Debt Microcredential Program. My name is Aaron Filbeck,
Managing Director and Head of the UniFi by CAIA™ platform. In this section of the video, I’d like to get
you introduced to the UniFi by CAIA™ platform, this program, and also cover a couple of important
housekeeping items.
About UniFi by CAIA™

UniFi by CAIA™ is a learning platform designed to educate the private wealth management industry
about alternative investments. Whether you work in asset management, an intermediary, or an
independent wealth management firm, our mission is the same. We want everyone to speak the same
language, to better understand the risks and rewards, and to better serve the client.
About the Program

The Private Debt Microcredential Program dives into the world of private debt strategies, one of the
fastest growing alternative investment strategies over the past decade. By the end of the program, you
will be able to do the following:
- Understand the characteristics of and differences amongst the major private debt strategies in
the market today.
- Articulate the risk and performance drivers of private debt at the asset class and strategy level.
- And you will be better informed in terms of implementing a private debt allocation within your
client’s portfolios.
Program Structure
The Private Debt Microcredential Program is broken into four modules, each of which ranges from an
hour to an hour and a half in length.
• The first module, The Fundamentals of Private Debt, is all about context setting. We’ll make sure
you’re comfortable with basic concepts like liquidity, credit spreads, and capital structure – all of
which play important roles in each private debt strategy. From there, we’ll spend most of
Module 1 categorizing the private debt universe and introducing each strategy at a high level.
• The second module, Private Corporate Lending Strategies, focuses on private corporate lending,
the largest category of private debt strategies. Combined, these strategies account for over $1
trillion in assets under management as of 2022. You’ll get a deeper dive into strategies like
direct lending, mezzanine debt, venture debt, and distressed debt.
• The third module, Asset-Based Lending Strategies, focuses on asset-based lending strategies.
We’ll walk through real assets debt, which includes real estate, infrastructure, and farmland, as
well as balance sheet lending and specialty finance strategies.
• The fourth module, Private Debt Portfolio Implementation, is the final module in the program.
This module will cover three important topics: fund structures, performance measurement, and
asset allocation. This module is where it all comes together.
You’ll be guided through each module by a few of my colleagues at CAIA Association. Additionally, many
sections will feature practitioners who will bring some practical perspectives and bring some of the
UniFi by CAIA™ 2

concepts you just learned to life. Within each section, you’ll be asked one or two quick knowledge
checks to ensure you’ve grasped the material. At the end of each module, you will be required to
complete a 10-question quiz. If you earn a 70% or above, you’ve passed the module!
After Completion of the Program

After completing all four modules and passing all four quizzes, you will officially be eligible to receive the
Private Debt Microcredential. Within the platform, you will immediately earn a certificate of completion
and, within a week, receive a verifiable digital badge from Credly.
We love seeing your accomplishments, so be sure to share the digital badge and tag us on social media!
This program is also eligible for Continuing Education from CFP Board & Investments and Wealth
Institute. If you entered your CFP or IWI ID numbers upon the creation of your account, you’re all set, as
we report this CE to them on your behalf.
Our Partners
This program was crafted “for the industry by the industry” and we’d like to thank our partners.
First, we’d like to thank our sponsors, Ares Wealth Management and Briarcliffe Credit Partners, for
helping us underwrite the program’s development.
Second, we’re grateful to the broader working group of investment professionals worldwide that
contributed to developing these learning objectives and creating content in the curriculum. Their names
and firms can be found within the modules themselves.
Third, we’d like to thank our UniFi by CAIA™ advisory committee, for their continued support and
commitment to this endeavor.
And finally, but most importantly, we’d like to thank you for pursuing this program. Your continued
commitment to education only benefits the end client that much more.
UniFi by CAIA™ 3
Acknowledgements
UniFi by CAIA Advisory Council

Anna Snider, CAIA (Chair)
Jeremy Beal
Phil Huber, CFA, CFP®
Kristin Kallergis
Fran Kinniry, CFA
Sylvia Kwan, PhD, CAIA, CFA
Jeff Mason, CFA
Tom Morrison
Scott Reeder
Mark Robillard, CAIA, CFA, FRM
Chris Tarui
Curriculum Working Group Members
Christina Adamson
Andrew Brodbeck, CAIA
Yingwen Chin, CAIA
Stephan Connelly, CFA
Stephen Hull, CFA, CAIA
Jess Larsen
Brendan McCurdy
Nora Pickens, CAIA
Michael Schnitman
Contributing Authors
Jess Larsen
Nic Millikan, CAIA, CFA
Nora Pickens, CAIA
UniFI by CAIA™ Leadership
Sarah Auerbach
John Bowman, CFA
Bill Kelly, CAIA
Claire Sawyer
Instructional Designers
Penny Ralston-Berg
Jess Resig, PhD
UniFi by CAIA™ 4

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MODULE INTRODUCTION

PRIVATE DEBT MICROCREDENTIAL

Private Debt Microcredential Introduction

Private Debt Microcredential Introduction

About UniFi by CAIA™

About the Program

Private Debt Microcredential Introduction

After Completion of the Program

Private Debt Microcredential Introduction

UniFi by CAIA Advisory Council

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