Wolverine CFO 2026 class A notes receive A+sf rating from Fitch

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Sergey Shendetskyi

31.10.2026

Wolverine CFO 2026 class A notes receive A+sf rating from Fitch — Wolverine CFO earns A+sf

Alternative investment fund securitization activity continues in the U.S. structured finance market as Wolverine CFO 2026 Holdings, LLC secures a final rating for its class A notes. The transaction is backed by a diversified portfolio with about USD 1.3 billion in net asset value and exposure to more than 150 underlying alternative investment funds.

Highlights

Wolverine CFO 2026 Holdings, LLC's class A notes received an 'A+sf' rating with Stable Outlook from Fitch Ratings.
The collateral includes indirect interests in six White Rose Funds of Funds, representing USD 1.3 billion across more than 150 alternative funds.
Thrivent Financial for Lutherans sponsors the transaction, with cash flow from underlying funds prioritized for fees, interest, principal, and liquidity reserves.

Transaction structure and collateral

As reported by Fitch Ratings, the agency assigns an 'A+sf' rating with a Stable Outlook to the class A notes issued by Wolverine CFO 2026 Holdings, LLC.

Wolverine CFO 2026, a Delaware limited liability company, is a collateralized fund obligation backed by interests in a diversified pool of alternative investment funds. The issuer indirectly holds limited partner interests in six White Rose Funds of Funds, WR XI, XII, XIII, XIV, XV and XVI.

Those White Rose funds own USD 1.3 billion of interests in more than 150 underlying alternative investment funds. The notes are secured by the issuer's limited liability company interests in Wolverine CFO 2026, LLC, certain bank accounts of the issuer and the right to call capital from Thrivent to meet any shortfalls in capital calls.

Sponsor role and cash flow mechanics

Thrivent Financial for Lutherans is the transaction's sponsor, while Thrivent Investment Capital Advisors, LLC serves as investment manager. TICA is an indirect wholly owned subsidiary of Thrivent, which also owns the issuer.

The underlying holdings distribute cash as they generate income or exit investments, and they also make capital calls to acquire investments. Cash flow from the funds is distributed through the transaction's priority of payments to cover fees, interest and principal, while also funding the liquidity reserve account.

Hainan Rubber’s proposed subordinated perpetual securities were previously covered by our publication, detailing how Fitch assessed the planned refinancing via Halcyon Agri-issued notes guaranteed on a subordinated basis. We highlighted that the rating sits below the issuer level due to their junior ranking and coupon deferral features, alongside Fitch’s commentary on leverage, liquidity, and support considerations that underpin the credit profile.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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