White Wolf LMMA constructs diversified portfolios of SBIC funds, combining rigorous fund selection with thoughtful portfolio construction. The LMMA platform provides investors with access to the lower middle market's structural advantages, delivering institutional-quality service, scale, and active risk management.
Each Series selectively invests in a portfolio of SBIC funds led by experienced managers with strong track records. SBIC managers launch new funds every 4-6 years, so the cyclicality of SBIC fund availability provides an ongoing opportunity for selective and diversifying investments.
EXPLORE BELOW ↓Why LMMA
A turnkey solution for diversified exposure to a niche asset class with strong historical outperformance.
Access to 8-12 underlying SBIC funds and >150 portfolio companies, providing roughly 10x the typical private credit portfolio with diversified exposures across geography, sector, deal sourcing, industry expertise, and strategy.
Up to 2x government-sponsored financing on attractively priced credit assets provides a structural return advantage with stable, low-cost funding.
Decades of quantitative and fundamental credit experience with proprietary tools for historical and hypothetical scenario analysis allowing for granular cashflow flow impact assessment.
The LMMA team has decades of experience managing credit portfolios, investment teams and credit focused investment management firms.
Fund Selection
The LMMA investment team conducts rigorous due diligence on every SBIC fund opportunity, evaluating manager track records, investment strategies, portfolio construction and capital deployment capabilities.
LMMA sources opportunities through its extensive relationship network and proprietary databases, gaining visibility across more than 300 active SBICs, with approximately 30 to 50 new funds in market in any given year as well as opportunity to buy LP interests in seasoned funds in secondary transactions. From this broad universe, LMMA applies quantitative screening to systematically narrow the opportunity set, continuously evaluating performance, risk, and alignment with its portfolio construction framework.
Building on this initial screening, LMMA advances select opportunities into a structured, AI-integrated due diligence process. At this stage, the team evaluates key factors including track record, team experience and stability, investment philosophy, use of SBIC financing, fund and fee structures, alignment of interests, and operational capabilities. This process is supplemented by direct engagement, including virtual meetings with investment teams and in-person onsite visits, to form a comprehensive view of each manager and fund opportunity.
Using proprietary portfolio construction tools, LMMA evaluates each opportunity through both historical and hypothetical scenario analysis to determine appropriate position sizing and assess a fund stake's impact on the overall LMMA portfolio. LMMA analyzes cash flow projections, sector exposure, geographic diversification, and strategy fit to support disciplined portfolio design. In addition, it enables granular portfolio holding-level scenario analysis and models secondary opportunities to evaluate their potential effect on portfolio construction and return dynamics.
Following portfolio-level evaluation, opportunities are vetted by the Investment Committee for initial review, and where applicable, final review. For final review the investment team prepares a detailed memorandum outlining key underwriting considerations, risks, and portfolio fit. LMMA's Investment Committee, with over 180 years of combined investment experience, provides rigorous oversight of manager selection, portfolio construction, and risk management, bringing seasoned perspective across market cycles and capital structures.
After the Fund makes LP commitments (or acquires LP stakes in the secondary market), LMMA transitions to an active monitoring phase designed to maintain continuous oversight of portfolio exposures. This includes regular review of granular portfolio data across underlying SBIC managers—such as company exposure, sector concentration, capital structure mix, geographic allocation, and deployment pace—combined with ongoing dialogue with managers (sometimes as part of the formal LPAC) regarding portfolio developments, realizations, valuation changes, and emerging risks.
This monitoring is further supported by LMMA's proprietary portfolio management tools, which are used to assess how changes in cash flows, deployment timing, and other key assumptions may impact overall portfolio construction and return outcomes. Through this integrated approach—combining data-driven analysis, active engagement, and scenario modeling—LMMA seeks to proactively manage risk and maintain a well-balanced portfolio over time.
The Strategy
*Target portfolio construction
**includes secondary and direct LP interests
The LMMA platform delivers diversification across sourcing channels, sectors, and capital structures through its network of underlying managers. With average exposure of less than 0.50% and a maximum of 1% per portfolio company, LMMA provides materially greater diversification than a typical private credit vehicle.
By leveraging the regional presence and industry-specific expertise of its underlying managers, the platform benefits from distributed deal sourcing and underwriting, enabling access to opportunities across the full breadth of the lower middle market with attractive, SBA-provided financing.