PCP Co-Investment II is an Actively Managed Certificate (“AMC”) providing exposure to the performance of assets held by Idorsia Investments SARL, a special purpose vehicle (“SPV”). This SPV was established following Idorsia's debt restructuring, which converted around 95% of outstanding bonds into a collateralized note structure with a waterfall payment mechanism. The SPV holds three of Idorsia's most promising drug assets (Aprocitentan, Cenerimod and Selatogrel), and any net payments received from milestones, royalties, and potential out-licensing deal will be used to repay the SPV noteholders. Once the debt and interest are repaid, the rights to these drugs will revert to Idorsia. The investment manager has conducted extensive analysis and participated in Idorsia’s debt restructuring. This collateralized structure, benefitting from strong recovery prospects and a zero-cost approach, offers compelling risk-return potential.