In the CLO market, AUM growth is a fundamental aspect of the business model, with scale playing a crucial role in its success. Over the past two years, AUM growth rates have slowed considerably in the BSL CLO sector. This is unsurprising, as no market can sustain double-digit annual growth indefinitely. Among the top 100 US BSL CLO managers, 24 recorded negative AUM growth in both 2023 and 2024.
Conversely, among the top 50 managers, Elmwood AM, Oak Hill Advisors, AGL Credit, Onex Credit, Golub Capital, Irradiant Partners, Ballyrock, and AllianceBernstein each achieved double-digit growth in their BSL CLO AUM for two consecutive years, in 2023 and 2024.
Shifting focus to the US MM CLO market, Golub Capital remains the largest US MM CLO manager. Notably, 2024 was the first year since 2013 in which the manager did not achieve a double-digit market share of annual AUM growth. In 2024, Antares Capital and Blue Owl, followed by Ares, were the top three managers in terms of market share of MM CLO AUM growth.
All CLO AUM figures are calculated based on the pricing dates of CLO deals and the notional value of the underlying collateral.
Related articles:
US CLO Collateral AUM Trends Since 2012: Breakdown by BSL and MM Loans
Progression of 2.0 US CLO Collateral AUM (2012-2024)
Trends of 2.0 US BSL CLO Collateral AUM by Manager (2012-2024)
Trends of 2.0 US MM CLO Collateral AUM by Manager (2012-2024)
Disclaimers
The information, research, data, research-related opinions, observations, and estimates contained in this document have been compiled or arrived at by CLO Research Group, based upon sources believed to be reliable and accurate, and in good faith, but in each case without further investigation. None of CLO Research Group or its service providers; authorised personnel, or their directors make any expressed or implied presentation or warranty, nor do any of such persons accept any responsibility or liability as to the accuracy, timeliness, completeness, or correctness of such sources and the information, research, data, research related opinions, observations and estimates contained in this document. All information, research, data, research-related opinions, observations, and estimates in this document are in draft form as of the date of this document and remain subject to change and amendment without notice. Neither CLO Research Group nor any of their third-party providers shall be subject to any damages or liability for any errors, omissions, incompleteness, or incorrectness of this document. This article is not and should not be construed as an offer, or a solicitation of an offer, to buy or sell securities and shall not be relied upon as a promise or representation regarding the historical or current position or performance of any of the deals or issues mentioned in it.
