CLO Research

According to PitchBook LCD, Chenavari has announced plans to wind down Toro European CLO 5, which was priced in early...

A sample of 1,487 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...

According to PitchBook LCD, Sculptor has announced plans to wind down OZLME III, which was priced in late 2017 and...

Redding Ridge Asset Management, Partners Group, and Napier Park have performed well among managers with at least seven deals from the 2013 to first-half 2024 vintages in the sample for this study.

Can AUM Growth and Performance Go Hand in Hand?

Some of the fastest-growing US CLO managers include AGL Credit, Elmwood AM, Blackstone, and Golub Capital.

As reported by PitchBook LCD, Tikehau plans to liquidate Tikehau CLO, its debut 2015 vehicle, which was reset in 2021.

As reported by PitchBook LCD, BlackRock is considering liquidating BlackRock European CLO VI, a 2018 vintage that exited its reinvestment period in April 2023.

How Much Tighter Can the AAA-BB Pricing Differential Get?

A sample of 1,489 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool factor below 55% are excluded.

A sample of 501 EU CLO deals (vintage 2013–1H 2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.

Please refer to the table below for a comprehensive list of CLO managers and their global CLO collateral AUM (in USD billions), broken down by US BSL, US MM, and EU CLO AUM as of 31 December 2024. Out of 169 CLO managers, 50 oversee both US BSL and EU CLOs, while 101 manage only US CLOs, of which 43 have over USD 3 billion in CLO AUM.

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January 2025: Summary of CLO Research Insights

Since mid-July 2022, when 3M EURIBOR moved into positive territory and began its upward trajectory, the EU CLO primary and...