US BSL CLO Managers Ranked by MVOC as of September 25, 2026
A sample of 1,643 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
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A sample of 1,643 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 558 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
The table below shows the top 50 managers by BWIC traded volume from September 2023 to August 2026, alongside their CLO AUM shares as of June 2026. The comparison between BWIC traded-volume shares and CLO AUM shares highlights several striking differences:
A sample of 1,641 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 558 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
The comparison between manager MVOC rankings and US CLO new-issue pricing since July 2026 reveals a mixed relationship. Some managers with stronger MVOC rankings, including Elmwood, Benefit Street Partners, CIFC, OCP and CVC, generally achieved strong pricing across the capital structure.
The comparison between manager MVOC rankings and new-issue pricing since July 2026, as shown in the table below, reveals a mixed relationship. Some managers with stronger MVOC rankings, including Capital Four, Brigade, Partners Group, RBC BlueBay and KKR, generally achieved strong pricing across the capital structure.
Over the past three years, managers’ shares of total traded BWIC volume across the capital structure, from AAA to equity, were generally aligned with their shares of total CLO AUM. CVC’s shares were identical at 5.0%, while Blackstone, UBS Asset Management and ICG also showed a close relationship. HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM shares.HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM, potentially indicating a higher proportion of buy-and-hold investors.
Based on SCI’s BWIC data, US CLO BWIC activity over the past five years has seen meaningful shifts in both trading patterns and liquidity. BB tranches stand out for their high secondary-market turnover relative to their share of outstanding balances. BWIC execution has recovered steadily from the 2023–24 low, while fewer but larger trades have characterised the market more recently, particularly in AAA. Traded prices have also recovered strongly from the 2022–23 lows across CLO debt tranches, although performance has varied across the capital structure.
Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded volume, they changed hands far less frequently relative to their weight in a typical CLO. Mezzanine tranches punched well above their structural weight, led by BBs, while single-B trading surged in the latest year—highlighting where secondary-market activity is most concentrated and opportunistic investors are most active.
A sample of 1,643 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 559 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
Below are tables presenting the MVOC (AAA–B) and equity NAV of US BSL and EU CLO deals by vintage, based on asset prices as of 4 September 2026.
Momentum into 2026: AUM is up 6.8% in H1 2026 alone (from €289.3bn at end-2025) and 27.1% above the end-2024 level of €243.3bn, showing no sign of the growth slowing. Market leadership: the field is led by CVC Credit Partners (€14.8bn), Blackstone (€13.3bn) and Redding Ridge Asset Management (€11.6bn). The top 5 managers hold 18.9% of AUM and the top 10 31.7%.
A sample of five top-tier CLO deals is used as a proxy for a new-issue CLO portfolio. The combined loan portfolios are rebalanced monthly, with loans priced below 92 excluded. On the liability side, the tightest DM in each week is identified, and the average of three such weekly observations is used as the monthly benchmark DM.
