US CLO Equity: IRRs by Manager (Updated)
A sample of 1,231 CLO equity tranches from fully redeemed deals is used in this study. Some of the top-performing BSL CLO managers include...
A sample of 1,231 CLO equity tranches from fully redeemed deals is used in this study. Some of the top-performing BSL CLO managers include...
The table in this article presents the IRRs by vintage for fully liquidated US CLO deals from the 2012 to 2023 vintages, based on a sample of 1,230 deals. The top-quartile deals within each vintage generally delivered at least low-teens IRRs, with the exception of the 2014, 2016, 2017 and 2018 vintages. These weaker-performing vintages generally exhibited both below-average annual distributions and lower final equity NAVs. For example, average annual distributions for the 2014, 2016, 2017 and 2018 vintages were 13.6%, 13.3%, 12.4% and 13.4%, respectively. Typically, CLO portfolios can lose spread relatively quickly in a strong loan market, but take considerably longer to rebuild spread when the market weakens, given that CLOs are largely fully invested.
A sample of 18 CLO equity positions is included in this study. These positions were placed on BWIC, with trading colour available since 7 July 2026.
A sample of 122 unique CLO equity positions is used for this study. These positions were placed on BWIC, with trading colour available since 21 April 2026.
Based on a sample of 958 and 134 fully liquidated 2.0 US and EU CLO deals, respectively, EU CLO equity tranches have generally outperformed their US counterparts across vintages.
The table below presents the IRRs by vintage for fully liquidated EU CLO deals from the 2013 to 2023 vintages, based on a sample of 134 deals.
