Rankings of US CLO Managers by CLO Equity IRR Performance (Updated)
The top performers include Oak Hill Advisors, UBS AM, and Oaktree Capital.
The top performers include Oak Hill Advisors, UBS AM, and Oaktree Capital.
Fully liquidated US CLO deals from the 2012–2015 vintages show that 2014 delivered the weakest performance, while 2012 achieved a median IRR of around 12% (assuming a 95% issue price). Across vintages, reset deals outperformed non-reset deals by approximately 2–4 percentage points based on median IRRs.
Reset tranches have notably outperformed their non-reset counterparts, with a median outperformance of approximately 5–6 percentage points.
The top performers include Oak Hill Advisors, UBS AM, and Oaktree Capital Management.
Among the recently liquidated deals, those managed by CIFC and Carlyle—such as CIFC 2013-1A SUB, CIFC 2015-1A SUB, and CGMS 2013-1A SUB—stood out with IRRs ranging from 12.8% to 15.2%.
EU CLO equity has outperformed US CLO equity, based on BWIC colour from a sample of approximately 446 equity tranches traded since July 2024 (source: SCI). This trend is also consistent with findings from 2.0 CLO deals that have been fully liquidated to date, according to CLO Research.
