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Laxman Pai, Opalesque Asia: Global alternative investment giant CVC has hit an $800m hard cap close for its third collateralised loan obligation (CLO) equity fund (CVC CLO Equity III).
CVC Credit, the private equity firm's $41bn credit management business, said a in press release that, across its period of deployment, this equity fund is intended to support over $10 billion of global CLO issuance for its Performing Credit platform.
"The CVC CLO Equity III fund will be used to make equity investments in CVC-managed collateralised loan obligations issued in the US and Europe," it said.
Since December 2020, CVC Credit's assets under management have grown from $28 billion (€23bn) to $41 billion (€38bn), reflecting CVC's ability to source and assess attractive investment opportunities through leveraging the CVC Network.
CVC CLO Equity III is CVC Credit's third dedicated CLO equity vehicle and represents a significant increase over CVC Credit's prior raises. It will be used to make equity investments in CVC-managed CLOs issued in the US and Europe. In aggregate, CVC Credit has now raised $1.66 billion of capital across its three CLO equity funds.
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: "My team and I are extremely grateful to our investors for their extensive engagement and trust that has made this process possible. In times of market volatility the ability to control the pace of new CLO issua...................... To view our full article Click here
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