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Laxman Pai, Opalesque Asia: Private equity and credit giant CVC Credit Partners has achieved close on its second collateralized loan obligation fund after hitting $400m in assets.
The fund, called Apidos XXXIII, marks the second dedicated collateralized loan obligation (CLO) strategy that the firm's credit arm has closed to new investors in the last month, following the Cordatus XVII in June. In June, the firm held the final close of Cordatus XVII, a €290 CLO fund.
Combined, these two vehicles represent a total of $720m of new issuance and have increased CVC's CLO asset under management to around $15.8bn.
Adipos XXXIII, was arranged by Goldman Sachs and is CVC Credit's second new-issue to close in the U.S. in 2020. As with previous Apidos CLOs, the fund is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
The €290 Cordatus XVII is European focused CLO arranged by Natixis. This was CVC Credit's first European CLO closed in 2020, having completed three in 2019. European CLO assets under management now stand at c.$6.3 billion.
Gretchen Bergstresser, Global Head of Performing Credit at CVC Credit Partners, said: "Pricing and closing two CLOs in such quick succession is a great result, and all the more impressive in the context of the challenging economic conditions of the past few months. Both U.S. and European raisings have been a real team effort with our New York and London based teams working simultaneously across both CLOs.
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