CLO round-up: February 2024
Our roundup of all the action in another spectacular month for the CLO market

Funds round-up: Feb-2024 - managers turn to European wealth
European private credit managers turn to the wealthy in our roundup of notable fundraising in February 2024. 

Chenavari returns to European CLO market after two-year absence
Chenavari Credit Partners returned to the primary market on Thursday for the first time in two years with a new European CLO valued at EUR 409.5m

LP CLO investor returns to Accunia
A veteran CLO investor has announced he is returning to Copenhagen-based Accunia Credit Management, where he will be Head of Investments

New AIFMD directive imposes leverage limits for European direct lending
The Council of the European Union has rolled out new regulations that should streamline the origination process for direct lenders at the cost of strict limits of leverage for funds

UK manager launches new private credit growth fund
Manager held a first close of its new private credit growth fund with GBP 75m, as the UK-based firm continues to grow with new senior-level hires

Boutique manager chimes in with second European CLO
Signal Capital Partners last week became the latest manager to add to the burgeoning issuance in the European primary CLO market with an upsized EUR 450m new issue deal

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

Unfunded single-B issuance steps up as Bridgepoint triggers class F note
Bridgepoint Capital Management this week became the latest in a string of managers to price a delayed-draw tranche in 2024

Palmer Square stays still for latest European deal
Static deals made a reappearance in the primary market yesterday, when Palmer Square Capital Management priced a new European CLO in conjunction with JPMorgan

Missing Milbank CLO team surfaces at rival law firm
A global law firm has announced the arrival of veteran European CLO lawyer John Goldfinch, one of the partners who pushed Milbank to the top of our European manager counsel league tables last year

GSAM launches private credit fund for wealthy European investors
Goldman Sachs Asset Management is the latest firm to launch a private credit fund aimed at wealthy European individual investors, joining managers like Blackstone in the push for alternative fundraising sources

Deadline nears for 16th Creditflux Manager Awards submissions
The deadline for entries to the 16th annual Creditflux Manager Awards is closing in, with entries accepted until Thursday 22nd February.

Second European delayed draw tranche prices
Five Arrows Managers priced the delayed-draw single-B tranche of 2023’s Contego CLO XI on Thursday, marking the second such deal of 2024

Recruiters predict renewed private credit hiring spree
While job-hopping has become commonplace in the post-pandemic landscape, companies are expected to slow hiring in 2024. But some sectors are bucking the trend, including private credit.

European Union rolls out ELTIF 2.0 structure
The European Union’s latest regulations for its long-term investment funds — known as ELTIF 2.0 — went into effect on 10 January, ousting the old model to make it easier for both alternative investment managers and retail investors alike to tap into the market

CLO rankings: 2023 turns out OK
Last year may not have seen records in the primary CLO market, but it was a very solid performer with a strong finish. 

A strong year for CLO strategies
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did.

Fund performance: CLO funds dominate top 10, but long-short and Ucits funds find places too
CLO funds made sure to end the year their way: once again they claimed most of the top performance spots. Six of the 10 best-performing funds in December have a majority of their assets invested in CLOs.

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

CLOs at a glance
CLOs at a glance

Troubled European name reaches end-game
The long-running saga of French mass-market retail group Casino Guichard-Perrachon appears to be nearly over as the firm filed for Chapter 15 recognition in the US

Fresh wave of CLO calls looms as US equity distributions drop
Equity distributions for US CLOs outside their reinvestment period continue to fall as prepayments cut into cashflows

Alternative asset managers increasingly tapping wealth channel for private credit fundraising
Wealthy individual investors have become increasingly appealing to alternative asset managers looking to raise money for private credit funds as asset managers look to broaden fundraising beyond institutional investors