CVC Credit Partners closed Apidos XXXIII, a collateralized loan obligation fund totalling $400 million.
This is the second CLO fund CVC Credit has closed in the last month, following the closing of Cordatus XVII in June. Together these funds total $720 million of new issuance and increase CVC Credit Partners’ global CLO assets under management to approximately $15.8 billion.
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.
Cordatus XVII is a €290 million ($335.79 million) 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 $6.3 billion.
“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,” Gretchen Bergstresser, global head of performing credit at CVC Credit Partners, said. “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.”
CVC Credit Partners is the credit management business of CVC. CVC Credit Partners is a global credit asset manager.
