Permira has priced its second US collateralised loan obligation (CLO) at $404m (£316.2m), less than six months after launching its US-based CLO management business.
The alternative asset manager is now managing €5.3bn of CLO assets globally, comprising €4.6bn of assets under management in Europe and $800m in the US, upon closing of its latest vehicle, dubbed Menlo II.
Menlo II follows the pricing of Menlo I, a $430.6m upsized transaction, in November 2024.
Permira’s US CLO management business, Menlo, follows the same investment strategy as its European CLO management business, Providus. It focuses on defensive portfolio construction with a focus on resilient sectors such as technology, healthcare and business services.
Read more: Permira Credit: Two paths for private credit in 2025
“The successful pricing of our second CLO in the United States, at a time of significant market upheaval, reflects clear recognition of our established investment strategy and track record,” said Ariadna Stefanescu, head of liquid credit at Permira Credit.
“We believe there is huge opportunity in the US credit market and appreciate the continued support from all our investors. We are excited to continue growing our liquid credit platform on both sides of the Atlantic.”
Permira’s credit platform manages around €18bn of assets and is currently investing in its fifth direct lending vintage, which closed on €4.5bn of investable capital in 2023.
