Antares Closes 3rd BSL CLO at $400M

Antares Capital, a Chicago-based alternative asset manager with over $68 billion in assets under management and administration, closed its third broadly syndicated loan (BSL) collateralized loan obligation (CLO), Orion CLO 2024-3, at $400 million.

The strategy launched its first BSL CLO, CLO 2023-1, with $450 million in October, shortly after the firm acquired three new liquid credit team members. CLO 2023-2 followed near the end of the year, amassing another $450 million.

Antares’ liquid credit platform has grown significantly during the last year. Last March, the firm hired Andrew Stern, a former portfolio manager and trader at Apex Credit Partners, as managing director, portfolio manager, and trader for the platform.

“The rapid growth of our Liquid Credit platform in such a short time is a testament to managing one of the industry’s largest and longest-tenured private debt portfolios,” said Seth Katzenstein, head of liquid credit at Antares. “We are looking forward to building on our investor relationships with a long-term view of credit markets.”

Antares’ Liquid Credit strategy leverages its private credit CLO platform established in 2017 that focuses on high-quality borrowers with stable cash flows and market positions.

The firm is the second largest private credit CLO manager in the U.S. by assets under management, with $11.1 billion across 13 CLOs as of March 31, according to BofA Global Research.