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Direct Investment  + CLOs  + Markets  |  August 17, 2023
TCW Closes $400M CLO Fund as Part of Diversification Drive
Joe Palmisano
By: Joe Palmisano

TCW Closes $400M CLO Fund as Part of Diversification Drive

Global asset manager, the TCW Group, closed a $400 million Collateralized Loan Obligation (CLO) fund, TCW CLO 2023-2, Ltd, which is secured primarily by broadly syndicated first lien loans.

CLOs are managed within the Los Angeles-based firm’s $70 billion integrated global credit platform. The latest CLO will be managed by senior portfolio managers Drew Sweeney and Ken Toshima.

“TCW CLO 2023-2 represents TCW’s 10th actively managed CLO, and we plan to prioritize loans and dedicate resources to ensure that the TCW loan platform obtains top tier status in the marketplace,” said Sweeney.

To broaden its services outside more typical fixed-income segments, TCW recently entered a strategic CLO equity investment partnership with UK-based private credit investment firm Lakemore Partners Ltd., to support the growth of TCW’s CLO platform.

The $210 billion investment firm also added to its securitized debt offering with the hire of former senior portfolio manager and head of securitized markets at American Century Investments, Peter Van Gelderen. He will join TCW in October.

Jefferies LLC served as placement agent and structuring agent.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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