Adams Street Partners has announced the final closing of a $1 billion middle market collateralized loan obligation (CLO), ASP Summa. It is the first CLO for the asset manager and was structured in partnership with American Equity Investment Life Insurance Company (AEL), a fixed indexed annuity provider.

ASP Summa is comprised of a high-conviction portfolio of senior loans issued by private equity backed mid-market companies and was originated through Adams Street’s Private Credit team.

“Adams Street’s first CLO represents a significant milestone for our private credit business,” said Bill Sacher, partner & head of private credit. “This is expected to be a capital efficient solution that will demonstrate the power of our investment platform and ability to deliver attractive solutions to AEL and insurance companies globally.”

AEL and Adams Street entered a $2 billion joint venture in 2021 to co-develop insurer capital-efficient products focused on middle market credit.

Chicago-based Adams Street Partners’ private credit team has $9.7 billion in assets under management. Overall the firm has a total of $58 billion in assets across primary, secondary, growth equity, credit and co-investment strategies.