CVC Credit Prices Seventh CLO at $504M

CVC Credit, the $41 billion credit arm of CVC Capital Partners, priced its seventh collateralized loan obligation (CLO) of 2023, Apidos XLVI, at $504 million, building on the New York-based firm’s $3.1 billion CLO business.

The CLO was supported by CVC Credit’s $800 million CVC CLO Equity III, which invests the majority in CVC-managed CLOs issued in the US and Europe. The equity strategy is intended to support over $10 billion of global CLO issuance for CVC Credit’s Performing Credit platform.

“We remain dedicated to assembling high-quality portfolios and attractive yields to our investors throughout business cycles,” said Cary Ho, partner and global head of CLO origination for performing credit at CVC.

The credit business, with offices in the US and Europe, includes performing credit and private credit business. The CLO issuance follows the firm’s largest-ever $29.2 billion buyout fundraise announced last week. Prior to this vehicle, the biggest raise on record was Blackstone’s $26.2 billion flagship fund, which closed in 2019.

“We’re grateful for the strong support shown by both our new and returning investors in the continued expansion of CVC’s transatlantic platform, reflecting the positive growth trajectory our team has achieved in a challenging macroeconomic environment,” said Gretchen Bergstesser, managing partner and global head of performing credit at CVC Credit.

CVC Credit now manages $41 billion in assets across its performing credit and private credit businesses.

Societe Generale acted as the lead arranger.