PPM America Closes Twelfth CLO Fund
Institutional asset manager PPM America, which manages over $70bn in assets, has closed its PPM Collateralized Loan Obligation (CLO) 6 with $300mn.
This is PPM’s sixth CLO since the firm re-entered the market in 2018, and the twelfth in the firm’s 32-year history.
As an active investor in bank loans since 1995, the Chicago-based company manages $7.98 billion in leveraged credit and CLO assets, as of September 30, 2022.
“During a period of rising rates and market volatility, we are proud to have been able to close a deal with 17 investors, many of whom are new to PPM’s CLO platform,” said James Damron, Senior Managing Director and Head of CLO Management at PPM.
PPM’s last fund (CLO 5) was a $408 million fund with a 5-year reinvestment period that closed in October 2021.