CVC Credit Partners ("CVC Credit") announced today the close of CVC Credit Partners Global CLO Management Limited, providing CVC Credit with risk retention capital for its global CLO business. Global CLO Management Limited closed at its hard cap of $600 million.
CVC Credit's Global CLO Management Limited provides strategic balance sheet capital to CVC Credit's new US and European CLO managers, which enables the managers to comply with both the US and European CLO risk retention rules. Global CLO Management Limited will have the exclusive right to invest in the majority CLO equity of CVC Credit's US and European CLOs.
Gretchen Bergstresser, Partner and Head of US Performing Credit at CVC Credit, said: "I would like to take this opportunity to thank our investors for their support of both CVC Credit Partners, and our Performing Credit business. Since our founding in 2005, we have established a strong track record across our US and European CLO business, having closed 34 CLOs over that period. The Global CLO Management Limited capital will support roughly $12 billion of CVC CLO issuance globally for our CLO managers over the next several years."