CVC Credit Hits $600M Hard Cap With New Risk Retention Pool

Jun 29 2017 | 4:59pm ET

CVC Credit Partners has raised $600 million in capital commitments for a risk retention pool in support of its global CLO business.
The new fund, named CVC Credit Partners Global CLO Management Limited, closed at its hard cap of $600 million, the company said in a statement. It will provide 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. 
The fund will have the exclusive right to invest in the majority CLO equity of CVC Credit’s U.S. and European CLOs, the company added. 
“Since our founding in 2005, we have established a strong track record across our U.S. and European CLO business, having closed 34 CLOs over that period,” said Gretchen Bergstresser, partner and head of U.S. performing credit at CVC Credit, in the statement. “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.”
CVC Credit Partners is the credit management business of private equity giant CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 51 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and U.K. and $16.4 billion assets under management as of March 31, 2017. The company has built a diverse platform across three investment strategies: Performing Credit, Credit Opportunities & Special Situations and Private Debt.

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