TCW Group closes third CLO of the year with $400m
The TCW Group has closed its third collateralised loan obligation (CLO) of the year with $400m (£313.28m).
The TCW CLO 2024-3 is secured primarily by broadly syndicated first-lien loans. It is the 13th CLO to be launched by TCW.
The firm recently launched a dedicated CLO exchange-traded fund (ETF), called the TCW AAA CLO ETF, which allows investors to invest in a pool of AAA-rated CLOs.
“TCW continues to make significant investments in its credit capabilities across both public and private markets,” said Jerry Cudzil, fixed income generalist portfolio manager at TCW Group.
Read more: European CLO issuance to double by 2030
“We are pleased to have top-tier partners that have helped accelerate the growth of our CLO business and expect to establish additional equity partnerships in 2025.”
Since 2020, TCW has more than doubled its alternative credit assets under management (AUM). It now manages alternative credit across private credit, private asset-backed finance, CLO liabilities and CLO assets under management.
The firm has approximately $5.4bn of dedicated CLO AUM at present.
Read more: BondBloxx launches private credit ETF
“Over the course of 2024, we have seen heightened capital markets activity across our CLO platform which has included three new issues, two CLO resets and two refinancings,” said Drew Sweeney, senior portfolio manager.
“We expect to see strong growth in our CLO platform over the coming years and are grateful for the confidence investors place in our process and approach.”
Jefferies LLC served as placement agent and structuring agent.
Read more: CLO ETF market grows to $19bn
