AXA IM Alts closes two CLOs with €754.5m in total
AXA IM Alts has closed two European collateralised loan obligations (CLO) – one known as Adagio XII at a €353m (£291m), and another known as Adagio XI at €401.5m.
Adagio XII and Adagio XI closed on 29 August and 4 December this year, respectively.
The equity tranche of Adagio XII was syndicated to five investors and the one of Adagio XI to two investors.
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The €185bn alternative asset manager said the transactions were well subscribed, driven by good market conditions and a strong appetite from a diversified pool of investors across the capital structure.
This included both repeat and new European and Asian investors to the platform for both Adagio XI and Adagio XII.
The firm pointed to the maturity and robustness of the asset class, saying it had successfully navigated various credit cycles and market conditions.
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AXA IM Alts originates opportunities across the alternative credit spectrum aiming to provide clients with opportunities for sourcing, diversification and spread pick-up.
“We are pleased to see the successful close of these two European transactions, with five equity investors in total,” said AXA IM Alts global head of alternative credit Christophe Fritsch.
“We believe that the strong levels of interest from investors demonstrates the strength and attractiveness of the current CLO market and AXA IM Alts’ established track record and deep expertise as a global CLO manager.”
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