Wellington Management has raised $194m (£153.5m) at the final close of its inaugural Wellington collateralised loan obligation (CLO) Partners Fund I.

The capital commitments, which include $27m from affiliates, mean that the fund has exceeded its initial $150m target.

The fund invests primarily in majority equity tranches of Wellington-managed US broadly syndicated (BSL) CLOs.

Read more: CLO market sees strong start to 2025

Wellington has $11.6bn in CLO debt and equity assets under management, as part of its already established credit platform. As of 30 September 2024, Wellington has deployed three CLOs and plans to issue two to three additional deals per year.

“We believe CLO equity is a compelling asset class, and we anticipate further opportunities to pursue investment excellence on behalf of LPs in the current and future market environments,” said Alyssa Irving, CLO portfolio manager at Wellington Management. “With this fund, we are well-positioned to expand our platform and demonstrate our commitment to serving our clients as a CLO manager.”

Read more: Private credit CLOs in the US could overtake BSL CLOs

Wellington Management manages more than $1.2tn of assets across equity, fixed income, multi-asset, alternative and private markets strategies.

Read more: S&P predicts record US private credit and mid-market CLO issuance in 2025