PPM America – a client-focused investment manager – announced the closing of PPM CLO 7 Ltd. (CLO 7). And CLO 7 has 16 unique investors, seven of which are new to PPM, and a deal size of $401 million. It is PPM’s seventh CLO closed since the firm re-entered the CLO market in 2018 and the thirteenth CLO closed in the firm’s history.
CLO 7 is managed by a PPM subsidiary called PPM Loan Management Company 2, a registered investment adviser. And recently, PPM’s CLO strategy ranked 1st and 3rd respectively out of 127 managers in 12-month default adjusted par build and 12-month highest market value change based on the period ending in March 2024 (Bank of America CLO Research).
PPM’s CLO platform is part of the firm’s seasoned leveraged credit team – which averages 20 years of investment experience and manages $7.88 billion in assets as of March 31, 2024. And the team has actively managed a wide range of high yield and bank loan mandates over multiple economic cycles and interest rate environments and is supported by the firm’s robust 25-person credit research team.
KEY QUOTE:
“The closing of CLO 7 is the continuation of PPM’s recent activity in the marketplace along with the upsize and reset of CLO 6 in December 2023 and the reset of CLO 2 this March. We believe investors appreciate our credit focused, active management approach and the potential for success that it brings. With three transactions printed in the past seven months, we have also provided the frequency of issuance that investors are seeking.”
- Chris Kappas, CLO Portfolio Manager
