The TCW Group, a leading global asset management company, announced that it has closed its second $400 million Collateralized Loan Obligation (CLO) fund this year, TCW CLO 2024-2. This fund is secured primarily by broadly syndicated first-lien loans. This closing adds to TCW’s strong, continued growth in alternative credit assets, which have doubled since 2020.
The closing of TCW CLO 2024-2 follows on TCW CLO 2024-1, a $400 million CLO that closed in February of this year. Now TCW manages 12 CLOs within the firm’s leading $52 billion integrated global credit platform.
TCW continues growing its alternative credit assets under management (AUM) across private credit, private asset-backed finance, CLO liabilities and CLO AUM. Last year, TCW entered into a strategic CLO equity investment partnership with Lakemore Partners Ltd. to support the growth of TCW’s CLO platform.
In early 2024, TCW launched a private asset-backed finance business that leverages the strength of TCW’s $90 billion liquid securitized business. In May 2024, TCW had announced a formal partnership with PNC Financial Services to deliver private credit solutions to middle market companies.
TCW CLO 2024-2 will be led by Senior Portfolio Managers Drew Sweeney and Ken Toshima.
Jefferies served as placement agent and structuring agent.
KEY QUOTES:
“We see increasing demand from investors for a range of alternative credit products, including CLOs, to add diversified return streams in their portfolios. TCW’s growth in alternative credit is a natural extension of our industry-leading credit capabilities across the capital structure, which includes a significant leveraged finance platform.”
- Jerry Cudzil, Fixed Income Generalist Portfolio Manager
“This deal brings TCW’s CLO AUM to $5 billion, and we are gratified to be recognized as a top tier CLO manager by our investors.”
• ⁃ Drew Sweeney
