AlbaCore prices debut CLO at €233m

The vehicle will focus on European credit opportunities with strong ESG criteria.

AlbaCore Capital has priced its first CLO at €232 million with an expected close next month.

AlbaCore Euro CLO I will incorporate negative environmental, social and governance screening criteria. It will also combine the firm’s research- and risk-focused ESG consideration, including restrictions on the types of industry it can invest in.

The CLO has been arranged by BofA Securities. AlbaCore Capital will act as the collateral manager.

Deborah Cohen Malka, managing director and deputy portfolio manager at AlbaCore Capital, said: “The launch of our maiden CLO is a great success for the firm and its CLO strategy, particularly in the context of current markets. Our CLO strategy is underpinned by AlbaCore’s fundamental approach to credit, with ESG factors integrated into every investment decision.”

AlbaCore was founded in 2016 and raised €1.5 billion for its second credit opportunities fund, which it closed in February. It was at this time that the firm said it was also working on the launch of its first CLO.