AXA IM Alts and Tikehau close CLOs

Both firms have launched multiple CLOs in 2022 despite challenging market conditions.

AXA IM Alts has closed its latest collateralised loan obligation with €330 million from more than 15 investors from across Europe and North America.

The Adagio X EUR CLO saw both repeat and new investors join the fundraising. AXA said it saw strong appetite from investors despite a difficult market environment with significant volatility.

In June, AXA IM Alts closed its Allegro CLO XV in the US, a $400 million US CLO. AXA said its frequent CLO launches are needed to meet demand and build up its track record in the market.

On the same day, Paris-based manager Tikehau announced the pricing of Tikehau CLO VIII DAC with €397.9 million.

The transaction increased from its initial target of €347.2 million due to strong demand across all CLO tranches. Tikehau said it attracted interest from a diverse range of investors as well as support from Tikehau Capital’s balance sheet.

Like AXA, Tikehau has been launching numerous CLOs in 2022 with CLO VII closing at €398 million in August while Tikehau US CLO II closed at $325 million in July. Tikehau is now managing 10 priced CLO vehicles with a total of approximately €4 billion.

Goldman Sachs acted as lead arranger and lead placement agent for Tikehau’s CLO with Societe Generale acting as co-arranger and co-placement agent.