New York-based CIFC and its subsidiaries have closed a new collateralised loan obligation (CLO), the CIFC Funding 2015-I, representing $614.1 million of par value of notes. The transaction was led by BNP Paribas and supported by twenty-three institutional investors, including some first time investors with CIFC, said a statement from the firm on 19 March.
Since 2012, CIFC has sponsored fourteen CLOs raising $8 billion in assets under management. “This deal marks our second successful transaction with BNP Paribas. Our joint marketing efforts allowed us to secure new investors across the capital structure including investment partners in Japan, Korea and Singapore,” said Oliver Wriedt, co-president of CIFC, in a statement.
CIFC is a relative value credit manager with $13.7 billion of loan-based assets under management as of 31 December. Headquartered in New York, CIFC is an SEC-registered investment adviser and a publicly-traded company. The firm works with 250 institutional investors worldwide.
CIFC was PDI’s CLO manager of the year in the Americas for the second year running, as announced earlier this month.