Madison Capital Funding closes third CLO this year

The investment shop has closed seven of the vehicles to date, with its CLO assets under management approaching $1bn.

Madison Capital Funding closed a $302 million collateralised loan obligation, its third this year after closing deals of similar sizes in March and July.

The Chicago-based mid-market lending arm of New York Life Insurance Company will serve as collateral manager, it said in a Thursday announcement of the deal. MCF CLO VII has a four-year reinvestment period.

A spokeswoman could not be reached for comment.

The firm’s CLO assets under management are approaching $1 billion, Ashish Shah, Madison managing director and head of investment management said in the statement. Its overall AUM is more than $8 billion.

Its first CLO deal of the year was a $302.85 million deal that was scheduled to close in March, while the second such transaction was a $325 million CLO that closed in July. The deals, respectively, have four-year and five-and-a-half-year reinvestment periods.