– Adams Street Partners, LLC, a private markets investment firm with over $65 billion in assets under management, announced the final closing of a $350 million middle market collateralized loan obligation (CLO), ASP PIF CLO I, LLC.
– The transaction is a milestone in Adams Street’s private credit platform, which has grown to $13.5 billion under management since its 2016 launch.
– The CLO demonstrates the team’s ability to source and structure attractive portfolios while expanding financing capabilities through third-party capital.
– William Sacher, Partner and Head of Private Credit, highlighted that the debut CLO reflects strong investor demand and sees public CLOs as a key financing avenue for the platform’s growth.
– The transaction featured strong execution and robust investor participation, showing confidence in Adams Street’s credit platform.
– Thomas Vuu, Principal on Adams Street’s Private Credit Team and lead for the group’s financing activity, said: “The AAA tranche priced at SOFR + 148, an exceptionally competitive pricing level for an inaugural issuance.”
– Approximately 98% of the loans in the CLO are identified, all representing direct lending investments originated by Adams Street.
– The CLO will have a four-year reinvestment period.
– Goldman Sachs & Co. LLC served as sole bookrunner, and Fitch Ratings acted as the ratings agency.
