- Deal marks Permira Credit’s second US CLO since the launch of the US-based Menlo CLO management business in 2024
- Global CLO Management AUM for Permira Credit to reach €5.3bn upon closing of the transaction
Menlo Park, California – 9 April 2025 – Permira Credit, a leading specialist credit investor, today announced the pricing of MENLO CLO II (“Menlo II”), a $404 million collateralized loan obligation (“CLO”) transaction in the United States.
This is the second US CLO launched in less than six months by the dedicated US team, following the announcement of Menlo I, a $430.6 million upsized transaction, in November 2024.
The Menlo CLO management business follows the same established investment strategy that has allowed Permira Credit’s European CLO management business, Providus, to deliver strong and consistent performance since 2018 – a credit-led approach; defensive portfolio construction with a focus on resilient sectors such as technology, healthcare and business services; active portfolio management; and responsible investing.
Ariadna Stefanescu, Head of Liquid Credit at Permira Credit, said: “The successful pricing of our second CLO in the United States, at a time of significant market upheaval, reflects clear recognition of our established investment strategy and track record. We believe there is huge opportunity in the US credit market and appreciate the continued support from all our investors. We are excited to continue growing our Liquid Credit platform on both sides of the Atlantic.”
Permira’s credit platform was established in 2008 and today manages approximately €18 billion of AUM. It is currently investing its fifth Direct Lending vintage, which closed on €4.5bn of investable capital in 2023. The platform’s Liquid Credit business has grown successfully since 2007, today managing approximately €4.6bn of AUM in Europe and $800m in the US, upon closing of Menlo II. The firm’s European CLO management platform, Providus, is a well-established and active player in Europe, with 11 CLOs issued since 2018. It was also the first European CLO manager to include ESG negative screening language in its CLO documentation.
The pricing is subject to customary closing conditions. The collateral manager of Menlo II is Permira US CLO Manager LLC.
