- Providus X pricing marks milestone for Providus CLO management platform
- Platform well-positioned for US expansion in 2024
London, 26 March 2024 - Permira Credit, one of Europe’s leading specialist credit investors, today announced the pricing of PROVIDUS CLO X (“Providus X”), a €379.5 million European collateralised loan obligation transaction (“CLO”).
This marks the tenth CLO from the Providus CLO management platform which has seen consistent growth and delivered strong risk-adjusted returns for investors since it was launched in 2018. Highlights of the platform, which is set to reach €3.8 billion in total AUM upon closing of Providus X, include:
- Its ability to leverage Permira’s private equity network and sector expertise, as Well as Permira Credit's 16+ years’ experience in the European CLO market; and
- the unwavering support from its investors and the long-standing relationships which have allowed the platform continuous access to capital markets.
Providus X will, as with all other CLOs within Permira Credit’s CLO management platform, contain specific ESG eligibility criteria in the documentation, including restrictions on the nature of industries in which the CLO can invest, building upon Permira Credit’s reputation as the first European CLO manager to include ESG negative screening language in its CLO documentation with Providus CLO I in 2018.
Ariadna Stefanescu, Co-Head of Permira Credit and Head of Liquid Credit, said: “We are pleased to announce the pricing of our first CLO of 2024 and our tenth since the Providus platform launched in 2018. This milestone is a testament to our dedicated and specialist team and the strong demand from investors who recognise our track record of investing through the credit cycle. This is an exciting time for the team as we target expansion in the US later in the year; we look forward to what’s next.”
The pricing is subject to customary closing conditions. The collateral manager of Providus X is Permira European CLO Manager LLP.
