Man Group establishes US CLO equity program with $150 million capacity
Investment firm Man Group has launched its first captive CLO equity program with up to $150 million in capacity. The program will support the growth of the firm's U.S. CLO platform.
Man Group PLC, a global alternative investment firm, has closed its first captive CLO (Collateralized Loan Obligation) equity program, providing up to $150 million in capacity. The program, established with significant support from a strategic institutional provider of CLO capital, is intended to bolster the continued growth of the firm's U.S. broadly syndicated loan CLO platform.
Man Group will also invest in the program, signaling its commitment to its U.S. CLO operations. This dedicated capital source allows the firm to issue multiple U.S. CLOs, reinvest capital from maturing CLOs, and pursue secondary or add-on capital raises as required.
The establishment of the program follows Man Group's acquisition of Bardin Hill, a New York-based credit manager with an established U.S. CLO franchise. Man Group has integrated its CLO businesses under this platform, led by Philip Raciti. The combined teams and systems now operate within a centralized infrastructure. Since the acquisition, Man Group has successfully reset three CLOs and refinanced one, encompassing issuances under both the Bardin Hill and Man Group brands.
"Credit is a cornerstone of our investment platform, and this underscores our long-term commitment to building scale and consistency in the CLO space," said Steven Desmyter, President of Man Group. Philip Raciti, Global Head of Broadly Syndicated Loans at Man Group, noted that the captive equity program provides the certainty and flexibility to be an active issuer and seek attractive risk-adjusted returns across credit cycles.