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Analysis CLOs
Apollo takes crown as 2025’s top issuer
by Shant Fabricatorian
For the first time, the combined issuance of Apollo Global Management’s three CLO brands has secured it top spot in the Creditflux ranking. The firm beat second-placed Blackstone by USD 1bn
Apollo Global Management has grabbed top spot in Creditflux’s global issuance rankings for the first time. The manager was propelled to league table leadership by strong issuance figures across the board in the US and Europe.
Apollo, which issues CLOs under the Redding Ridge, MidCap and Apollo brands, finished the year with just under USD 26bn in total issuance, around USD 1bn ahead of second-placed Blackstone.
Blackstone remained the global AUM leader, but Apollo’s rise has upended the Blackstone-Carlyle battle for the top spot, which had defined that table since 2022.
Global CLO & private credit issuance 2025 ($bn)
Source: Creditflux
Blackstone also kept its place as the top US market issuer, a result that was bolstered by its strong lead in new BSL issuance. The global AUM leader outpaced Apollo in new CLO issuance overall, pricing some USD 11.5bn of fresh deals.
The rise of BlackRock/HPS is a key theme in the 2025 rankings — part of a broader story of how the CLO market is being reshaped by some high-profile, big-dollar acquisitions. BlackRock’s purchase of HPS helped the combined entity become a major player in the CLO space, putting it third globally and second in private credit CLO issuance. Apollo’s buyout of Irradiant Partners, meanwhile, added more than USD 9bn to its AUM tally.
26.0
bn
$
Total global issuance by Apollo Global Management in 2025
The European CLO market likewise saw a new issuance leader emerge in 2025. CVC leapt into first position, ahead of Apollo and BlackRock/HPS. Its rise came after top-three placings in 2023 and 2024. Like Apollo and BlackRock/HPS, CVC has also recently expanded via acquisition, announcing in January that it had purchased Marathon Asset Management to enhance its US offering.
CLO manager ranking by principal liabilities
Debt + equity as of 31 December 2025
Golub Capital comfortably made it nine years in a row atop Creditflux’s private credit CLO manager league tables, claiming a 16.6% share of the market. That was almost twice the share of BlackRock/HPS, which claimed silver with some USD 6.67bn of issuance. It finished ahead of a trio of triple-A heavyweights — Apollo, Antares and Ares. Notably, the private credit space also saw a number of debutant issuers in 2025, including Adams Street Credit Advisors, Kohlberg & Co and Stone Point.
Among arrangers, Bank of America capped off a strong year, claiming first place in the global rankings and in US BSL. Last year’s global market leader JPMorgan slipped to third. This follows the departure of three of its leading CLO bankers to SMBC Nikko in October 2024. The Japanese bank has since quadrupled the value of its arranged deals.
Global CLO issuance: 2015-25 ($bn)
Source: Creditflux
Methodology
- All data used for these rankings is as of 31 December 2025.
- Our issuance totals exclude double-counting due to jointly arranged deals. In jointly arranged deals, credit is split between the lead and co-arranger.
- For queries and corrections please contact data@creditflux.com.
