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Event CLO awards
GoldenTree snaps up global award... again
Last year, GoldenTree was named Creditflux Global Manager of the Year. This year it repeated that achievement — but it also swooped for our US manager of the year and closed-end fund awards
This year, more than 100 CLO managers and CLO fund managers submitted performance data for the awards at the Nobu Hotel in London. The finalists were announced in April, and the winners were revealed during the Creditflux Manager Awards Dinner on 15 May, which was attended by nearly 350 guests.
Among the big winners were Sound Point Capital Management (Best European CLO Manager) and Golub Capital (Best Middle Market CLO Manager).
GoldenTree Asset Management took home two of the night’s top prizes. The firm was named Best US CLO Manager and also won the most coveted title of them all — Creditflux Global Manager of the Year (the latter for the second year in succession).
Expertise and discipline
“This award is a true testament to our team’s expertise and disciplined approach,” said Kathy Sutherland, CEO of GoldenTree.
Lee Kruter, head of performing credit, added: “At GoldenTree, our differentiation comes from combining strong security selection with active portfolio management. We have also built a structure that consistently enhances CLO execution and delivers value across our investor base.”
From left: GoldenTree’s Adil Patil, Elizaveta Andreeva and Tom Azimrayat Andrews
Creditflux Global Manager of the Year
GoldenTree Asset Management
Finalists
Blackstone Credit
CVC Credit Partners
Napier Park Global Capital
Oak Hill Advisors
Sculptor
Methodology
Highest average ranking across all deals
Eligibility
Firms eligible for four or more categories
Adil Patil, Elizaveta Andreeva, Tom Azimrayat Andrews
Best US CLO manager
GoldenTree
Finalists
AGL
CVC Credit Partners
Elmwood Asset Management
Generate Advisors
Oak Hill Advisors
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with seven or more active CLOs that invest in US broadly syndicated collateral and whose reports are listed on CLO-i
Ross Curran, presenter, Daire Wheeler
Best CLO Fund (>$150m)
Alcentra Structured Credit Opp Fund II
Alcentra
Finalists
BK Opportunities Fund VI — Crystal Fund; Napier Park Eton Fund — Napier Park; Plutus CLO Fund — Prytania; Sound Point Harbor Fund
Methodology
Volatility-adjusted weighted performance
Eligibility
Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings, with an AUM >$150m as of 31-Dec-2024
Best CLO Fund (<$150m)
Lupus Alpha CLO Opp. Notes I
Lupus alpha
Finalists
Accunia King’s Garden; Alegra CLO Opportunities Fund; CIFC CLO Opportunity Fund V; Vibrant Ambar Fund
Methodology
Volatility-adjusted weighted performance
Eligibility
Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings, with an AUM <$150m as of 31-Dec-2024
Michael Hombach
From left: Stuart Fuller, Torben Ronberg, Chris O’Connor, Alex Woolrich
Best US Boutique CLO manager
Muzinich
Finalists
Beach Point Capital Management
Silver Point Capital
Whitebox Capital Management
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with six or fewer active CLOs which invest in US broadly syndicated collateral and whose reports are listed on CLO-i
From left: Ellie Piper, Camille McLeod-Salmon, Michael Curtis, Asha Kapengut
Best European Boutique CLO Manager
Fidelity Investments
Finalists
Fair Oaks Capital
Guggenheim Investments
Signal Capital Partners
Methodology
Mean blended outperformance across European CLOs
Eligibility
Firms with five or fewer active CLOs which invest in European collateral and whose reports are listed on CLO-i
Sourav Sinha, Brian Pilko
Best new US CLO
AGL Core CLO 3
AGL
Finalists
CIFC Funding 2024-I; 1988 CLO 4 — Muzinich; Regatta XXVII Funding; Symphony CLO 40 — Nuveen; Sound Point 40
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2024, which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Best new European CLO
Sound Point Euro CLO 11
Sound Point Capital Management
Finalists
Armada Euro CLO VI — Brigade; Carlyle Euro CLO 2024-1; Fidelity Grand Harbour CLO 2024-1; Invesco Euro CLO XII; Cairn CLO XVIII — Polus Capital
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2024, which invest in European collateral and whose reports are listed on CLO-i
Russell Holliday
Serhan Secmen
Best US CLO
Regatta XIX Fundi
Napier Park Global Capital
Finalists
Juniper Valley Park CLO — Blackstone Credit; CIFC Funding 2023-I; Diameter Capital CLO 5; GoldenTree Loan Management US CLO 9; Symphony CLO 37 — Nuveen; OHA Credit Funding 8 — Oak Hill Advisors
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2024, which are still within reinvestment, and which invest in broadly syndicated US collateral, with reports listed on CLO-i
Best European CLO
Sculptor European CLO IX
Sculptor
Finalists
CVC Cordatus Loan Fund XX; Bilbao CLO IV — Guggenheim; Harvest XX — Investcorp; Avoca CLO XXIII — KKR; Henley CLO II — Napier Park; Aurium CLO VI — Spire Partners
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2024, which are still within reinvestment, and which invest in European collateral, with reports listed on CLO-i
Jessy Monnin, Adeel Shafiqullah
Meriç Topbaş, Viral Shah
Best Redeemed US CLO
Madison Park Funding XIII
UBS
Finalists
Carlyle GMS CLO 2013-4; GoldenTree Loan Management US CLO 2; Golub Capital Partners CLO 22(B)-R; Dryden XXVIII — PGIM
Methodology
Final IRR
Eligibility
US BSL CLOs redeemed in 2024
Best Redeemed European CLO
ALME LF III
Apollo (Redding Ridge)
Finalists
Jubilee 2014-XI — Alcentra; Barings Euro CLO 2014-2; Harvest XI — Investcorp; Cairn CLO IV — Polus Capital
Methodology
Final IRR
Eligibility
European CLOs redeemed in 2024
Dhaval Patel, Anjana Ravani, Gavin James, Emma Gallagher, Anne-Sofie Biltoft, Milind Harish
Alan George
Best MM CLO Manager
Golub Capital
Finalists
Antares Capital
Blackstone Credit
Cerberus Business Finance
Guggenheim Investments
Methodology
Mean blended outperformance across mid-market CLOs
Eligibility
Firms that manage CLOs which invest in middle market loans and whose reports are listed on CLO-i
Joe Carden
Best New Middle Market CLO
Cerberus Loan Funding XXXIX
Cerberus
Finalists
Antares CLO 2024-2; BCRED CLO 2024-1 — Blackstone; Golub Capital Partners CLO 71(M); Monroe Capital MML CLO XVI
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2024 that are still within reinvestment and which invest in mid-market loans whose reports are listed on CLO-i
Best Middle Market CLO
Golub Capital Partners CLO 46(M)
Golub Capital
Finalists
Antares CLO 2020-1; BCRED MML CLO 2022-1 — Blackstone; Cerberus Loan Funding XXXVII; Monroe MML CLO XII
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2024 that are still within reinvestment and which invest in mid-market loans whose reports are listed on CLO-i
Alan George
Elizaveta Andreeva
Best Private Closed-End CLO Fund
GoldenTree LM I LP (GLM I)
GoldenTree
Finalists
Bain Capital Credit CLO Management II Ltd; Irradiant CLO Partners II; Oxford Bridge II, LLC; Sycamore Tree CLO Fund
Methodology
Annualised IRR in 2024
Eligibility
Private funds that invest predominantly in CLOs and have no periodic redemption requirements
Best Public Closed-End CLO Fund
Oxford Lane Capital Corp.
Oxford Funds
Finalists
Eagle Point Income Company (EIC), Fair Oaks Income Limited; XAI Octagon (XFLT); Ymer SC AC
Methodology
Annualised change in total outstanding value of fund
Eligibility
Publicly listed funds that invest predominantly in CLOs and have no periodic redemption requirements
Hooman Banafsheha, Jonathan Cohen
Awards methodology
Blended outperformance
The ranking of each CLO relative to its peers by up to 10 performance metrics. This rewards managers that achieve high returns without compromising portfolio quality. The metrics used are: change in junior OC; headroom in junior OC; WARF; average collateral value; weighted average spread; cash-on-cash return to equity; equity volatility; multiples of money; leverage. Day-one arbitrage is considered for new CLOs.
Volatility-adjusted weighted performance
A measure that combines absolute change in mark-to-market net asset value during 2024 with volatility relevant to each fund’s redemption profile.
Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance.
Closed-end funds
Private closed-end funds were judged on the basis of an annualised IRR that assumed NAV at the start of the year and any drawdowns as inflows. Distributions and final NAV at the end of the year are considered as outflows.
Public closed-end funds were judged using the change in value of the fund over the year accounting for share issuance and distributions.
Final IRR equity
IRR based on the notional size of the CLO equity and taking into account all payments received.
