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Global credit funds & CLO's
June 2023 | Issue 255
Published in London & New York.
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June 2023 | Issue 255
Event CLO awards
Treble top: CSAM wins best manager again
Treble top: CSAM wins best manager again
Tom Davidson
Managing editor
For the third time in as many years, Credit Suisse Asset Management had the highest average ranking across all its deals and was named Manager of the Year at the Creditflux awards
Returning to the Landmark Hotel in London, the 2023 Creditflux manager awards looked back at a year that saw the CLO market in flux. After the stability of 2021, the markets hit a rocky patch and US CLO triple As ranged from 110-290 basis points.
The challenging conditions brought some managers with a defensive approach to the fore. They also highlighted managers such as CSAM, whose consistent performance in the US and Europe, propelled them to a record fifth Manager of the Year award (and gave them three best manager wins in a row).
Elmwood scoops three on the night
Claiming the most awards at this year’s event, Elmwood took home the prizes for Best US CLO Manager, as well as Best US CLO and Best New US CLO.
Crystal Fund also returned to the stage, taking home the Best CLO Fund award once again, after winning in 2019.
Overall this year, more CLO managers than ever competed for the top honours. 78 managers submitted over 1,600 eligible CLOs for consideration across the 18 different categories.
Andrew Marshak: the head of CSAM’s European CLO business noted he had learned from his mistake last year (when he vacated his seat at an inopportune moment), and he collected his firm’s third Manager of the Year award in a row
Creditflux Manager of the Year
CSAM
Finalists
Brigade
GoldenTree
Palmer Square
Rockford Tower
Methodology
Highest average ranking across all deals
Eligibility
Firms eligible for four or more categories
Adrian Marshall & Brian McNamara
Best US CLO manager
Elmwood
Finalists
CSAM
Generate
Octagon
Palmer Square
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with five or more active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Best US boutique CLO manager
Aquarian
Finalists
Birch Grove
Capital Four
Diameter
Saratoga
Methodology
Mean blended outperformance across US CLOs
Eligibility
Firms with four or fewer active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Pictured: Justin Driscoll
Best new US CLO
Elmwood CLO 14
Elmwood
Finalists
Regatta XXII Funding (Napier Park)
Venture 45 (MJX)
Palmer Square CLO 2022-3 (Palmer Square)
Dryden 93 CLO (PGIM)
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2022, which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Pictured: Adrian Marshall, Brian McNamara
Best US CLO
Elmwood CLO V
Elmwood
Finalists
Madison Park Funding XLVIII (CSAM)
GoldenTree Loan Management US CLO 1 (GoldenTree)
Pikes Peak CLO 6 (Partners)
Zais CLO 15 (Zais)
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2022, which are still within reinvestment, and which invest in broadly syndicated US collateral, with reports listed on CLO-i
Pictured: Adrian Marshall, Brian McNamara
Best non-traditional CLO
Diameter Credit Funding II
Diameter
Finalists
Anchorage Credit Funding 8 (Anchorage)
Owl Rock Technology Financing 2020-1 (Blue Owl)
Romark Credit Funding I (Shenkman)
Methodology
Blended outperformance
Eligibility
CLOs that have the flexibility to invest in a high proportion of triple C assets or bonds
Pictured: Scott Goodwin, Jonathan Lewinsohn
Best redeemed US CLO
Palmer Square LF 2020-2
Palmer Square
Finalists
Carlyle GMS CLO 2015-3 (Carlyle)
Madison Park Funding X (CSAM)
Dryden 33 Senior Loan Fund (PGIM)
Methodology
Final IRR
Eligibility
CLOs redeemed in 2022
Pictured: Jon Brager
Phillip Bennett-Britton & Oliver Drummond Smith
Best European CLO manager
Spire
Finalists
CSAM
GoldenTree
KKR
Napier Park
Methodology
Mean blended outperformance across European CLOs
Eligibility
Firms with four or more active CLOs which invest in European collateral and whose reports are listed on CLO-i
Best European boutique CLO manager
Acer Tree
Finalists
AlbaCore
Cross Ocean
Fidelity
Methodology
Mean blended outperformance across European CLOs
Eligibility
Firms with four or fewer active CLOs which invest in broadly syndicated US collateral and whose reports are listed on CLO-i
Pictured: Jonathan Bowers, Philip Grose
Best new European CLO
RRE 11
Apollo (Redding Ridge)
Finalists
Barings Euro CLO 2021-3 (Barings)
Bilbao CLO IV (Guggenheim)
Hayfin Emerald CLO VIII (Hayfin)
Aurium CLO IX (Spire)
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2022, which invest in European collateral and whose reports are listed on CLO-i
Pictured: Bhavin Patel
Best European CLO
Fair Oaks Loan Funding III
Fair Oaks
Finalists
Deer Park (Blackstone)
GoldenTree LM EUR CLO 5 (GoldenTree)
Sculptor European CLO VIII (Sculptor)
Aurium CLO VI (Spire)
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2022 and are still within reinvestment, which invest in European collateral and whose reports are listed on CLO-i
Pictured: Tyler Wallace
Best redeemed non-traditional CLO
Anchorage Credit Opps I
Anchorage
Methodology
Final IRR
Eligibility
CLOs redeemed in 2022
Pictured: Yale Baron
Olivier Gozlan
Best CLO fund
BK Opportunities Fund IV
Crystal Fund
Finalists
Capital Four Structured Credit Opportunities (Capital Four)
Fair Oaks Master Credit III (Fair Oaks)
Napier Park Eton Fund (Napier Park)
Sound Point Harbor Fund (Sound Point)
Methodology
Volatility-adjusted weighted performance
Eligibility
Funds that invest predominantly in CLOs, which are present in Creditflux’s monthly performance listings
Seth Painter
Best mid market CLO manager
Antares
Finalists
Barings
Cerberus
Golub
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
Best public closed-end CLO fund
Blackstone Loan Fin. Limited (BGLF)
Blackstone
Finalists
Eagle Point Income (EIC) (Eagle Point)
Fair Oaks IL — 2021 Shares (Fair Oaks)
Priority Income Fund (Prospect)
Methodology
Annualised change in total outstanding value of fund
Eligibility
Publicly listed funds that invest predominantly in CLOs and have no periodic redemption requirements
Pictured: Alex Leonard, Jane Lee
Best private closed-end CLO fund
Alcentra Structured Credit Opps F IV
Alcentra
Finalists
Wollemi Investments I (Fair Oaks)
Irradiant CLO Partners II (Irradiant)
Aquatine IV (Lakemore)
Sycamore Tree CLO Fund (Sycamore Tree)
Methodology
Annualised IRR in 2022
Eligibility
Private funds that invest predominantly in CLOs and have no periodic redemption requirements
Pictured: Cameron McKenzie
Best new mid-market CLO
LJV I MM CLO
First Eagle
Finalists
BCRED MML CLO 2021-1 (Blackstone)
Cerberus Loan Funding XXXVII (Cerberus)
Golub Capital Partners CLO 61 (M) (Golub)
Methodology
Blended outperformance
Eligibility
CLOs that went effective in 2022, which invest in mid market loans and whose reports are listed on CLO-i
Pictured: Tracey Jackson
Best mid-market CLO
Cerberus Loan Funding XXIX
Cerberus
Finalists
Antares CLO 2018-1 (Antares Capital)
Barings MM CLO 2018-1 (Barings)
Golub Capital Partners CLO 36(M) (Golub Capital)
Owl Rock CLO V (Owl Rock Capital Advisors)
Methodlogy
Blended outperformance
Methodology
Blended outperformance
Eligibility
CLOs that went effective before 2022 that are still within reinvestment and which invest in mid market loans whose reports are listed on CLO-i
Pictured: Joe Carden
Awards Methodology
Blended outperformance
The average ranking of each CLO relative to its peers by up to 10 performance metrics.
This rewards managers that achieve high returns without compromising the quality of the portfolio.
Metrics 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 and 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 2021 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, and distributions and final NAV at the end of the year 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.
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