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Adams Street raises $1bn for first middle market CLO

The private credit team of Adams Street Partners, a private markets investment firm with more than $58bn in AUM, has held the final closing of ASP Summa, a $1bn middle market collateralised loan obligation (CLO).

The CLO is a first for Adams Street and was structured in partnership with American Equity Investment Life Insurance Company (American Equity Life), an issuer of fixed index annuities.

ASP Summa was comprised of a high-conviction portfolio of senior loans issued by private equity backed mid-market companies and was originated through Adams Street’s private credit team.

In a press statement, Bill Sacher, Partner & Head of Private Credit at Adams Street, said: “Adams Street’s first CLO represents a significant milestone for our private credit business. This is expected to be a capital efficient solution that will demonstrate the power of our investment platform and ability to deliver attractive solutions to AEL and insurance companies globally.”

Adams Street Partners’ private credit team manages $9.7bn in AUM and provides a full range of debt solutions to middle market companies across the capital structure. Adams Street and American Equity Life entered into a $2bn joint venture partnership in 2021 to co-develop insurer capital-efficient products in middle market credit.

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