PPM America, an investment management firm, has closed its ninth CLO at $400 million. PPM CLO 3 is managed by PPM Loan Management Company LLC.
CHICAGO–(BUSINESS WIRE)–PPM America, Inc. (PPM) today announced the closing of PPM CLO 3, Ltd. (CLO 3), a $400 million CLO with a 3-year reinvestment period. CLO 3 is managed by a PPM subsidiary, PPM Loan Management Company, LLC (PPMLM), a registered investment adviser created in 2017 to comply with risk retention regulations.
CLO 3 is managed by the firm’s seasoned bank loan team, which averages over 24 years of bank loan investment experience and manages $2.86 billion in bank loan assets as of April 30, 2019. The team is supported by the firm’s robust and long-tenured 26-person credit research team. CLO 3 is the ninth CLO in the firm’s history, which has been an active investor in bank loans since 1995.
“CLO 3 represents PPM’s third successful transaction closed in the past year. We have continuously received positive feedback regarding our platform from investors and prospective investors, and we expect this momentum to continue for future transactions,” said James Damron, senior managing director and head of relationship management on the business development team at PPM.
About PPM America
Our mission is to be indispensable to our clients.
Founded in 1990, PPM America is a global institutional asset manager with $122.14 billion in assets as of April 30, 2019. We offer investment solutions in public fixed income, public equity, private equity, and private debt. Our investment approach is guided by team-based values and our firm size allows us to remain nimble and investment-led. For more information about PPM, please visit PPM America’s website at: www.ppmamerica.com.
PPM is an indirect subsidiary of Prudential plc (“UK Parent”), a company incorporated in England and Wales. The UK Parent and its affiliated companies constitute one of the world’s leading financial services groups providing insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for more than 170 years and has $837.1 billion in assets under management (as of December 31, 2018). The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.