PPM America Inc has closed its latest CLO at $354 million. PPM CLO 4 has a three-year reinvestment period and is being managed by PPM Loan Management Company LLC, a subsidiary of PPM.
CHICAGO–(BUSINESS WIRE)–PPM America, Inc. (PPM) today announced the closing of PPM CLO 4, Ltd. (CLO 4) on October 30, a $354 million CLO with a 3-year reinvestment period. CLO 4 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.
“While 2020 posed unique challenges, providing value to our clients and investors is our top priority. We stayed committed to our strategy of delivering CLO portfolios with high diversity and a focus on fundamental credit to meet the unique investment objectives of our debt and equity investors,” said James Damron, senior managing director and head of CLO management at PPM. “We strategically ramped the warehouse portfolio in this volatile market and expect to be fully ramped on a trade date basis on the closing date.”
CLO 4 enabled PPM to expand its investor base to include multiple new debt and equity investors, while retaining many repeat investors. CLO 4 is managed by the firm’s seasoned bank loan team, which averages 25 years of bank loan investment experience and manages $2.53 billion in bank loan assets as of September 30, 2020. The team is supported by the firm’s robust and long-tenured 26-person credit research team. CLO 4 is the tenth CLO in the firm’s history, which has been an active investor in bank loans since 1995.
About PPM America
Founded in 1990, PPM America, Inc. (PPM) is a US-based institutional asset manager with $109.12 billion in assets under management as of September 30, 2020. We have the expertise to provide client 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.