Sycamore Tree raises $401m for third CLO

• Goldman Sachs was the fund’s underwriter with Dechert, LLP acting as counsel to Sycamore Tree
• Sycamore Tree’s total assets under management is now approximately $1.6 billion
• Based in Dallas, Sycamore Tree Capital Partners specializes in alternative credit

Sycamore Tree Capital Partners has closed its third collateralized loan obligation at $401 million.

STCP CLO 3’s backers include banks, insurance companies, and asset management firms.

The CLO has a three-year reinvestment period and a one-year non-call period.

Goldman Sachs was the fund’s underwriter with Dechert, LLP acting as counsel to Sycamore Tree.

“CLO 3 continues our focus on higher quality, more liquid, broadly syndicated US loans across a wide range of industries,” said Trey Parker, chief investment officer at Sycamore Tree, in a statement. “Our focus on capital preservation is well suited to current market conditions and given our access to committed CLO equity capital, we expect to be a disciplined, consistent new issuer.”

Sycamore Tree’s total assets under management is now approximately $1.6 billion.

Based in Dallas, Sycamore Tree Capital Partners specializes in alternative credit. It was founded by industry veterans Mark Okada, Trey Parker and Jack Yang.