Apollo seeds Advent Capital’s debut CLO platform

Apollo is backing Advent Capital Management’s collateralized loan obligation platform, with the partnership providing seed equity and debt capital for a series of Advent-managed CLOs.

“By enhancing Advent’s current platform and performance-based culture, we are demonstrating our continued commitment to meeting the changing needs of a competitive market,” said Tracy Maitland, president and chief investment officer of Advent. “We are delighted and extremely enthusiastic to symbiotically partner with Apollo, a world-class global market leader that shares our credit-first philosophy to build our CLO capabilities.”

Advent’s CLO platform is an extension of the firm’s credit underwriting, structuring and leveraged loan expertise. Founded in 1995, Advent has grown and boasts a team of 23 investment professionals focused on global opportunities in convertible securities, high yield bonds and leveraged loans.

“Advent’s established expertise in analyzing corporate capital structures allows us to naturally extend our specialist platform with a complementary credit offering,” added Maitland. “This is an exciting time for Advent to enter a growing market that further expands upon our existing investment capabilities.”

The size of the transaction was not disclosed but is thought to be significant enough to allow the $10 billion Advent to scale into a multi-billion-dollar platform. The assets from Apollo are on behalf of its managed investment vehicles, officials announced.

“Advent Capital Management has an excellent track record, shares a disciplined credit approach and is a natural CLO partner for Apollo,” said Apollo Partner and Head of Structured Credit Bret Leas. “We are pleased to apply our capital and expertise to expand the opportunity for Advent to grow and diversify their business while generating attractive risk-adjusted return opportunities for our clients.”

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