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GoldenTree closes third CLO equity fund at $1.3bn

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GoldenTree Asset Management (GoldenTree), the $54bn global credit hedge fund firm founded by Steve Tananbaum, has closed its third CLO strategy, GoldenTree Loan Management (GLM) III with commitments of $1.3bn, ahead of its $1bn target.

The closing of GLM III, a continuation of the GLM programme that began in 2016, brings aggregate GLM commitments to over $2.625bn.

GLM III’s global investor base includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the US, Europe, Asia and the Middle East. “

The GLM program has enabled a broader universe of investors to access the attractive yield and total return profile of GoldenTree’s CLO equity,” said Kathy Sutherland, GoldenTree’s CEO. “Demand for our CLO equity has increased as investors recognise the value it can create within their portfolio,” she continued. GoldenTree’s partners and employees have also personally made commitments to the Fund of $50m, demonstrating the Firm’s high conviction in the strategy and strong alignment with investor interests.

GLM III follows the success of the previous vintage< GLM II, which has delivered a net IRR since inception of 18% as of 29 February, 2024, as well as annual distributions of 17% per annum. GLM III issued its first CLO – GLM US CLO 19 – in January 2024, which secured AAA spreads at the time representing the tightest AAA spread in the market since May 2022.

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