Advent to Debut in CLO Market with Apollo’s Seed Funding
- Apollo will provide a ‘significant financial commitment’
- Advent’s first CLO financing will be ready in late June
The Solow Building at 57th Street in Manhattan, home of Apollo Global Management.
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Advent Capital Management is launching a platform to manage collateralized loan obligations after receiving seed funding from investing giant Apollo Global Management Inc.
Apollo will provide a “very significant financial commitment” to Advent across equity and debt tranches that will allow the firm to scale a multi-billion dollar platform, Tracy Maitland, Advent’s chief investment officer and president, said in a phone interview. With the money, Advent will manage CLOs backed by broadly-syndicated loans made to large companies. Advent expects to hire three to four additional people to manage the business, Maitland said.