Ares Prices Second European CLO Backed by Private Credit Loans

Ares Management Corp. priced its second European direct lending collateralized loan obligation, a person familiar with the matter said, doubling the total number of private credit CLOs in the region as investors warm to the nascent asset class.

Ares European Direct Lending CLO II is a €303.95 million-equivalent ($358 million) euro-sterling transaction holding direct lending investments in more than 70 companies across Western Europe. The deal comes just nine months after Ares raised a £305 million ($410 million) CLO, also backed by a pool of middle-market loans.