CHICAGO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/clo?src=hash” target=”_blank”gt;#clolt;/agt;–PPM America, Inc. (PPM) today announced the closing of PPM CLO 2, Ltd.
(CLO 2), a $400 million CLO with a 5-year reinvestment period. CLO 2 is
managed by the PPM Loan Management Company, LLC (PPMLM), a registered
investment adviser that manages CLOs and was created in 2017 to comply
with risk retention regulations.
CLO 2 is managed by PPM’s bank loan team and is headed by John Walding,
senior managing director and portfolio manager. The four-person
portfolio management team averages over 24 years of specialized bank
loan investment experience and manages $2.86 billion in bank loan assets
as of January 31, 2019. The bank loan team is supported by PPM’s
25-person credit research team. Both teams work cohesively to manage CLO
portfolios by vetting, underwriting, selecting and managing the
underlying bank loan investments.
PPM has a long history of managing CLOs in addition to retail and
institutional floating rate income products, and intends to be a regular
participant in the CLO space going forward. This CLO is the eighth CLO
in the firm’s history, which has been an active investor in bank loans
“We are proud to offer CLO 2 to investors and appreciate our partnership
with Goldman Sachs,” said James Damron, senior managing director and
head of relationship management on the business development team at PPM.
“This CLO further demonstrates our commitment to be a regular issuer,
About PPM America
Founded in 1990, PPM America (PPM) is a client-focused investment
manager with more than $119.16 billion in assets as of January 31, 2019,
including $9.31 billion managed by PPM Finance Inc., an affiliate that
manages commercial mortgage loans and certain real estate investments.
As part of one of the world’s leading financial organizations, PPM has
the expertise, global reach and substantial resources to provide our
clients with investment solutions across markets, including public fixed
income, public equity, private equity, and private debt. However, like a
smaller shop, PPM remains nimble, investment-led and responsive to the
opportunities that teams discover together. PPM’s mission is to deliver
specific client solutions and service to investors around the world with
the goal of meeting investors’ unique investment objectives. In
addition, PPM employees are committed to building their community and
supporting local nonprofits that strengthen families and increase
economic opportunities. For more information about PPM, please visit PPM
America’s website at: www.ppmamerica.com.
PPMLM is a registered investment adviser created to manage CLO
portfolios in compliance with risk retention requirements. It was
created in 2017 and currently manages three CLO portfolios. PPMLM is a
direct subsidiary of PPM and utilizes PPM employees for investment
PPM is an indirect subsidiary of Prudential plc (“UK Parent”), a company
incorporated in England and Wales. The UK Parent and its affiliated
companies constitute one of the world’s leading financial services
groups providing insurance and financial services through its
subsidiaries and affiliates throughout the world. It has been in
existence for more than 170 years and has $876.68 billion in assets
under management (as of June 30, 2018). The UK Parent is not affiliated
in any manner with Prudential Financial, Inc., a company whose principal
place of business is in the United States of America.