Adams Street Raises $1 Billion for First Private Credit CLO

Adams Street Partners raised $1 billion from American Equity Investment Life Insurance Companyfor its first vehicle that packages direct loans made to medium-sized firms into securities of varying risk and size.

ASP Summa, the collateralized loan obligation, will be entirely owned by the insurer, according to a statement seen by Bloomberg.

Direct lenders including HPS Investment Partners and Blue Owl Capital Corp. have also issued private credit CLOs in recent months, with Adams Street being the latest to join the boom that is shifting a corner of the $1.3 trillion CLO market. Insurance companies have increasingly been joining ...