Advent Capital Management is launching a platform to manage collateralized loan obligations after receiving seed funding from investing giant Apollo Global Management Inc.
The $1 trillion CLO market — the biggest buyers of leveraged loans — has seen some mergers recently. Carlyle Group Inc. agreed to buy Todd Boehly’s investment shop, CBAM Partners LLC, for $787 million, while Blue Owl Capital Inc. purchased Wellfleet Credit Partners in April to jump start an entry into the space.
Advent manages roughly $10 billion across traditional, alternative and closed-end fund strategies. Apollo, which has been led by Marc Rowan since 2021, had approximately $498 billion of assets under management as of December of 2021, according to the statement
Read more: BNN Bloomberg
