December 19, 2022
CHICAGO, Illinois – December 20, 2022: PPM America, Inc. (PPM) today announced the closing of PPM CLO 6 Ltd. (CLO 6), a $300 million CLO. This is PPM’s sixth CLO since the firm re-entered the CLO market in 2018, and the twelfth CLO in the firm’s history. CLO 6 is managed by a PPM subsidiary, PPM Loan Management Company 2, LLC, a registered investment adviser.
“During a period of rising rates and market volatility, we are proud to have been able to close a deal with 17 investors, many of whom are new to PPM’s CLO platform,” said James Damron, Senior Managing Director and Head of CLO Management at PPM. “Pricing and closing CLO 6 in a challenging market environment with ongoing investor concerns further supports the ability and strength of PPM’s CLO platform and our relationships with current and new investors.”
CLO 6 is managed by the firm’s seasoned bank loan team, which averages 26 years of investment experience and manages $7.98 billion in leveraged credit and CLO assets as of September 30, 2022. The team has actively managed a wide range of mandates over multiple economic cycles and interest rate environments, and is supported by the firm’s robust and long-tenured 23-person credit research team. PPM has been an active investor in bank loans since 1995.
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About PPM America
Our mission is to be seen by clients and their advisors as a consistently reliable partner to help them achieve their long-term value goals.
PPM is a US-based institutional asset manager with $74.42 billion in assets under management as of December 31, 2024.* Established in Chicago in 1990, PPM exists to consistently support institutional clients in achieving their long-term value goals. We offer our Midwestern mentality of hard work, straight talk, full transparency and humility. Our success is supported by a team-based culture that encourages debate, collaboration and consistency. At the center of our belief is the fact that our best ideas to date have and can come from any team member anywhere in our firm. We believe the success of our investment culture is best demonstrated by the strong retention of our clients and investment professionals.
* AUM includes committed but unfunded capital for PPM’s private equity and commercial real estate businesses. AUM includes both securities issued by PPM CLO vehicles held by PPM separately managed account clients and the underlying collateral assets of the CLO vehicles managed by PPM.
Past performance is no guarantee of future results. There can be no assurance that any particular individual will be involved in the management of any portfolio for any period of time, if at all. Furthermore, there can be no assurance that any PPM professionals presented herein will remain with PPM or that past experience or performance of such professionals serves as an indicator of his or her performance. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed. The opinions and views expressed herein are not intended to be relied upon as a prediction or forecast of actual future events or performance, guarantee of future results, recommendations or advice. Opinions expressed herein are current as of the date indicated and are subject to change without notice.
