Providus CLO II: 28 December 2018

The following is extracted from the press release https://www.permiradebtmanagers.com/news/permira-debt-managers-announces-pricing-of-3613million-clo-providus-ii/)

Permira Debt Managers announced today the pricing of PROVIDUS CLO II D.A.C. a €361.3 million Collateralised Loan Obligation. The CLO is the second since PDM launched its new CLO management platform earlier this year, and the second with ESG investment criteria. The ESG eligibility criteria include restrictions on the nature of industries in which the fund will invest and a commitment to assess ESG issues ahead of the investment decision.

Ariadna Stefanescu, Portfolio Manager at PDM, said: “We are delighted with the result of the pricing, it is further evidence of our CLO platform’s offer. The pricing shows how well PDM is continuing to grow its platform across all its credit investment strategies from its leading, Pan-European direct-lending funds to its structured-credit platforms. It’s great to see investors continuing to respond to our high-quality team and our market-leading ESG focus.”

Providus II represents PDM’s second 2.0 CLO, building on the successful pricing of Providus I earlier this year. To support the continued growth of this strategy the dedicated CLO team has grown in recent months, adding Pierre Driant (from Och-Ziff) and Dries De Craemer (from HSBC) to the already experienced team.

In Structured Credit, through the Sigma strategy, the PDM funds have been major investors in CLOs since 2010. In the past 7 years, the Sigma funds have made over 120 investments backing more than 30 CLO managers. The collateral manager of Providus II is Permira Debt Managers Group Holdings Limited.