Cumulative CLO assets under management (AUM) increased to $335 billion in July with CLO AUM reaching $65 billion for CLOs with 2014 vintage. This figure is quickly catching up to the $81 billion in assets under management for 2013 vintage
CLOs and has far surpassed the $51 billion for 2012 CLOs. Similarly, 2007 vintage CLOs are also managing $64 billion in assets currently. CLO issuance peaked at over $100 billion in 2007, while approaching $65 billion already so far this year. While 2014 may set a new issuance record, risk retention looms and banks are working to address pre-Volcker Rule CLOs. Banks have until 2017 to divest or amend non-compliant deals, removing bond buckets and considering springing securities baskets, or giving up manager control provisions. In addition, any CLO notes bought or sold after December 31, 2013, are not eligible for the 2017 conformance period extension and would have to be divested by banks by 2015. For now, a broader investor base has been increasingly attracted to the new Volcker Rule-compliant notes with favorable AAA spreads, leading banks to return to some degree, while arrangers expect that growth from non-traditional investors including money managers will continue given the availability of shorter duration notes via refinanced deals.
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
