PPM America, Inc. (PPM) today announced the closing of PPM CLO 2, Ltd. (CLO 2), a $400 million CLO with a 5-year reinvestment period. CLO 2 is managed by the PPM Loan Management Company, LLC (PPMLM), a registered investment adviser that manages CLOs and was created in 2017 to comply with risk retention regulations.
CLO 2 is managed by PPMs bank loan team and is headed by John Walding, senior managing director and portfolio manager. The four-person portfolio management team averages over 24 years of specialized bank loan investment experience and manages $2.86 billion in bank loan assets as of January 31, 2019. The bank loan team is supported by PPMs 25-person credit research team. Both teams work cohesively to manage CLO portfolios by vetting, underwriting, selecting and managing the underlying bank loan investments.
PPM has a long history of managing CLOs in addition to retail and institutional floating rate income products, and intends to be a regular participant in the CLO space going forward. This CLO is the eighth CLO in the firms history, which has been an active investor in bank loans since 1995.
We are proud to offer CLO 2 to investors and appreciate our partnership with Goldman Sachs, said James Damron, senior managing director and head of relationship management on the business development team at PPM. This CLO further demonstrates our commitment to be a regular issuer, market permitting.
About PPM America
Founded in 1990, PPM America (PPM) is a client-focused investment manager with more than $119.16 billion in assets as of January 31, 2019, including $9.31 billion managed by PPM Finance Inc., an affiliate that manages commercial mortgage loans and certain real estate investments. As part of one of the worlds leading financial organizations, PPM has the expertise, global reach and substantial resources to provide our clients with investment solutions across markets, including public fixed income, public equity, private equity, and private debt. However, like a smaller shop, PPM remains nimble, investment-led and responsive to the opportunities that teams discover together. PPMs mission is to deliver specific client solutions and service to investors around the world with the goal of meeting investors unique investment objectives. In addition, PPM employees are committed to building their community and supporting local nonprofits that strengthen families and increase economic opportunities. For more information about PPM, please visit PPM Americas website at: www.ppmamerica.com.
PPMLM is a registered investment adviser created to manage CLO portfolios in compliance with risk retention requirements. It was created in 2017 and currently manages three CLO portfolios. PPMLM is a direct subsidiary of PPM and utilizes PPM employees for investment management services.
PPM is an indirect subsidiary of Prudential plc (UK Parent), a company incorporated in England and Wales. The UK Parent and its affiliated companies constitute one of the world’s leading financial services groups providing insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for more than 170 years and has $876.68 billion in assets under management (as of June 30, 2018). The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.