LOS ANGELES--(BUSINESS WIRE)--The TCW Group, a leading global asset management company, today announced that it has closed its second $400 million Collateralized Loan Obligation (CLO) fund this year, TCW CLO 2024-2, Ltd., which is secured primarily by broadly syndicated first-lien loans. This close adds to TCW’s strong, continued growth in alternative credit assets, which have more than doubled since 2020.
The close of TCW CLO 2024-2 follows on TCW CLO 2024-1, a $400 million CLO that closed in February of this year. TCW now manages 12 CLOs within the firm’s leading $52 billion integrated global credit platform.
TCW continues to grow its alternative credit assets under management (AUM) across private credit, private asset-backed finance, CLO liabilities and CLO AUM. In 2023, TCW entered into a strategic CLO equity investment partnership with Lakemore Partners Ltd. to support the growth of TCW’s CLO platform. In early 2024, TCW launched a private asset-backed finance business that leverages the strength of TCW’s $90 billion liquid securitized business. In May 2024, TCW announced a formal partnership with PNC Financial Services to deliver private credit solutions to middle market companies.
“We see increasing demand from investors for a range of alternative credit products, including CLOs, to add diversified return streams in their portfolios,” said Jerry Cudzil, Fixed Income Generalist Portfolio Manager. “TCW’s growth in alternative credit is a natural extension of our industry-leading credit capabilities across the capital structure, which includes a significant leveraged finance platform.”
TCW CLO 2024-2 will be led by Senior Portfolio Managers Drew Sweeney and Ken Toshima.
“This deal brings TCW’s CLO AUM to $5 billion, and we are gratified to be recognized as a top tier CLO manager by our investors,” said Sweeney.
Jefferies LLC served as placement agent and structuring agent.
This material is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. TCW, its officers, directors, employees, or clients may have positions in securities or investments mentioned in this publication, which positions may change at any time, without notice. While the information and statistical data contained herein are based on sources believed to be reliable, we do not represent that it is accurate and should not be relied on as such or be the basis for an investment decision. The information contained herein may include preliminary information and/or "forward-looking statements." Due to numerous factors, actual events may differ substantially from those presented. TCW assumes no duty to update any forward-looking statements or opinions in this document. Any opinions expressed herein are current only as of the time made and are subject to change without notice. Past performance is no guarantee of future results. © 2024 TCW
About The TCW Group
TCW is a leading global asset management firm with a broad range of products across fixed income, alternative investments, equities, and emerging markets. With over half a century of investment experience, TCW manages approximately $200 billion in client assets today. Through its ETFs, TCW MetWest Funds, and TCW Funds, TCW manages one of the largest fund complexes in the U.S. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. For more information, please visit www.tcw.com.
