3i Group plc, an international investment manager focused on mid-market private equity, infrastructure and debt management across Europe, North America and Asia, recently closed a €413m collateralized loan obligation* fund.
Harvest XV CLO will principally focus on investing in senior secured loans backing private equity buyouts in Europe.
The vehicle, which will have a final legal maturity of May 2029, is managed by 3i Debt Management, which specializes in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.
*According to Investopedia, a collateralized loan obligation (CLO) is a security backed by a pool of low-rated corporate loans. Through a CLO, an investor receives scheduled debt payments from the underlying loans, assuming the majority of the risk in the event borrowers default, but is offered the potential for higher-than-average returns.