TCW Closes $400 Million CLO, Adding to Strong Growth in Alternative Credit

February 26, 2024 at 12:30 PM EST

Firm Has Doubled Alternative Credit Assets Since 2020

The TCW Group, a leading global asset management company, today announced that it has closed a $400 million Collateralized Loan Obligation (CLO) fund, TCW CLO 2024-1, Ltd., which is secured primarily by broadly syndicated first-lien loans.

TCW now manages 11 CLOs with over $4.5 billion of dedicated CLO assets under management (AUM) and over $6.5 billion of broadly syndicated loans. Over the past four years, TCW has more than doubled its alternative credit assets under management. Across TCW’s private credit platform, private asset-backed finance business, CLO liabilities and CLO AUM, TCW now manages nearly $20 billion in alternative credit products. CLOs are managed within TCW’s $52 billion integrated global credit platform. TCW CLO-2024-1 will be led by Senior Portfolio Managers Drew Sweeney and Ken Toshima.

“TCW has a strong heritage in investing in credit markets across the quality and liquidity spectrum, and we view CLOs as a core area of focus and growth,” said Jerry Cudzil, Fixed Income Generalist Portfolio Manager.

As previously announced, TCW recently entered into a strategic CLO equity investment partnership with Lakemore Partners Ltd., a leading private credit investment firm, to support the growth of TCW’s CLO platform.

“We have worked tirelessly to develop a best-in-class process for the construction and management of CLOs, and are continuously grateful for the trust and confidence our investment partners place in TCW,” said Sweeney.

Jefferies LLC served as placement agent and structuring agent.

About The TCW Group

TCW is a leading global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments. With half a century of investment experience, TCW today manages approximately $200 billion in client assets. Through the MetWest Funds and TCW Funds families, TCW manages one of the largest mutual 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.