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Credit Funds Pemberton, Sona Seek Entry Into European CLO Market

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A number of new entrants seeking to break into Europe’s market for collateralized loan obligations are meeting with investors to pitch their first deals.

Direct lender Pemberton Asset Management and hedge fund Sona Asset Management are both marketing debut CLOs, according to people familiar with the matter who aren’t authorized to speak publicly.

The deals, comprising European leveraged loans, are expected to launch in the coming weeks, the people said, with JPMorgan Chase & Co. acting as the arranger for both. Sona’s is €350 million in size, according to one of them.Among the other entrants into Europe’s $300 billion CLO market this year is Arini, the hedge fund of former Credit Suisse star trader Hamza Lemssouguer.

Even so, it’s a challenging moment for the asset class as surging interest rates put the brake on big corporate and buyout deals, and thus demand for the leveraged loans that finance them, while company defaults are starting to pick up. The debut CLO by Pemberton would come a little over a year and a half after the firm hired market veteran Rob Reynolds to head up its new collateralized loan platform in March 2022.

Meanwhile, John Aylward’s Sona hired Jacob Walton early this year to head up the credit hedge fund’s new platform for collateralized loan obligations in Europe. Walton was previously a CLO analyst at Rothschild & Co.

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