Adams Street Raises $350 Million Middle Market CLO

Adams Street has raised $350 million with the closing of its first publicly issued middle market collateralized loan obligation, ASP PIF CLO I. The transaction expands Adams Street’s private credit platform and introduces third-party financing to support portfolio growth. The CLO supports a private credit business managing $13.5 billion since launching in 2016.

“This debut CLO represents another important advancement for Adams Street’s private credit platform and reflects strong investor demand for our strategy,” said Bill Sacher, Partner and Head of Private Credit at Adams Street. “Public CLOs are likely to represent an important financing avenue as we continue to expand our private credit business.”

Founded in 1972, the Chicago-headquartered firm provides direct lending, unitranche loans, and structured credit used by financial sponsors to finance acquisitions, refinancings, and growth initiatives for middle market companies. Its customers include sponsor-backed businesses across multiple industries.

“The AAA tranche priced at SOFR + 148, an exceptionally competitive pricing level for an inaugural issuance,” said Tom Vuu, Principal on Adams Street’s Private Credit Team and lead for the group’s financing activity

Goldman Sachs served as sole bookrunner, and Fitch Ratings acted as ratings agency.