- Deal marks Permira Credit’s third US CLO pricing since the launch of the US-based Menlo CLO management business in November 2024
- Global CLO Management AUM for Permira Credit to reach €6.1bn upon closing of the transaction
Menlo Park, California – 16 September 2025 – Permira Credit, a leading specialist credit investor, today announced the pricing of MENLO CLO III (“Menlo III”), a $530 million collateralized loan obligation (“CLO”) transaction in the United States, which was upsized due to strong investor demand.
This is the third US CLO launched in the last ten months by the dedicated US team, following the launch of the US platform in November 2024 with the pricing of Menlo I, a $430.6 million upsized transaction. Menlo II priced in April 2025 at $404 million.
The Menlo CLO management business follows the same established investment strategy that has allowed Permira Credit’s European CLO management business, Providus, to deliver strong and consistent performance since 2018 – a credit-led approach; defensive portfolio construction with a focus on resilient sectors such as technology, healthcare and business services; active portfolio management; and responsible investing.
Ariadna Stefanescu, Head of Liquid Credit at Permira Credit, said: “Pricing our third US deal in 10 months, in particular with the backdrop of significant volatility in global markets, reflects clear recognition of our established investment strategy and track record. We continue to believe there is huge opportunity in the US credit market and appreciate the ongoing support from our investors.”
Permira’s Credit platform was established in 2008 and today manages approximately €20 billion of AUM. It is currently investing its fifth Direct Lending vintage, which closed on €4.5bn of investable capital in 2023. The platform’s Liquid Credit business has grown successfully since 2007, today managing approximately €4.8bn of AUM in Europe and $1.5bn in the US, upon closing of Menlo III. The firm’s European CLO management platform, Providus, is a well-established and active player in Europe, with 12 CLOs issued since 2018. It was also the first European CLO manager to include ESG negative screening language in its CLO documentation.
The pricing is subject to customary closing conditions. The collateral manager of Menlo III is Permira US CLO Manager LLC.
