3i closes CLO fund on €413m

Harvest CLO XV is the eighth such fund raised by 3i since September 2013 and the first since the firm closed Harvest CLO XIV on €413.9m in November 2015.

The latest fund will have a final legal maturity of May 2029, with a four-year investment period and a non-call period of two years.

A total of €232m will be dedicated to AAA credits, priced at Euribor + 1.5%, while €42m will be allocated to equity investments. At the other end of the scale €38m will consist of sub-investment-grade credits priced between Euribor + 6.5-7.5%, accounting for 14% of the overall fund.

In 2015, 3i raised around $2.7bn through five CLOs, bringing the debt management arm's assets under management to $11.3bn.

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• Topics
• Funds
• Debt
• 3i
• credit
• CLO/CDO