Carlyle buys Stanfield's $4.2bn CLOs

The deal includes a $950m purchase of credit managed accounts, and will see the private equity group grow its CLO assets under management by 40%, from the current $10.2bn. All of the assets are primarily invested in non-investment grade corporate loans.

Apollo Management and Bain Capital's debt-investment affiliate, Sankaty Advisors, are understood to also have been bidding for the credit portfolio. Carlyle said plans to continue to search for additional deals to expand its credit alternatives business. The transaction is awaiting investor approval and is expected to be completed in the third quarter of 2010.

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