European CLOs have had a stellar start to 2025, after recording the busiest January on record for issuance amid a rapid tightening in liability spreads.
In this Q&A session, LFI spoke to Frederic Couderc, Chenavari Investment Managers’ co-chief investment officer, and to Simon Gold, Chenavari’s senior trader, ABS & CLOs, about the launch of their new CLO fund.
They discuss the motivations behind the fund launch, where they see value in the capital stack, the potential impact of regulatory changes such as Solvency II reforms on market dynamics, and why debut CLO managers offer an interesting investment opportunity in today’s market.
LFI: What are the primary targets and goals for your new CLO fund?
Frederic: We launched it at the beginning of January 2025–a Luxembourg-listed open-ended fund with monthly liquidity. It primarily invests in European CLOs but can also invest in ABS if opportunities arise…
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