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3i raises $516m for US-focused CLO fund

16 Dec 2013

UK-headquartered private equity firm 3i Group has closed its latest collateralised loan obligation (CLO) fund, Jamestown CLO III, on $515.9m.

An aggregate of $461.1m of investment grade and non-investment grade debt was issued in five classes and, in addition, $54.8m of subordinated notes were issued. 3i has taken a minority stake in the subordinated notes.

Jamestown III will focus on investing in US corporate debt and in senior secured loans backing private equity buyouts in the US, the firm said.

Jeremy Ghose, CEO and managing partner of 3i Debt Management said: “We continue to demonstrate the strength of our platform. Our core business has grown steadily and we have now successfully closed four CLO transactions in the last 14 months totaling US$1.9bn.”

John Fraser, managing partner 3iDM US, commented: “We continue to see strong interest in CLOs in the US and are pleased to have closed our second CLO this year, raising US$1bn in total.’

3i focuses on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. Its dedicated 3i Debt Management arm was founded through the acquisition of Mizuho Investment Management in February 2011, and specialises in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.

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