WhiteStar Asset Management L.P, the credit arm of the investment firm Clearlake Capital Group, acquired the five reinvesting Collateralized Loan Obligations managed by Carlson CLO Advisors LLC. Carlson CLO Advisors is the wholly-owned subsidiary of Carlson Capital L.P., an alternative investment manager. WhiteStar will assume collateral management duties of the Cathedral Lake CLOs totaling more than $2 billion.
This deal is the second acquisition of CLO contracts by WhiteStar in four months. Upon the closing of the deal, WhiteStar now manages approximately $12 billion in CLO assets under management through 27 CLO CLO vehicles, hedge funds, and account offerings. Carlson CLO Advisers will pass on collateral totaling more than $2 billion and branded under the Cathedral Lake shelf.
CEO of WhiteStar Gibran Mahmud said, “With this acquisition on the heels of our acquisitions completed in 2021, we continue to deliver on our strategic plan to grow the credit business and enter new markets.”
Milbank LLP represented White Star in the transition and Mayer Brown LLP represented Carlson.