The Carlyle Group LP (Nasdaq: CG) closed a new U.S.  collateralized loan obligation (CLO) fund valued at about $403 million. The fund, Carlyle GMS CLO 2016-1, will invest mostly in senior secured bank loans.  In 2015, Carlyle raised a CLO fund to target bank loans.

Carlyle issued $15.8 billion in CLOs since 2011 and as of Dec. 31, the PE firm’s CLO business has about $19 billion under management. Carlyle’s CLO's are part of its global market strategies division, which includes energy mezzanine loans along with high yield and distressed debt. The PE firm also raised a CLO fund in 2014.

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