Wellfleet Credit Partners has closed a $406.1 million collateralized loan obligation fund (CLO), called Wellfleet CLO 2016-2. The fund, with commitments from new and existing investors, raised nearly $47.6 million more than its predecessor.

Wellfleet CLO 2016-2 is the third CLO for Wellfleet, the performing credit business of private equity firm Littlejohn & Co. The CLO will be backed by senior secured loans. The fund’s predecessor, Wellfleet CLO 2016-1, closed at $358.5 million in April 2016. With the new loan fund, the credit business now manages more than $1.1 billion in aggregate funds.

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