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PineBridge Investments Advances CLO Business With US$550 Million New Issue
New York, 23 April 2025 – PineBridge Investments (“PineBridge”), a private, global asset manager focused on active, high-conviction investing, today announced the close of Galaxy 35 CLO, Ltd., a US$550 million target par new issue collateralized loan obligation (CLO). J.P. Morgan acted as placement agent of the notes.
Galaxy 35 marks the firm’s 41st CLO issuance, and the latest in a series of transactions to expand its CLO platform. The transaction follows two new issues (Galaxy 33 CLO, Ltd., and Galaxy 34 CLO, Ltd.), three resets (Galaxy XXIV CLO, Ltd., Galaxy XXV CLO, Ltd., and Galaxy 30 CLO, Ltd.), and two refinancings (Galaxy XXVI CLO, Ltd., and Galaxy XXII CLO, Ltd.). All were completed in 2024, reinforcing PineBridge’s continued momentum and commitment to growing this integral business line.
“Successfully closing Galaxy 35 in today’s market reflects both the strength of our CLO platform and the confidence of our investors,” said Dan Sherry, US CLO Portfolio Manager. “Our ability to upsize Galaxy 35 ahead of a period of heightened market volatility provides an opportunity to purchase additional loan assets at attractive valuations. Galaxy CLO activity during 2024 and into 2025 sets up our platform to continue to deliver strong results for our existing investor base.”
2024 represented the strongest year of US CLO issuance for the market in over 20 years, with US$202 billion in new issuance.1 Through 31 March 2025, US$48.6 billion CLOs have priced in the US, keeping pace with the US$48.8 billion priced during the same period last year.2
“As an issuer of CLOs for over two decades, this transaction further exemplifies our long-term commitment to our Galaxy business and its strategic importance to PineBridge’s leveraged finance platform, even amid a complex and evolving credit environment,” said Kevin Wolfson, US CLO and Leveraged Loan Portfolio Manager. “We believe our disciplined, fundamentals-driven investment approach, which focuses on minimizing downside risks while delivering compelling risk-adjusted returns, is appealing to both equity and debt investors.”
PineBridge’s Leveraged Finance Group – led by seven senior portfolio managers with an average of 28 years of industry experience – has managed CLOs since 1999, reflecting the firm’s conviction in the asset class as a critical component of client portfolios and a key driver of growth within the platform. The global, integrated team spans the United States and Europe, covering US and European loans, high yield bonds, and CLOs. As of 31 December 2024, PineBridge managed US$27.4 billion in leveraged finance assets, including US$6.7 billion in CLO AUM.3
1 PitchBook LCD, CLO Global Databank, as of 14 April 2025.
2 Ibid.
3 Leveraged Finance AUM includes all funds/accounts managed by PineBridge focused on US and European loans, high yield bonds, and structured credit investments since inception. Past performance is not indicative of future results. CLO AUM by region includes US$4.9 billion in US CLOs and US$1.8 billion in European CLOs.
About PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our teams across each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 31 December 2024, the firm managed US$190.3 billion* across global asset classes for sophisticated investors around the world.
*AUM as of 31 December 2024 includes US$93.5 billion (US$66.4 billion equities, US$21.1 billion fixed income, US$6.0 billion multi-asset and US$1.1 million alternatives) of assets managed by joint ventures or other entities not wholly owned by PineBridge Investments. Includes PineBridge Benson Elliot Real Estate AUM of US$4.1 billion.
Disclosure
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.
