Consolidation is shaping 9fin’s manager rankings, with the absorption of First Eagle Alternative Credit (FEAC) under Napier Park Global Capital moving the new combined manager up from being the 30th to 14th largest manager globally. Approximately $10.45bn in assets was added to Napier Park’s CLO platform from First Eagle according to 9fin data.

AUM building through acquisition has been a common strategy for CLO managers this year, most notably last quarter when Apollo climbed to second place, where it still stands, due to its acquisition of Irradiant Partners.

Similarly BlackRock’s acquisition of HPS Investment Partners, which was finalised at the beginning of Q3, means that the combined total of those platforms is now $45bn, according to 9fin data. This would make it the fourth largest manager globally, however those CLO managers are are operating independently, as previously covered by 9fin.

Elsewhere a household name looks like it will no longer be used for CLO issuance as Franklin Templeton retired the Alcentra branding for its Jubilee series of deals in Europe, according to the latest marketing, with CLOs in both the US and Europe now operating under the Benefit Street Partners umbrella.

But multi-manager platforms are still prevalent in the US CLO market. 9fin recently covered T Rowe Price, the parent of CLO manager Oak Hill Advisors, progressing on launching an independent CLO platform.

Garnet Credit Management, Elliott Management’s second CLO-arm, has also wasted no time in building AUM, having already priced its third CLO after closing its first, Garnet CLO 2025-1, on 3 July 2025.

Other firms expanded their CLO manager portfolios by adding middle-market platforms. In September, Morgan Stanley Private Credit closed its first private credit CLO, North Haven Private Credit CLO 1 as previously reported by 9fin.

Elsewhere, Blackstone Credit keeps its crown as the largest global CLO manager with $58.95bn in AUM. The manager closed six deals this quarter totaling approximately $3bn which offset the change in AUM due to called deals and amortisation.

Carlyle Group maintains its place at third with $48.01bn AUM, which is only a slight decrease of $0.25bn from last quarter. According to 9fin data, Carlyle called at least eight CLOs (the majority of which were pre-2018 vintages) and closed five new issues over the course of the quarter.

On a similar note, Octagon Investment Partners closed two deals and called five this quarter, with a net decrease of $0.4bn according to 9fin data. Factoring in amortization of approximately $0.3bn, we see an overall decrease of $0.7bn in the quarter, thus dropping Octagon from 15th to 18th in the rankings.

The quarter also saw a number of new entrants into the market. Anthelion Capital closed its debut deal, Anthelion CLO 2025-1, on 28 July 2025. Abry Partners will be reflected in our Q4 rankings as its debut CLO, Abry Liquid Credit CLO 2025-1, closed on 2 October 2025.

In European CLOs, Royal London Asset Management has priced its first CLO, Hambridge Euro CLO 1, which is set to close on 31 October 2025. LGT Capital Partners also took to the stage with a €517.3m European CLO that closed in September, Legato Euro CLO I.

CVC Credit Partners, ranked 10 overall, still leads in European BSL CLOs with €14.54bn. Blackstone and KKR Financial Advisors trail behind at €12.06bn and €10.91bn, respectively.

While European issuance is expected to decline somewhat through the end of the year, some managers made the most of Q3. Arini Capital Management had approximately €1bn of issuance this quarter through Arini European CLO VI and Arini European CLO VII. It now sits in 76th position globally, having only priced its first CLO in November 2023.

In the world of middle-market CLOs, Golub Capital remains firmly at the top with $29.85bn AUM. According to 9fin data, activity picked up in Q3 with US CLO MM issuance totaling $13.5bn compared to $7bn in Q2.

Golub recently issued two deals, one being the long-dated reinvestment CLO, Golub Capital Partners Long Duration 2025-1. Another memorable deal that closed this quarter was Ares Management’s Ares European Direct Lending CLO 1, the first GBP MM CLO.