After years of cries that “it's happening!” at conferences, a private credit CLO has finally arrived in Europe — Barings made the breakthrough on Thursday (21 November) with Barings EUR Middle Market CLO 2024-1, a deal arranged by BNP Paribas.

Separately, 9fin also reported in the week that Barings is fundraising for a global captive CLO equity fund.

Its €380.6m private credit CLO, static in nature, was understood not to have been broadly marketed given long-term investor interest and reverse enquiries. As previously reported, our sources indicate Barings took down the equity tranche as risk retention holder of the deal.