Mariner Investment Group Closes Third CLO at $503M

Aug 12 2016 | 12:12am ET

Global alternative asset manager Mariner Investment Group has closed its third collateralized loan obligation (CLO) at $503 million. 

The transaction brings the total value of CLOs closed by Mariner’s leveraged credit team over the past two years to $1.5 billion, the company said in a statement.  

Mariner’s leveraged credit team transitioned from ORIX USA, Mariner’s parent company, in 2014. The 15-member team is co-led by David Martin and Erik Gunnerson, who have managed the team for nearly seven years, including while at ORIX USA and since the group moved to Mariner.

Mariner’s first CLO was closed in December 2014 at $502 million, and its second closed shortly thereafter in April 2015 at $505 million.

“We are excited by the ability of our leveraged credit team to develop offerings that consistently attract strong investor interest,” said Bill Michaelcheck, Mariner’s CIO, in a statement. “Furthermore, our team’s success in closing a third transaction in a relatively short period testifies to the strength of our partnership with ORIX. 

Mariner Investment Group manages several direct and affiliated single and multi-strategy hedge funds, funds of funds and other alternative investments services. Founded in 1992, Mariner and its associated advisers have approximately $11.4 billion in assets under management. 

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