Key Takeaways
- • Adams Street Partners closed a $350 million middle market collateralized loan obligation, ASP PIF CLO I, LLC, its first public CLO, according to a Business Wire release.
- • The AAA tranche priced at SOFR + 148, which the firm described as exceptionally competitive for an inaugural issuance; the weighted average cost of financing across the structure is SOFR + 159.
- • Approximately 98% of the loans in the CLO have been identified, all representing direct lending investments originated by Adams Street.
- • The deal supports the firm's private credit platform, which has grown to $13.5 billion under management since its 2016 launch, within total firm AUM of more than $65 billion.
- • Goldman Sachs & Co. LLC served as sole bookrunner and Fitch Ratings as the ratings agency; the CLO carries a four-year reinvestment period.
Summary
Adams Street Partners, LLC, a private markets investment firm with more than $65 billion in assets under management, announced the final closing of a $350 million middle market collateralized loan obligation, ASP PIF CLO I, LLC, according to a Business Wire release dated January 7, 2026. The transaction is the firm's first public CLO and is financed by third-party capital, broadening its financing capabilities as its private credit business expands.
The Private Credit team, which has grown to $13.5 billion under management since its launch in 2016, described the deal as a significant milestone. Bill Sacher, Partner and Head of Private Credit, said the debut CLO reflects strong investor demand for the strategy and that public CLOs are likely to be an important financing avenue as the business grows.
Pricing was a key highlight. Tom Vuu, Principal on the Private Credit Team and lead for the group's financing activity, said the AAA tranche priced at SOFR + 148, an exceptionally competitive level for an inaugural issuance. The firm's weighted average cost of financing across the structure will be SOFR + 159. The release cites robust investor participation.
Approximately 98% of the loans in the portfolio have been identified, each a direct lending investment originated by Adams Street. The CLO has a four-year reinvestment period. Goldman Sachs & Co. LLC acted as sole bookrunner and Fitch Ratings as ratings agency. Adams Street describes itself as 100% employee-owned, with investments in more than 30 countries across primary, secondary, growth equity, credit, and co-investment strategies.
The Private Credit team, which has grown to $13.5 billion under management since its launch in 2016, described the deal as a significant milestone. Bill Sacher, Partner and Head of Private Credit, said the debut CLO reflects strong investor demand for the strategy and that public CLOs are likely to be an important financing avenue as the business grows.
Pricing was a key highlight. Tom Vuu, Principal on the Private Credit Team and lead for the group's financing activity, said the AAA tranche priced at SOFR + 148, an exceptionally competitive level for an inaugural issuance. The firm's weighted average cost of financing across the structure will be SOFR + 159. The release cites robust investor participation.
Approximately 98% of the loans in the portfolio have been identified, each a direct lending investment originated by Adams Street. The CLO has a four-year reinvestment period. Goldman Sachs & Co. LLC acted as sole bookrunner and Fitch Ratings as ratings agency. Adams Street describes itself as 100% employee-owned, with investments in more than 30 countries across primary, secondary, growth equity, credit, and co-investment strategies.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.