US CLO equity investor Livermore Investments Group has announced it invested in the equity of
Blackstone Credit’s recent $657.3 million Unity Peace Park CLO. Livermore tends to take anchor equity
positions, but it has not disclosed the size of its stake.

The firm also invested in the equity of PGIM’s CLO (Dryden 97) last month, arranged by Nomura.

Livermore says it has priced and closed $2.8 billion of US CLOs in the past 12 months. This isn’t the first
Blackstone US CLO Livermore has invested in the past 12 months – the firm announced it was the anchor
investor in Blackstone’s Peace Park CLO in September. Livermore says other managers include PGIM,
Ares and MJX.

Ron Baron and Gaurav Suri lead Livermore’s CLO investment team.

“Despite challenging market conditions, in our transaction alongside Blackstone we are pleased to have
been able to take advantage of attractive loan prices to secure one of the tightest costs of funding in
recent weeks,” said Suri in the announcement.

“As we look ahead at a slower growth economy and a higher volatility environment, we believe
maintaining high quality from a collateral and manager perspective is paramount.”

Blackstone’s Unity Peace Park CLO priced with a cost of debt of around 194.59 basis points – the tightest
CLO debt execution when it priced in April. The deal has a five-year reinvestment period and two-year
non-call.