Travers Smith LLP has advised Bain Capital Credit on the successful final closing of Bain Capital Credit CLO Management III, LP ("CMV III"), with approximately $1.5 billion in total commitments. CMV III primarily targets majority equity investments in the firm's U.S. and European collateralized loan obligations (“CLOs”) and warehouses, providing vintage and geographic diversification.
CMV III includes approximately $1.2 billion of external commitments from a diverse group of new and existing limited partners globally, including corporate pension funds, sovereign wealth funds, family offices and high-net-worth individuals, endowments and foundations, and insurance companies. Bain Capital employees and alumni committed the balance of the fund, underscoring the firm's long-standing commitment to ensuring alignment with its investors.
The Travers Smith team was led by Head of Asset Management Will Normand and Funds Partner Michael O'Brien Kelly, supported by Associate Sid Sachdeva and Trainee Sam Jinks.
Specialist advice was provided by Tax Partner Elena Rowlands supported by Associate Darius Meehan, and by Financial Services & Markets Partner Michael Raymond.
CMV III is the third vintage of Bain Capital Credit's CLO captive equity strategy. Travers Smith LLP previously advised Bain Capital Credit on the first and second vintages of this strategy.
