CLO Platform Growth: M&A, Scaling, and New Manager Dynamics

The panel explores the outlook for CLO manager consolidation, new entrant activity, and platform scaling strategies. Josy Mazzucchiello notes that M&A valuations remain a barrier to large-scale consolidation in Europe, while around 20 to 25 new managers are expected to enter the market. Jon Brager argues that credit is a scale business and that the drive to serve large private equity sponsors will continue to push consolidation. Both speakers highlight the growing importance of multi-product platforms offering CLOs alongside direct lending, BSL, and hybrid strategies.