Adams Street Partners ASP PIF CLO I

Adams Street Partners ASP PIF CLO I, LLC is a $350 million collateralized loan obligation (CLO) issued by Adams Street Partners in January 2026, representing the firm's inaugural publicly-distributed CLO vehicle. Organized as a Delaware LLC and rated by Fitch Ratings, the structure carries a AAA tranche priced at SOFR + 148 basis points and a weighted average cost of financing of SOFR + 159 basis points, reflecting competitive pricing achieved for a first-time public CLO issuer in the middle-market space. Goldman Sachs & Co. LLC served as sole bookrunner.

The CLO is backed by a high-conviction portfolio of senior direct lending loans originated entirely by Adams Street's Private Credit team, with approximately 98% of underlying loans identified at close. The collateral pool targets US middle-market, private equity-backed borrowers, consistent with the direct lending mandate that has anchored Adams Street's credit platform since its 2016 launch. The vehicle includes a four-year reinvestment period, allowing the manager to rotate capital within the middle-market loan universe while maintaining structural protections for rated note holders.

Adams Street's Private Credit platform, which has deployed more than $15 billion across multiple credit cycles, provides the origination engine for this CLO. The platform's track record includes Adams Street Private Credit Fund II, recognized for 'Performance of the Year: Direct Lending (Over $500 Million)' by Private Equity Wire in 2025, and ASP Summa, a $1 billion CLO structured with American Equity Investment Life Insurance Company in April 2024. ASP PIF CLO I expands the financing toolkit for Adams Street's direct lending activities by accessing public capital markets alongside its existing private investor base.