KANSAS, United States: Palmer Square is exploring a sale as the credit manager, which oversees about USD 37 billion, considers potential offers, Bloomberg reported.
Palmer Square Capital Management is led by husband-and-wife executives Chris Long and Angie Long. The Kansas-based firm has become one of the largest issuers of collateralised loan obligations, or CLOs.
Chris Long serves as chairman and chief executive officer, while Angie Long is chief investment officer, according to the supplied material.
The firm’s CLO platform accounts for about USD 27 billion of its total assets under management, according to S&P Global data based on Bloomberg’s coverage.
Palmer Square has engaged bankers to field offers and narrow a list of potential bidders; however, it has not disclosed a buyer, transaction value or deal timetable.
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Chris Long founded the firm after the 2008 financial crisis, initially investing about USD 10 million of his own capital. Angie Long joined before Palmer Square began managing CLOs in 2013.
The U.S. CLO market has expanded to more than USD 1.3 trillion, roughly four times its size 15 years ago.
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Beyond CLOs, Palmer Square also manages opportunistic credit, private credit and a publicly traded business development company.
