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CLO manager AUM rankings Q2 25 — Apollo vaults into second place with Irradiant acquisition

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CLO manager AUM rankings Q2 25 — Apollo vaults into second place with Irradiant acquisition

Victoria Zhuang's avatar
  1. Victoria Zhuang
•3 min read

Despite a hiccup in the market after Liberation Day in April, CLO primary issuance roared back to life to close the second quarter of 2025.

New issues took the largest share of the market in Q2, as demand from insurers and banks supported printing of new deals and a slower return to spread tightening, and CLO ETFs grew in popularity, to reach nearly $32bn of AUM as of last week. However, resets also remained popular, especially of 2023-vintage deals leaving reinvestment.

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