Elmwood Asset Management

What Elmwood Asset Management does

Elmwood Asset Management is a private, New York-based alternative investment manager founded in 2018 that builds and actively manages portfolios of collateralized loan obligations (CLOs) backed by broadly syndicated first lien loans issued by US and European corporate borrowers. As of June 30, 2025 the firm managed $23B in assets under management, deployed through both direct CLO vehicles and commingled fund formats that are offered exclusively to institutional investors. The firm was seeded by Elliott Investment Management and is led by President, CEO and CIO Brian McNamara, with a 47-person team that includes a senior research bench (averaging 18 years of experience), in-house structuring, capital markets, trading and operations functions, and a small technology team supporting internal applications.

Elmwood's investment process is built around a proprietary relative-value framework that systematically compares existing portfolio holdings against new opportunities across a coverage universe of more than 1,000 corporate issuers in the US and Europe, supported by proprietary analytics and a technology and data infrastructure that the firm describes as a significant ongoing investment. The firm manages the full CLO lifecycle in-house, including CLO structuring and warehouse formation (led by Marvin Kwan, 22 years of structured products experience), CLO capital markets (Lin Chang in the US, Michael Clarke in Europe), leveraged finance trading (Zach Sklaver, Philippe Vizioz in Europe), and a dedicated restructuring capability (Mark Adomanis). The European platform is anchored by Aly Hirji (formerly BlackRock's head of European CLOs and leveraged loans) and operates through Elmwood Asset Management UK Limited, a wholly-owned UK entity.

The firm earns revenue from recurring management fees on CLO assets under management plus performance fees on CLO equity, with no public pricing schedule as terms are negotiated bilaterally with institutional clients. Distribution is direct-to-institution only, with no retail or wealth-management channel. Elmwood has been recognized by Creditflux as 2023 Manager of the Year, Best US CLO Manager (2023), Best New US CLO (2023), and Best US CLO (2024), and is a signatory of the UN Principles for Responsible Investment.

Name

Elmwood Asset Management

Legal name

Elmwood Asset Management LLC

Website

https://elmwoodasset.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Elmwood Asset Management is a $23B private alternative investment manager founded in 2018 that actively manages US and European CLO portfolios of broadly syndicated first lien loans for global institutional investors, using a proprietary relative-value process and direct CLO and fund vehicles.

Ownership category

akta.pro rank

Product category

Alternative Credit / CLO Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Leveraged Loans & CLOs (FSAAAHAF)

akta.pro secondary industries

Structured Credit (ABS/MBS/CLO/CDO) (FSAHAGAC), Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI)

Keywords

• CLO portfolio management
• Corporate credit investment
• Alternative investment management
• Leveraged loan investing
• Structured credit funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Alternative Investment Management Fees: Elmwood generates revenue as an independent alternative investment manager through management fees and performance fees on CLO portfolios. The firm manages $23B in assets under management across U.S. and European CLO vehicles.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Elmwood Asset Management is a $23B independent alternative investment manager that manages Collateralized Loan Obligation (CLO) portfolios across U.S. and European geographies, assembling and managing diversified pools of corporate credit instruments (primarily broadly syndicated first lien loans). The firm offers institutional investors exposure to global corporate credit markets through both direct CLO vehicles and commingled fund formats, applying a proprietary relative value investment process supported by proprietary technology and data infrastructure to generate alpha and manage risk across economic cycles.

Product overview

Elmwood Asset Management is a $23B independent alternative investment manager offering a unified CLO (Collateralized Loan Obligation) investment platform focused on global performing corporate credit markets. The core product is CLO portfolio management across U.S. and European geographies, delivered through both direct investment vehicles and fund formats. The firm applies a proprietary relative value investment process enhanced by technology and data infrastructure to identify corporate credits with strong return potential and downside protection. The platform is supported by rigorous underwriting across issuers and geographies, with CLO portfolios managed to outperform on a risk-adjusted basis.

Differentiator

Problem solved

Functional benefit

Products and services

• U.S. and European CLO Portfolio Management
• Direct CLO Investment Vehicles
• Fund Format CLO Vehicles

Quantifiable outcome

• Largest US BSL CLO of 2024 — Elmwood pushed past $1bn to price largest US BSL CLO of 2024 (October 2024).
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• CIFC Asset Management: CIFC is a dedicated CLO and structured credit manager with deep US and European CLO franchises. Multiple Elmwood senior hires came from CIFC (e.g., Alessandro Garello Cantoni), and the firms operate the same narrowly-focused CLO issuance and portfolio management model.
• GoldenTree Asset Management: GoldenTree is a large alternative credit manager with a significant US and European CLO franchise. Elmwood's CEO Brian McNamara and Head of CLO Structuring Marvin Kwan both came from GoldenTree, making it a near-direct talent and strategy peer.
• HPS Investment Partners: HPS is a major credit alternative manager with substantial US and European CLO platforms. Savraj Sethi (European TMT) and Pavan Lotey (European operations) joined Elmwood from HPS, and both firms operate scaled, multi-strategy CLO origination franchises.
• Sculptor Capital Management: Sculptor runs a multi-strategy credit platform with US and European CLO vehicles. Elmwood European trader Philippe Vizioz came from Sculptor, and the firms are direct peers in European CLO primary issuance.

Broad incumbents

• Blackstone Credit: Blackstone Credit is the largest credit-oriented franchise globally and the dominant US CLO issuer. It is a direct competitor for CLO mandates and institutional capital, anchored by similar leveraged loan-based strategies with broader reach and additional verticals.
• Apollo Global Management (Credit): Apollo operates one of the largest CLO franchises alongside private credit and direct lending. It competes for the same institutional CLO investors and is a credible incumbent in the same corporate credit asset class.
• Ares Management (Credit Group): Ares Credit Group is a major US and European CLO issuer with deep institutional relationships. It is a broad incumbent competing head-to-head for institutional CLO mandates across cycles.
• KKR Credit: KKR Credit operates significant US and European CLO franchises alongside private credit. It targets the same institutional CLO debt and equity investor base as Elmwood and competes for re-ups.
• Oaktree Capital Management: Oaktree is a major credit alternative manager with a meaningful CLO footprint and leveraged loan capability. It is a broad incumbent competitor; Milos Milovanovic (European healthcare) and Cameron Ramsay (compliance) both came to Elmwood from Oaktree.
• Carlyle Group (Global Credit): Carlyle Global Credit manages US and European CLOs alongside direct lending and private credit. Elmwood PM Megan Saltzman ran Carlyle's US CLO vehicles, making it a comparable broad incumbent for CLO talent and mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elmwood Asset Management