Lakemore Partners and Aegon Asset Management have agreed an expanded structured credit alliance that aims to scale their US collateralised loan obligation platforms and deepen Gulf-linked capital flows into the asset class. Lakemore has stated that the partnership will help build the foundation to grow its investment platform to around $12 billion in assets under management and $30 billion in senior loan exposure over the coming years.
Scaling cross-border CLO platforms
The agreement formalises and extends a relationship that began in 2023. At that point, Lakemore and Aegon AM began collaborating on US CLO issuance. Under the expanded terms, Lakemore will commit material equity capital to Aegon AM’s new US CLOs over the next several years. The two firms also plan wider collaboration on product design, platform integration and distribution. Together, they aim to create differentiated offerings for institutional investors.
Lakemore was founded in 2016 as a specialised structured credit investor. It focuses on control equity positions in new-issue US CLOs. The firm manages $1.9 billion in fee-earning assets. Its funds control 31 US broadly syndicated CLOs with exposure to $16 billion of leveraged loans. It operates from Phoenix and Dubai, serving institutional investors across the US, Europe and the Middle East.
Aegon AM brings a large, diversified credit platform to the alliance. The firm’s approximately 350 investment professionals manage and advise on around $439 billion of assets for a global institutional client base. For Aegon AM, the partnership provides a committed equity anchor for its US CLO issuance programme. It also opens a route to broaden reach across institutional channels.
Gulf capital and US structured credit
Leadership at both firms framed the deal as a structural growth move. Ahmed Farid, Chairman and Chief Executive of Lakemore, said the partnership represents a new investment initiative. He added that it will help scale Lakemore’s platform to $12 billion in assets under management and $30 billion in senior loan exposure. Chris Thompson, Chief Executive of Aegon Asset Management US, described Lakemore as one of the most respected and dedicated investors in the US CLO asset class. He said the alliance strengthens Aegon AM’s position as a leading CLO manager and creates meaningful growth opportunities across the platform.
The partnership also shows how Gulf-based investors are moving deeper into complex US credit strategies. With Lakemore headquartered in both Phoenix and Dubai, the alliance aligns regional capital with a large global credit manager. This reinforces Dubai’s role as a hub for cross-border structured credit activity.
For Lakemore, the expanded alliance deepens access to one of the market’s more capable CLO management teams. It also allows the firm to offer investors more diversified income streams from US leveraged loans. For Aegon AM, anchored equity from a specialist partner supports more consistent issuance and enhances fee visibility. It also provides an additional bridge to MENA and European institutional capital.
Investors tracking Gulf-to-US capital flows should watch whether similar cross-border alliances emerge across other asset-backed segments, and how far Dubai-based managers move towards co-designing US structured credit with global houses.
