1 minute read | April.10.2026
Orrick has advised BNP Paribas, as arranger, on the closing of Ares European Direct Lending CLO II, a €300+ million transaction for Ares Management Corporation.
The deal represents a significant milestone in the European private credit and middle-market CLO market as one of the first multi-currency middle-market CLOs in Europe, and reflects continued innovation in structuring diversified, private credit-focused CLOs in the region.
The CLO builds on Ares’ inaugural European Direct Lending CLO and is primarily composed of senior-secured floating-rate loans.
Orrick’s Dan Tobias and David Quirolo led the team that advised BNP Paribas, supported by Marcus Lee.