The Carlyle Group isn’t the only market player seeing opportunity in adversity. In a move that might seem counterintuitive, in light of conditions in the European CLO market, 3i Debt Management is buying the majority of Invesco’s CLO business in the region.

The sale includes the management contracts for seven of Invesco’s eight European CLOs, vehicles with roughly €2 billion in assets primarily invested in subinvestment-grade debt issued by European companies. The terms of the agreement were not disclosed.

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