CLO Secondary Market Visibility Consolidates as UBS, Blackstone and CVC Top Entegra Ranking

UBS, Blackstone and CVC were the CLO managers with the highest “visibility scores” – defined as the number of times a manager is shown on a bid wanted in competition, bid or offer block – in the first half of 2026, according to a new report by New York-based data analytics firm Entegra.

Entegra’s study bases its results on a binary outcome of the number of times a manager’s deal is shown on a BWIC, bid or offer block in the secondary market, irrespective of the dollar amount that is shown. The approach contrasts traditional benchmarks, which typically measure notional amounts traded for each manager.

Although notional amounts traded on the secondary market are often a function of scale, Entegra’s study attempts to assess visibility from the perspective of liquidity.

“One of the biggest misconceptions is that visibility is thought of as an outcome,” said Entegra founder and CEO Daniel Ezra. “But we think of it as a part of market structure, and managers have far more influence over it than they realize. That being said, visibility isn’t a substitute for performance, but it’s most often the mechanism through which performance becomes recognized.”

Entegra’s decile metrics are based on the percentage chance that a manager is shown on a bid or offer block in the secondary market on any given day.

In the United States, the top decile of managers is increasingly concentrated, with just two managers holding a clear lead over the rest of the pack, compared with three last year.

UBS, which has consistently ranked in the top decile, increased its visibility score to 5.52% from 3.67% in the first half of the year, while Blackstone jumped four spots to No. 2. Carlyle and Elmwood followed suit, each jumping four spots as well, and landing in the second decile. Golub Capital had one of the largest jumps, moving to rank six from rank 50.

In Europe, the top decile saw a much greater concentration, with just two managers ranking in the top decile, similar to the United States. The top two managers, Blackstone and CVC, saw their share of visibility increase to 11.3% from 8.6%, while the top four managers controlled 19.1% of the market, close to a four-point jump from the end of 2025.

Below the first decile, the rankings shuffled up a significant amount, with the likes of Five Arrows, Fidelity, and Invesco gaining 12 spots or more from last year. At the bottom decile, the dispersion continued with the 80% to 90% band increasing to 11 managers from nine.

“These rankings show that visibility isn’t static,” Ezra said. “It changes over time, and that’s the reason we continue publishing them. A single ranking tells you where the market is today. Multiple editions begin to tell you how managers are evolving.”