Centrifuge Launches Onchain CLO Fund with $687 Million in Assets

Centrifuge has introduced the Janus Henderson Anemoy AAA CLO Fund, known as JAAA, which has amassed approximately $687 million in assets under management. This fund operates across eight blockchain networks, including Ethereum and Solana, and aims to replicate the structure of collateralized loan obligations (CLOs) onchain. Nick Cherney, Head of Innovation at Janus Henderson, has released a series of educational videos detailing how CLOs function and how their waterfall structure can be effectively utilized within blockchain technology.

CLOs pool together a diversified portfolio of floating-rate corporate loans, typically consisting of 140 to 180 individual loans, and distribute cash flows through a tiered system known as tranches. Senior tranches, rated AAA, receive payments first, while junior tranches absorb losses but offer higher yields. The JAAA fund automates much of the investment process traditionally burdened by intermediaries and delays, allowing for daily subscriptions and redemptions in stablecoins, with an annual percentage yield of about 4.5%.

Centrifuge's initiative is seen as a significant step in the evolution of financial products, positioning onchain CLOs as a more sophisticated alternative to traditional investments like Treasuries. The floating-rate loans in CLOs provide built-in rate sensitivity, making them particularly attractive in the current interest rate environment. However, the transition to blockchain does introduce new risks, including smart contract vulnerabilities and cross-chain bridge risks, which differ from those associated with traditional CLOs.

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Source: KLEA News