June 30 (Bloomberg) -- Wells Fargo & Co. has raised a $507 million loan fund to be managed by Carlyle Group, the first collateralized loan obligation the private equity firm has raised since 2008, according to people with knowledge of the deal.

The CLO includes a $333 million piece rated AAA by Standard & Poor’s that will pay a rate of 122 basis points more than the London interbank offered rate, said the people, who declined to be identified because the terms are private.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

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To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net