Highland Capital Managementhas increased the size of its second pro rata collateralized loan obligation, called Valhalla to $900 million—some $300 million more than initially planned. Highland is raising the fund only months after completing the $550 million Bristol Bay CLO, which also invested in pro rata loans. One buysider said Valhalla is more than 80% ramped already and is scheduled to close this week. Citibank arranged the first CLO and is also leading the latest vehicle, which uses synthetics to invest in revolvers and “A” loans. Equity investors unable to participate in the first deal drove demand for the second (LMW, 6/23).