27th March 2024

Pemberton announces final close to reach €4.9bn total AuM for its Strategic Credit Opportunities Strategy

Overview

Pemberton Asset Management (“Pemberton”), a leading private credit manager, today announces final close of its Strategic Credit Fund III (“the Fund”), one of Europe’s largest opportunistic direct lending funds*, at €2.3bn, bringing total AuM across the three vintages for the strategy to €4.9bn.

Pemberton Strategic Credit (“the Strategy”) was launched in 2017 as a differentiated opportunistic direct lending strategy investing in primary performing companies across Europe, deploying €5.4bn across 3 vintages. The Strategy, which has grown in AuM in each subsequent vintage, targets alpha generation by resolving complexity in performing credits with first lien-focused capital solutions, maintaining downside protection for investors.

The Strategy has continued to invest in sponsor-led transactions across non-cyclical businesses, deploying over €1.0bn in 2023 and crystalising significant gains throughout the year by partial realisations of the investments made in hung syndication trades.

The Fund’s investor base consists of new and returning LPs, including public and private pension funds, insurance providers and financial service investors across Europe, North America, Asia and the Middle East.

In the current cycle of inflation, high interest rates and retrenching capital markets, we have seen increasing demand for versatile European direct lending funds from both, new and existing investors. The agile nature of the Strategy has enabled us to execute and deliver on the Funds’ flexible mandate and deliver highly attractive risk-adjusted returns to our investors. We look forward to continuing to provide financing solutions for borrowers with increasingly complex needs.

– Robin Challis, Partner, Strategic Credit

Pemberton’s family of three direct lending funds continue to deliver value and attractive risk-adjusted returns for investors. The key to this success is our platform of 9 offices across Europe for originating investments and one of the largest investment teams in the market, providing us with a distinct advantage in identifying, evaluating and realising investment opportunities.

– Ben Gulliver, Partner, Head of Portfolio Management & Co-Head of Direct Lending

*Source: Preqin Debt Funds launched since 2017