Thomas Duetoft
Partner, Senior Loan
Senior Loan
Low-Levered Senior Secured Lending Across Europe
Conservative, bank style lending. 1st lien senior secured loans with lower leverage and LTV relative to the traditional direct lending strategies.
€1.3bn
Cumulative Capital Raised¹
€1.5bn
Cumulative Capital Deployed2
22
Companies Invested3
The Strategy Focuses on Investments in:
- European mid-market companies, with EBITDA typically between €20 million and €100 million;
- Senior secured loans with first-ranking seniority of €50 million to €250 million.
The strategy targets first lien investments in larger companies, with lower leverage and larger equity cushions than our Mid-Market Debt strategy.
Similar to Pemberton’s other strategies, there is a focus on non-cyclical companies with resilient products, contractual revenues and meaningful track record. Preferred sectors include food producers, healthcare, technology and others that support stable cash generative businesses.
Senior Secured Lending
Investment opportunities are originated through Pemberton’s strong and long-standing relationships with private equity sponsors, banks and advisors active in the European mid-market. In particular given its more conservative nature, the strategy works in partnership with leading commercial banks in each jurisdiction.
Refinancing portfolio companies from other strategies that have de-levered since closing provides another proprietary source of opportunities. Consistent with our Mid-Market Debt and Strategic Credit strategies, we have regular access to management and financial information that enables us to closely monitor loans post-close.
The strategy is managed by Portfolio Managers Thomas Duetoft and Andrew Benson.
1Source: Pemberton Capital Advisors LLP, December 2024. AUM defined as committed capital since inception.
2Includes recycled capital during the investment period.
3As at December 2024.
Meet the Team
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Andrew Benson
Managing Director, Senior Loan
Read the Latest Pemberton Insights
For more information, visit ‘Insights’, or click on our latest article.
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Pemberton Outlook 2025 
Pemberton Outlook 2025
We believe the outlook for European Direct Lending in 2025 is positive. Lower European base rates are expected to support M&A activity, reduce borrowing costs, and drive default rates towards historic lows. This backdrop continues to fuel the systemic transition from traditional bank lending to long-term asset managers backed by pension funds and insurance capital. […]
Selected Recent Investments
SLF | Ayming & Andera EMZ
A portfolio company of
Term Loan & Acquisition Facilities
February 2025
SLF | FI Group & EPSA
An add-on acquisition of
Acquisition Facilities
November 2024
SLF | Satlink – Apheon
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
SLF | Cap10 – Sureserve
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
SLF | Chenue – Andrea Partners
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
SLF | Cebat – Tikehau
a portfolio company of
Term Loan & Acquisition Facilities
August 2024
SLF Compass Community – Cap10 – May 2024
A portfolio company of
Term Loan Facilities
May 2024
SLF | Travel Counsellors Vitruvian – May 2024
A portfolio company of
Term Loan Facilities
May 2024
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