Insights

Most collateralised loan obligation (CLO) metrics, including Portfolio Profile Tests, Collateral Quality Tests and CLO Coverage Tests, are calculated using the traded balance. Cash flow available to pay noteholders, however, depends solely on the settled balance: the principal and interest that have actually been received. Managing the gap between the two is a core part […]

Strong Foundations, Resilient Businesses: Pemberton publishes Responsible Investing Report 2025/26 As a leader in European private credit, we are committed to delivering long-term value for our investors. Our approach to integrating governance and sustainability considerations is grounded in risk management and capital preservation, while advancing the performance of private mid-market companies in Europe. This builds […]

Building a CLO platform takes more than capital and infrastructure. It requires deep credit expertise and an investment proposition credible enough to withstand institutional due diligence across multiple market cycles.

Pemberton’s Co-Founder and Managing Partner, Symon Drake-Brockman, recently joined Elise Badoy for Citi’s Client Perspectives video webcast for a timely conversation on the status of the private credit market in Europe. Several dynamics are driving private credit market growth including sector consolidation at an early stage, ongoing transition from bank to non-bank lending and fiscal […]

A look inside Pemberton’s AGM 2026: The conversations shaping European private credit. This year, we brought together an unprecedented gathering of LPs from across the globe, including some of the world’s largest allocators, for a day of discussion on the structural drivers behind European mid-market growth and the opportunities ahead. Thank you to everyone who […]

CLO Documentation can seem daunting at first, but every document exists for a reason. In our latest CLO Insights Series, produced in association with Weil, Gotshal & Manges (London) LLP, we walk through the full suite of documents that govern a CLO: what they contain, how they fit together, and why they matter to investors.

Many private equity sponsors adopted a more selective stance in Q1 2026 amid AI-driven disruption in the software sector and continued geopolitical uncertainty. Yet deal pipelines are building, and our own activity remained strong across the quarter. In this edition of our European Mid-Market Monitor, we examine the evolving dynamics of the software sector and […]

While private credit headlines continue to focus on US market stress, we believe a different story is unfolding in Europe. Our latest Viewpoint takes a data-driven look at the structural drivers and current market conditions that make European private credit a compelling relative value opportunity with a strong growth outlook.

Risk Retention, sometimes referred to as ‘skin in the game’, is an important requirement serving to align the interests of investors and other parties in a CLO transaction.  In our latest CLO Insights Series, we take a deep dive into the Risk Retention Rules, examining how they apply under both EU and UK securitisation regulations […]

The fifth edition of the SRT Chronicles, our annual research publication on the significant risk transfer market, provides an update on the market and developments of the SRT asset class.

A factual analysis of recent media coverage, the issues driving it, and why the concerns raised are largely specific to US markets. There has been no shortage of headlines on private credit in recent months. As the asset class grows and begins to represent an increasingly meaningful share of broader debt markets, scrutiny is a natural and healthy part of the process. However, understanding where challenges genuinely exist, and where the market remains fundamentally and structurally sound, requires clear distinctions to be drawn between its different parts.

How do CLO managers balance the complexity of over 100 leveraged loans while protecting investor value?  In our latest CLO Insights Series, we examine the importance of portfolio optimisation throughout a CLO's lifecycle, from the initial ramp-up through active management and beyond the reinvestment period.  The article explores the constraints CLO managers work within, from eligibility criteria to collateral quality tests to coverage ratios, and how these protect noteholders while giving managers scope to enhance portfolio resilience.