Pemberton's Content Hub delivers European private credit market insights, investment research, and strategy analysis for institutional investors. Explore Direct Lending, GP Solutions, NAV Financing, Working Capital, Risk Sharing and CLO strategy information through quarterly outlooks, sector deep-dives, and responsible investing reports.
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In an overall more challenging market environment, refinancing activity in H1 2026 continued to account for a meaningful share of market volumes, while M&A activity improved through Q2 as broader credit markets stabilised. As sponsors re-engaged with execution processes and with deal pipelines continuing to build, we believe the market is well positioned for a […]
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.
Who’s who in CLOs? Issuing a CLO involves multi-disciplinary teams of specialists all working together. The number of parties involved in the creation of a CLO can be bewildering. In our latest CLO Insights Series, we break down the roles and responsibilities of each participant in a typical CLO structure. From the Collateral Manager and […]
The opening market conditions for 2026 closely mirror those seen at the end of 2025: a market characterised by gradually compressing base rates, sustained borrower demand, and an expanding opportunity set across the mid-market. In 2025, European mid-market enterprise values rose 6.7%, according to Lincoln International’s European Private Market Index, outperforming the FTSE 250 EV […]
At Pemberton, we work closely with our portfolio companies in practical, action-oriented partnership. Since 2023, 80+ borrowers* have attended our Responsible Investing Workshop series, designed to strengthen risk management and build resilient companies poised for growth. Closing out 2025, we delivered three targeted workshops on themes identified by our portfolio companies and delivered by external experts: Read […]
How do CLO managers balance risk and return while maintaining portfolio quality standards? In the latest article in our CLO Insights Series, produced in association with Weil, Gotshal & Manges (London) LLP, we provide an analysis of Collateral Quality Tests and the matrices that guide CLO portfolio management. The piece breaks down five essential quality […]
Financing private equity’s next phase of growth with non-dilutive capital through Pemberton’s GP/LP Capital. GP/LP Capital is one of Pemberton’s two specialist strategies that enable GPs/LPs to unlock value creation. Our fund-level NAV Financing strategy helps GPs/LPs raise liquidity and capital in support of a myriad of fund level applications, while our GP/LP Capital strategy is dedicated to the strategic needs […]
What is a CLO waterfall and what does it do? The “waterfall” is one of the more colourful phrases used by the CLO community. Formally called “Priorities of Payments”, this mechanism controls how interest and principal proceeds flow from CLO assets to investors. Our latest CLO Insights breaks down exactly how these waterfalls operate, and […]
Valuations remain an important barometer for LGPS Funds, making now an ideal moment to revisit the strengths of European Private Credit. In our latest paper, we delve into how European mid-market lending can help support inflation-linked cashflows while also serving as a key driver for economic growth. With mid-market companies employing one in six people […]
Private credit capital is moving to Europe. In our latest Viewpoint, we analyse H1 2025 asset allocation data revealing a marked shift toward Europe compared with 2024, a strong indicator of a longer-term trend. Following our first article on Europe’s renewed focus post-US trade policy changes, we now examine what’s driving institutional capital reallocation and […]
CLO structures incorporate mechanisms designed to protect investors across varying credit environments. Historical performance data from Standard & Poor's confirms negligible defaults across multiple stress periods, from the 2008-09 crisis through the recent inflation cycle.
We’re seeing a major shift in the market: CVs now make up 16% of sponsor exits, yet >85% of LPs aren’t rolling their stakes, leaving significant potential upside on the table. The time has come to reconsider how NAV loans can deliver liquidity, protect fund metrics, and ensure LPs retain 100% of the upside in […]
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