Insights

当社の前回のViewpoint『Structural drivers and recent market events create a compelling relative value opportunity in European private credit』では、欧州について、銀行の後退、米国に匹敵する規模の経済を支えながらも浸透率の低い市場、そして拡大するプライベート・エクイティのパイプラインに関して、データに基づく論拠を提示しました。本稿は、そこから自然に導かれる「欧州市場のどこでその機会が最も魅力的なのか」という問いに向き合います。

Strong Foundations, Resilient Businesses At Pemberton, as lenders to Europe’s mid-market, we can help borrowers navigate a fast-changing sustainability landscape through knowledge-sharing, structured dialogue, aligned incentives and collaboration across our asset class. In 2025 the PRI (Principles for Responsible Investment) set out four practical levers for stewardship in private debt, guidance Pemberton helped shape. We […]

CLOs are a relatively recent innovation, but the investment principles that underpin them have developed over generations. This article traces the ideas, and the thinkers behind them, that continue to shape CLO portfolio management today.

Introduction CLOs are floating rate products, which means that both assets and liabilities are linked to prevailing market rates (benchmark interest rates). This is one of the matching principles that underpins the CLO model (see CLO Insights – CLOs for All Seasons) and serves to reduce duration risk. This feature also has an incidental role […]

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 […]

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 […]