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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2026年上半期はモメンタムが大幅に改善し、下半期には本格回復が期待される 全体としてより厳しい市場環境のなかで、2026年上期もリファイナンスが市場ボリュームの相応の比率を占め 続ける一方、クレジット市場全体が徐々に安定化するにつれて、M&A活動は第2四半期を通じて改善した。1ス ポンサーが案件執行プロセスに再び積極的に関与し、案件パイプラインも引き続き積み上がっていることか ら、当社は市場が下半期により活発化するための良好な位置にあると考えている。
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 […]
As we close Q3 and look ahead to year-end, the European mid-market continues to demonstrate resilience despite broader macroeconomic challenges. M&A volumes in Europe remain steady, with over half of our introductions this quarter tied to sales processes, while refinancings, including Continuation Vehicles, continue to represent a prominent theme. In our quarterly European Mid-Market Monitor, […]
The Standard of Care is central to CLO management. In the second edition of our CLO Insights Series, we examine its practical impact on managers’ responsibilities. The principle is straightforward but important: CLO Managers must manage capital with the same level of skill and attention they apply to comparable assets across their business. Reasonable care […]
In a market environment characterised by ongoing disruptive events, investors are seeking reliable and predictable sources of return. Mid-market direct lending, when guided by a clear strategy and executed with discipline, can provide precisely that— predictable, reliable, risk-adjusted returns. In our latest insights, we explore how Pemberton’s investment focus, through successive fund generations and structural […]
A ten-year examination of how sole-arranger discipline, first-lien positioning, and active portfolio monitoring have enabled Pemberton’s Mid-Market Debt strategy to meet or exceed its original returns target across five funds and over €16 billion of invested capital. The capital structure positioning of a direct lending strategy is one of the most consequential decisions a manager makes, particularly […]
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