Pemberton, the diversified asset manager backed by one of Europe's largest insurers, Legal & General Group PLC, today announces it has raised €1 billion for its Strategic Credit Opportunities Strategy.
The fund is the first primary-focused credit opportunities fund in Europe. It partners with borrowers by offering junior capital to performing companies seeking to finance continued expansion or acquisitions. The fund also offers more flexible first lien senior financing solutions for those companies that have bespoke funding needs regarding acquisitions, capex, working capital, or recovery funding.
The fund attracted backing from a diverse group of over 30 investors from North America, Europe, Australia, and the Middle East, comprising major pension funds, insurance companies, financial institutions, HNWIs and foundations, illustrating the attraction of the European private debt mid-market.
The fund has already committed 50% of its capital to companies across France, Spain, the Netherlands, Germany, Switzerland and the UK, highlighting Pemberton’s ability to originate attractive investment opportunities across Europe. This is in addition to two successful realizations that have already been crystalized. The fund targets companies with a turnover between €75 million and €1 billion, and EBITDA of between €10m and €100m.
The fund is managed by Ben Gulliver and Robin Challis.
Ben Gulliver, Strategic Credit Portfolio Manager at Pemberton, said: “When we launched the Strategic Credit Opportunities fund, we saw significant opportunities to provide growth and recovery capital to European corporates while also delivering attractive returns for global investors. To simultaneously close the fund at €1 billion and commit 50% of the capital speaks volumes about the attractiveness of this strategy and Pemberton’s ability to originate, select and manage diverse credit opportunities.”
Symon Drake-Brockman, Managing Partner of Pemberton, added: “This strategy marks another successful step for Pemberton as we continue to build a platform that provides innovative opportunities across the capital structure for investors and borrowers. The significant demand for the fund is testament to the confidence that investors have in Pemberton as a strong, long-term steward of their capital. As the United States’ corporate debt market enters the late stages of the economic cycle, it also underscores the growing interest from institutional investors in private debt strategies that provide access to the most attractive pockets of the European corporate market.”
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