Mid-Market Debt

The strategy focuses on investments in:

• Leading European mid-market companies with:
  • Strong credit fundamentals;
  • EBITDA typically between €15 million and €75 million;
  • Proven management teams and professional shareholders.

• Senior secured loans with:
  • First-ranking or second-ranking seniority;
  • Financial and operational covenants to limit downside risk;
  • Cash coupons to provide a regular income stream.

The strategy primarily focuses on investments in performing companies in defensive industries with characteristics including market-leading positions, strong cash flow generation, experienced management teams, and strong downside/structural protection. Our investments typically also provide companies with capital for growth and acquisitions.

Pemberton is typically the sole or lead lender to our portfolio companies, which allows our deal teams to negotiate bespoke bi-lateral lending agreements. It also allows our deal teams to have regular access to management and financial information that enables us to closely monitor loans post-close.

Investment opportunities are sourced through Pemberton’s local origination teams, which have extensive and long-standing relationships with private equity sponsors, banks and advisors. We also source new opportunities directly from companies and management teams, particularly where we can provide incremental capital to support attractive M&A opportunities for existing portfolio companies.

The strategy is managed by Portfolio Managers, Steven Craig and Robert Wartchow.