Pemberton announces European Mid-Market Debt strategy first close
Commitments of €547 million reflect continued demand for European non-bank financing
Pemberton, the independent asset management group backed by Legal & General, today announces the successful first close of its inaugural European Mid-Market Debt Strategy.
Pemberton provides loans and private placements to mid-market companies in the UK and Europe, focusing on companies with a turnover between €75 million and €1 billion. The firm has a presence in five countries, and brings long-term institutional capital to companies across Europe.
Legal & General Capital, which invests L&G Group’s capital strategically in order to improve its shareholders’ returns, became a 40% shareholder in Pemberton, in August 2014.
Raising €547m in six months proves the level of demand among institutions for quality lending opportunities over the long term. But it is also testament to the strength of the Pemberton team and the excellent opportunities presented by the mid-market. Our credit team’s sourcing ability and rigorous analysis ensure we are matching vital funding to first-class borrowers.
– Keith Jones, Chairman at Pemberton
Our Mid-Market Debt Strategy is meeting the needs of companies seeking finance as traditional lenders retrench from lending due to constrained balance sheets. Companies across Europe have been frustrated by the dearth of available credit, particularly when they have carefully mapped out a plan for growth. Pemberton supports quality companies on their growth journey, providing access to patient capital over the long term. In the current low yield environment, real money investors such as insurance companies, pension funds and family offices, are a natural provider of long-term capital into this space, via alternative lending platforms capable of providing access to traditional mid-market financings with thoughtful and transparent credit risk management.
– Symon Drake-Brockman, Managing Partner at Pemberton
Pemberton, working with Citigroup Capital Markets for the Fund raise, attracted seven insurance company and pension fund investors from across Europe into the first close. Private markets advisor Arbour Partners LLP is assisting Pemberton in its work with investment consultants and specialist credit investors.
Loans are originated directly via Pemberton’s on the ground presence in the United Kingdom, Germany, the Netherlands, Italy and Spain. Pemberton will soon have a presence in France.
Contacts
Headland:
Joanna Trezise, +44 20 7637 5234, jtrezise@headlandconsultancy.com
Jessica Vallance, +44 20 7367 5247, jvallance@headlandconsultancy.com
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