Pemberton today announces the final close of the fourth vintage of its Strategic Capital strategy2 at €3.4bn, exceeding its target of €2.5bn-€3bn and making it currently Europe’s largest opportunistic direct lending fund of its kind. The close brings total commitments across the four vintages to €8.3bn.
Launched in 2017, Pemberton Strategic Capital is a differentiated opportunistic direct lending strategy investing in primary performing companies across Europe, which has deployed in excess of €8.4bn across four vintages. The Strategy targets alpha generation by resolving complexity in performing credits with first lien-focused capital solutions, while maintaining downside protection for investors.
The Strategy has continued to invest in private equity led transactions, supporting borrowers with increasingly complex financing requirements amid continued volatility across global capital markets.
The Fund’s investor base consists of new and returning LPs, including public and private pension funds, insurance providers, family offices and financial services investors across Europe, North America, Asia and the Middle East.
Despite the challenging market environment we continue to see strong demand from investors for flexible European direct lending strategies with strong downside protection. The successful close of our latest opportunistic direct lending fund reflects both the strength of our track record and the scale of the opportunity we continue to see across European private credit markets. We remain focused on providing bespoke capital solutions to high-quality borrowers with increasingly complex needs and long-term value to our LPs.
Robin Challis, Partner, Deputy Head of Portfolio Management
The continued growth of Pemberton’s Strategic Capital strategy demonstrates the strength of our platform, which continues to originate proprietary deal flow and attractive investment opportunities via our 10 European offices and deep sponsor relationships. This is currently the largest fund of its kind in Europe and we thank our LPs for their continued trust as the strategy moves into its next phase of deployment.
Ben Gulliver, Partner, Head of Portfolio Management & Co-Head of Direct Lending
1 Based on total commitments and data available for other funds and sizes. Source: Preqin Debt Funds launched since 2017.
2 As of Q4 2025, Pemberton’s Strategic Credit strategy was renamed to Strategic Capital strategy.
