Pemberton Announces First Close of Inaugural ERISA-Compliant Fund
Overview
Pemberton, a leading alternative credit specialist, announces a $275 million first-close of its inaugural, fully-ERISA compliant, evergreen, multi-asset solution fund, anchored by five new Limited Partners to the Firm.
The European Alternative Credit Fund, with a focus on first lien financings, will dynamically utilize the breadth of Pemberton’s platform across its three European middle-market lending strategies (Senior Loan, Mid-Market Debt & Strategic Credit), as well as Global NAV-Finance and Risk Sharing/SRT offerings, for a risk-optimized, relative value-informed and highly diversified portfolio.
While the fund primarily responds to the needs of US Multi-Employer Union and Corporate Defined-Benefit Plans, the Fund is also an attractive opportunity for non-ERISA investors who want to benefit from the highest levels of fiduciary duty through an onshore ERISA-compliant, evergreen structure.
We continue to believe private debt to be a highly appropriate asset class for pension funds given its low volatility and cash distributive nature. We are excited to be able to offer Multi-Employer Union and Corporate Defined-Benefit plans an ERISA-compliant, low administrative burden, evergreen solution providing broad European alternative-credit exposure, particularly given the compelling relative-value in terms of both yield and structurally cleaner credit.
– Scott Hamilton, Managing Director, North American Business Development
Over the past years we have grown from our origins in direct lending to a highly diversified, multi-strategy alternative credit platform. The versatility of the platform and broad offering supports our ability to offer client-driven solutions across a range of risk-return profiles within a single fund such as our inaugural ERISA fund.
– Symon Drake-Brockman, Managing Partner at Pemberton
About the author
Symon Drake-Brockman
Managing Partner
Scott Hamilton
Managing Director, North American Business Development
