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Working Capital Solutions

Enabling Corporate Growth through Working Capital Solutions

Pemberton is focused on providing large and mid-sized corporates with efficient working capital solutions using asset based financing. For investors, this offers a differentiated risk adjusted return profile and access to an asset class that was previously the domain of the banks.

Working Capital Solutions as an Asset Class

Working capital solutions products are growing quickly as an asset class due to an increased demand from corporates for financing and the continued liquidity and capital constraints faced by many banks. We provide financing for both local and global businesses, enabling companies to optimise the management of their cash and working capital.

Pemberton sources investment opportunities through its Origination teams in Europe and the US, partnerships with FinTech platforms and long-standing relationships with large multi-national banks.  We utilise the credit underwriting expertise of Pemberton’s investment team on all of our investments.

The Strategy Focuses On:

Supplying liquidity to fund the working capital needs of large and mid cap corporates predominantly based in Europe and the US.

Unlike cash flow based lending the Working capital Solutions strategy is asset based and short term. Investments are backed by receivables, payables and / or inventory which, due to their short tenor and self liquidating nature generate a unique low risk and stable return profile for investors.

WCS is an open ended strategy offering monthly and quarterly liquidity options for investors. The strategy has been running for 5 years with no losses or defaults1.

1Since inception

Working Capital as an Investment:

  • An attractive complement or alternative to fixed-income investments in government and corporate bonds;
  • A liquid cash plus complement to money market funds (MMFs) and bank deposits;
  • A component of Tier 2 liquidity pools alongside ABS, CLO’s, absolute bond funds

WCS Product Offering Across The Supply Chain

1. Receivables Financing
  • Companies improve cash flow by selling outstanding invoices (receivables) to a financing partner.
  • Investors gain exposure to short-dated, diversified credit risk from a pool of corporate customers.
  • Investors assumes both the risk of customer non-payment and seller non-performance, with robust structuring in place to mitigate these risks.
2. Payables Financing
  • Buyers extend payment terms to suppliers (within industry norms), improving their working capital position.
  • A finance partner commits to pay suppliers early (at a discount), while buyers settle the full amount at maturity.
  • Facilities are uncommitted, short-term in nature, and self-liquidating.
  • Also known as Supply Chain Finance or Reverse Factoring, this provides investors with exposure to strong corporate counterparties and predictable cash flows.
3. Inventory Financing – Borrowing Base & Asset-Based Lending (ABL)
  • Companies unlock liquidity by using inventory and/or receivables as collateral for financing.
  • Facilities are tailored to each borrower, complementing existing debt structures and inventory profiles.
  • These are typically super-senior secured and self-liquidating, supported by cash flow through blocked accounts.
  • Investors benefit from highly collateralized, low-risk lending to mid- and large-cap companies.

Meet the Team

  • Oren Bass

    Partner, Head of Working Capital Solutions

  • Jean Tournaire

    Managing Director, Portfolio Manager, Working Capital Solutions

View Our Team

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