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Pemberton Asset Management S.A.

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Pemberton is a diversified asset manager that focuses on private debt and direct lending. Pemberton has developed multiple strategies in order to continue to add value to borrowers and investors through our ability to source, structure and manage credit risk.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Luxembourg

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

91 FTE

02.4. Additional information. [Optional]

Supported by the equity contribution from Legal & General Group, Pemberton has built one of Europe’s leading private debt platforms with 33 dedicated investment professionals including eleven experienced and dedicated origination professionals across the six key markets in Europe (UK, France, Germany, Italy, Denmark and The Netherlands). Pemberton’s senior management team includes the former Global Head of Debt Markets at RBS, and the former Head of International Restructuring at GE Capital International. The team has long standing professional relationships and have known and worked with each other over several years.

 

NB OO 02.3 - Pemberton Group had 91 FTEs as of 31/12/2019


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 0 0
Fixed income >50% 98 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments <10% 2 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Pemberton is a diversified asset manager that focuses on private debt and direct lending. Pemberton has developed multiple strategies in order to continue to add value to borrowers and investors through our ability to source, structure and manage credit risk.

Pemberton Funds' History:

1. Mid-Market Direct Lending

The Pemberton European Mid-Market Debt Fund I ("Fund I") was launched in May 2015 with a strategy of investing in senior secured loans to leading European mid-market companies. Fund I closed in November 2016 with €1.2 billion of commitments, including €250 million from L&G. Fund I is now fully invested. 

In October 2016, Pemberton launched its UK Mid-Market Direct Lending Fund ("UK Fund") to capitalise on strong deal flow in the UK mid-market. In November 2016, Pemberton held a first close of £100m for the UK Mid-Market Direct Lending Fund with L&G and one other investor, to enable the UK Fund to start making investments. The final close of the UK Fund was held in Q2 2018 with £360m in commitments.

Pemberton European Mid-Market Debt Fund II ("Fund II”) continues Fund I's strategy and held its final close in March 2019, with commitments of more than €2.8 billion. We intend to launch its successor, Pemberton European Mid-Market Debt Fund III ("Fund III") in Q1 2020.

2. Strategic Credit

Pemberton's European Strategic Credit Opportunities Fund (the "Strategic Credit Fund") was launched in Q3 2017 to enable investors to capitalise on the attractive returns that we believe can be achieved as a result of strong demand from European mid-market companies for flexibly-structured senior debt, unitranche, second lien, mezzanine and preferred debt. The Strategic Credit Fund held its final close in March 2019, with €942 million in commitments. We intend to launch its successor, Pemberton European Strategic Credit Fund II, in Q1 2020 and are targeting a total raise of €2.0-2.5 billion.

3. European Senior Loans

Pemberton is currently establishing its European Senior Loan Strategy ("ESLS") in order to enable investors to capitalise on the attractive returns that can be achieved by providing Senior Secured 1st lien loans to low-levered European mid-market companies. ESLS aims to hold its first close in Q1 2020 with commitments of over €700 million, targeting a total raise of €2.0-2.5 billion.

4. Payables & Receivables Opportunities

Pemberton’s Payables & Receivables Opportunities Strategy is an open-ended strategy, which was launched in Q1 2019 to enable investors to gain exposure to the attractive returns available in supply chain finance assets. Pemberton’s strategic alliance with a leading global supply chain finance technology platform provides investors with access to primary originated supply chain finance (“SCF”) assets purchased from the global distributor base of Tier 1 global manufacturers. Pemberton has received commitments of $130 million for the strategy in Q1 2019 and is targeting total commitments to the strategy of $1 billion in 2020.


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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