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.