Pemberton Asset Management has raised $1.7bn (£1.3bn) at the final close of its debut NAV financing fund.
This brings the total assets raised across its NAV financing and GP solutions strategies – both first-time fundraises – to $2.7bn.
The European private credit manager’s NAV financing strategy provides loans to private equity sponsors, secured against a pool of underlying portfolio companies, which are typically used to support value-accretive bolt-on acquisitions and additional platform investments.
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Its GP solutions strategy, which was anchored by ADIA in 2024, provides non-dilutive strategic capital solutions to private equity GPs and is often used to support strategic events including stake buy-backs, succession planning and GP commitments.
“The development of Pemberton’s NAV Financing and GP Solutions strategies, combined with our established direct lending platform and independence, positions Pemberton as a natural long-term partner for the private equity community, given our ability to provide flexible, non-dilutive portfolio company, fund level and GP level capital solutions,” said Symon Drake-Brockman, managing partner.
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“The achievement of the final close target further illustrates Pemberton’s ability to offer multi-strategy investment opportunities, for institutional investors seeking attractive risk-adjusted returns through European private credit opportunities.”
NAV financing has seen increased interest amid challenging macro conditions, as funds grapple with extended hold periods and a greater need to optimise portfolio company leverage in a higher interest rate environment.
Thomas Doyle, partner, head of NAV financing and GP solutions, added: “The successful achievement of an ambitious fundraise target reflects the growing global interest and adoption of these strategies. I would like to thank our LPs and GPs for their continued trust and support.”
Pemberton recently announced the launch of a New York office, alongside senior hires including Daniel Oudiz from Houlihan Lokey and Philip Edwards from Jefferies to expand its offering in the US.
