Pemberton raises €3.4bn for ‘largest’ European opps credit fund

Pemberton Asset Management has raised €3.4bn (£2.9bn) for an opportunistic direct lending fund at final close, making it the largest of its kind in Europe, according to the firm.

The close marks the fourth vintage of Pemberton’s Strategic Capital strategy and brings total commitments across the four vintages to €8.3bn, the €31.1bn European private credit manager said.

Investors in the fund included new and returning limited partners, including public and private pension funds, insurers, family offices and financial services investors across Europe, North America, Asia and the Middle East.

“Despite the challenging market environment we continue to see strong demand from investors for flexible European direct lending strategies with strong downside protection,” said Robin Challis, deputy head of portfolio management at Pemberton. “The successful close of our latest opportunistic direct lending fund reflects both the strength of our track record and the scale of the opportunity we continue to see across European private credit markets.”

Pemberton launched the Strategic Capital strategy in 2017 as an opportunistic direct lending strategy investing in companies across Europe. The strategy invests in private equity-led transactions, supporting borrowers with complex financing requirements amid continued volatility across global capital markets, according to the firm.

“The continued growth of Pemberton’s Strategic Capital strategy demonstrates the strength of our platform, which continues to originate proprietary deal flow and attractive investment opportunities via our 10 European offices and deep sponsor relationships,” said Ben Gulliver, partner, head of portfolio management and co-head of direct lending at Pemberton. “This is currently the largest fund of its kind in Europe, and we thank our limited partners for their continued trust as the strategy moves into its next phase of deployment.”