Leading private credit manager Pemberton Asset Management announced the final closing of its Strategic Credit Fund III, one of Europe’s largest opportunistic direct lending funds, at €2.3 billion. This brings the total assets under management (AUM) across the strategy’s three vintages to €4.9 billion.
Pemberton Strategic Credit was launched in 2017 as a differentiated opportunistic direct lending strategy investing in primary-performing companies across Europe. It deployed €5.4 billion across three vintages. This strategy—which has grown in AUM in each subsequent vintage—targets alpha generation by resolving complexity in performing credits with first-lien-focused capital solutions, maintaining downside protection for investors.
This strategy has continued to invest in sponsor-led transactions across non-cyclical businesses, deploying over €1.0 billion in 2023 and crystalizing significant gains throughout the year by partially realizing the investments made in hung syndication trades.
This fund’s investor base consists of new and returning LPs, including public and private pension funds, insurance providers, and financial service investors across Europe, North America, Asia, and the Middle East.
KEY QUOTES:
“In the current cycle of inflation, high-interest rates and retrenching capital markets, we have seen increasing demand for versatile European direct lending funds from both, new and existing investors. The agile nature of the Strategy has enabled us to execute and deliver on the Funds’ flexible mandate and deliver highly attractive risk-adjusted returns to our investors. We look forward to continuing to provide financing solutions for borrowers with increasingly complex needs.
– Robin Challis, Partner, Strategic Credit
“Pemberton’s family of three direct lending funds continue to deliver value and attractive risk-adjusted returns for investors. The key to this success is our platform of 9 offices across Europe for originating investments and one of the largest investment teams in the market, providing us with a distinct advantage in identifying, evaluating and realising investment opportunities.”
– Ben Gulliver, Partner, Head of Portfolio Management & Co-Head of Direct Lending
