Permira Credit – which is one of Europe’s leading specialist credit investors – announced the successful completion of fundraising for its fifth direct lending fund Permira Credit Solutions Fund V (PCS5). Including associated vehicles and leverage, the total investable capital for the strategy is €4.2 billion.
The strength of the funding illustrates the wider growth and development of Permira Credit, which has seen assets under management growth by more than 3 times over the past 5 years. And this is testament to its dedicated and highly specialist team, which has also grown to 78 professionals, allowing Permira Credit to meet the continued increasing demand for private credit solutions.
PCS5 is going to follow the same broad strategy as its predecessors, aiming to deliver an attractive yield to investors with a focus on the provision of long-term, flexible financing solutions to high-quality, mid-market companies across Europe. And Permira Credit has an established and sizeable sponsor network globally and will continue to leverage the sector expertise of the broader Permira platform to partner with high-quality businesses and support their growth.
The closing follows on from several recent key growth milestones for Permira Credit, including:
— The successful pricing of its eighth CLO, Providus VIII, at €398 million in March 2023;
— The final close of its sixth structured credit fund Permira Sigma VI in December 2022. And Sigma VI invests long-term capital in European CLOs, in both the primary and secondary markets; and
— The appointment of Ian Jackson as Head of Strategic Opportunities in June 2022, which is a new strategy for the Permira Credit platform which focuses on providing capital solutions to corporates and investing in market dislocations.
KEY QUOTES:
“The Permira Credit platform has experienced tremendous growth in recent years, with our Direct Lending, CLO Management and Structured Credit strategies seeing continued demand from investors. Last year’s appointment of Ian Jackson to launch Permira Credit’s Strategic Opportunities strategy was another significant step forward, and today, with a large and growing team, we look forward to continuing to serve our investors and act as a trusted partner to companies and sponsors across Europe.”
— James Greenwood, CEO of Permira Credit
“The level of commitments we have received for PCS5, from both new and existing investors, reflects our position as a leading European direct lending manager. We are grateful to all of our investors for their support and confidence in the strategy, and look forward to deploying this capital in a growing market that continues to present attractive risk-adjusted opportunities in the current economic backdrop.”
— David Hirschmann, Head of Private Credit at Permira Credit
