Pemberton Asset Management, a private credit manager, closed its Strategic Credit Fund III at €2.3 billion (approximately $2.5 billion), bringing total assets under management across the three vintages for the strategy to €4.9 billion (approximately $5.3 billion).
Pemberton launched its strategic credit fund strategy in 2017 as a differentiated opportunistic direct lending strategy investing in primary performing companies across Europe, deploying €5.4 billion (approximately $5.8 billion) across three vintages. The strategy, which has grown in assets under management in each subsequent vintage, targets alpha generation by resolving complexity in performing credits with first lien-focused capital solutions, maintaining downside protection for investors.
The strategy has continued to invest in sponsor-led transactions across non-cyclical businesses, deploying more than €1 billion (approximately $1.1 billion) in 2023 and crystalizing gains throughout the year by partial realizations of the investments made in syndication trades.
The 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.
“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,” Robin Challis, partner of strategic credit at Pemberton, said. “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.”
“Pemberton’s family of three direct lending funds continue to deliver value and attractive risk-adjusted returns for investors,” Ben Gulliver, partner, head of portfolio management and co-head of direct lending at Pemberton, said. “The key to this success is our platform of nine 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 realizing investment opportunities.”
