Yahoo Finance Pemberton Seeks More Than €4 Billion for Mid-Market Debt Fund
(Bloomberg) -- Pemberton Asset Management plans to raise more than €4 billion ($4.3 billion) for the fourth vintage of its mid-market debt strategy, according to people with knowledge of the matter.
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The completion of the fund raising is set to take place in October, said the people, who asked not to be named because the matter is private. The fund size could reach as much as €5 billion, one of the people said.
Pemberton’s mid-market strategy typically invests in senior secured debt for businesses generating earnings before interest, taxes, depreciation and amortization, or EBITDA, of between €15 million and €75 million. A representative for Pemberton declined to comment.
The firm is also raising its second-generation senior loan fund, which should close with between €3 billion and €3.5 billion in the first quarter of 2025, according to the people. This strategy provides senior secured, first lien loans of between €50 million and €250 million to businesses generating EBITDA of between €25 million and €100 milllion.
The fund moves follow the announcement of a new partnership Pemberton has launched with the Abu Dhabi Investment Authority to back private equity firms through a niche form of lending called net asset value fund financing.
Pemberton is partly owned by Legal & General Group Plc, which has previously invested in some of the firm’s funds, including its third strategic credit fund, which closed with €2.3 billion in March.
The firm is raising a fourth such fund, according to a person familiar with this strategy, which makes investments in the €50 million to €250 million range in private equity-backed transactions. This latest fund is expected to hold a first close, the point at which a fund can start investing committed capital, in July, though the amount raised hasn’t been disclosed.
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