LONDON (LPC) - Asset manager Pemberton has raised €1 billion (£859 million) for its Strategic Credit Opportunities Strategy, which is the first primary-focused credit opportunities fund in Europe, the company announced.
The fund is managed by Ben Gulliver and Robin Challis and supports European mid-market companies with a turnover between €75m and €1bn, and Ebitda of between €10m and €100m that want financing for their growth strategies.
It also provides first-lien senior financing for companies that require bespoke funding regarding acquisitions, capex, working capital or recovery funding, Pemberton said.
On average, corporates are able to tap the fund for €50m-€75m, Ben Gulliver, strategic credit portfolio manager at Pemberton, told LPC.
The fund attracted more than 30 investors from North America, Europe, Australia and the Middle East, including pension funds, insurance companies, financial institutions, high-net-worth individuals and foundations.
Since it is the first credit opportunities strategy in Europe, there was strong appetite from US-investors seeking opportunities in the region, with just under half of all investors coming from North America, Gulliver said.
Symon Drake-Brockman, managing partner at Pemberton, welcomed this trend: “As the United States’ corporate debt market enters the late stages of the economic cycle, it also underscores the growing interest from institutional investors in private debt strategies that provide access to the most attractive pockets of the European corporate market,” he said in a statement.
Just under a quarter of the investors are located in the Nordic region, Gulliver added.
Pemberton said the fund has already committed 50% of the capital to companies in France, Spain, the Netherlands, Germany, Switzerland and the UK.
Those firms cover different sectors such as telecoms, food and beverage, technology, engineering, amongst others, Pemberton portfolio manager Robin Challis told LPC.
Editing by Christopher Mangham