Cash & Liquidity ManagementInvestment & FundingCapital MarketsPemberton plans strategic credit opportunities strategy

Pemberton plans strategic credit opportunities strategy

The asset manager says it is responding to strong demand from Europe’s mid-market corporates for flexible finance.

Asset manager Pemberton has launched a strategic credit opportunities strategy, which aims to enable global institutional investors to benefit from quality investment opportunities as European mid-market companies increasingly seek non-dilutive capital to finance their growth.

The company, which is backed by insurer Legal & General, reports strong demand from mid-market companies seeking flexible financing to support their growth. The strategic credit opportunities strategy intends to:
• provide junior capital to proven companies seeking funding, including for continued expansion or acquisitions, and
• provide senior and unitranche funding for companies looking to return to growth, including after suffering temporary operating issues.

“Flexible finance includes the provision of senior or junior debt to meet specific company needs and has traditionally been offered by banks to their corporate clients,” the company added.

“However, regulatory changes are increasingly impacting this business. Basel III has made the provision of subordinated debt prohibitively expensive for banks as it typically counts as a capital deduction. The reduction in banks’ ability to lend is leading European mid-market companies to seek new financing solutions from non-bank lenders.

Pemberton will use its existing pan-European platform to originate investments in established, performing European mid-market companies, with a turnover between €75m and €1bn.

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