Pemberton pulls in $2.2bn for European private debt strategy, eyes up to $5bn – report

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European private credit manager Pemberton has reportedly pulled in more than $2.2bn for its mid-market core lending strategy through a first close.

The firm is eyeing between $4.5bn and $5bn for the fundraise according to Bloomberg, which cited an unnamed person it said was familiar with the matter.

They said Pemberton raised more than $5bn last year. Many debt-focused investment houses launched new vehicles looking to capitalise on the impact of the coronavirus crisis, despite a slowing of LP commitments to the asset class in the first half of the year.

Pemberton, which is backed by insurer Legal & General, closed a €3.2bn direct lending fund and €1bn European credit fund in 2019.

In October that year it brought in Cary Gibson as head of investor relations, following her stint as head of business development at Sand Grove Capital Management.

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