Mid-market alternative lender Pemberton has hired Jürgen Breuer as head of Germany, Austria and Switzerland. The firm is also continuing discussions with investors for its credit strategy and may skip a first close and proceed directly to final close, Pemberton managing director, Symon Drake-Brockman, told PDI.
Breuer is a long-tenured banker, having built up number one German leveraged finance franchises at both Dresdner and WestLB. In 2010, as WestLB was in wind-down discussions with European authorities, he moved over to manage the struggling bank’s credit portfolio.
The new hire follows a spate of strategic appointments for the alternative asset manager as it moves to quickly build scale at the European mid-market lender.
Drake-Brockman said that Breuer will bring important long-standing relationships with borrowers in Germany as well as his experience of building up two of the most successful financing teams in Germany over the last ten years.
Pemberton’s new team completed its first deals in the last quarter of 2014, added Drake-Brockman.
“The challenge for alternative lenders in Europe is convincing corporate borrowers that we are here for the long run. … And that is one of the reasons why we were so keen to have Legal & General as a partner,” said Drake-Brockman.
Pemberton’s push for scale was boosted last year when UK insurer Legal & General took a 40 percent stake in the firm and committed €250 million to its credit strategy.
Thomas Duetoft, ex-RBS and Dresdner, was hired to head up origination at the firm. His appointment was announced in November in tandem with that of John Doyle, former head of Seimens Bank’s leveraged and acquisition finance team. Doyle is the firm’s head of UK and Ireland.