Pemberton prepping two new strategies – exclusive

The London-based direct lending firm is seeking to expand its offering to investors into both subordinated and higher grade debt opportunities.

Pemberton is in early stage discussions with anchor investors for two new funds, PDI can reveal.

The pan-European lender is planning to launch a subordinated debt fund which will include a range of higher-risk instruments, including second lien debt, mezzanine and preferred equity.

The second fund will focus further up the credit curve, making short-dated senior secured loans to companies that are just below investment grade.

The firm has had discussions with limited partners about becoming anchor investors for the strategy.

A spokeswoman for Pemberton declined to comment on the new funds.

Pemberton reached a first close of €547 million on its debut fund and first direct lending vehicle European Mid-Market Debt Fund in July. The manager is working towards a final close in the middle of this year.

The firm has moved quickly to build its team since UK insurer Legal & General took a 40 percent stake in the lender in September 2014.

New hires include: Helen Richards as head of compliance, who joined from Neuberger Berman Europe; Geoffroi de Saint Chamas, as head of France, who joined from Lazard; as well as a new head of investor relations and general counsel.

Pemberton is based in London and headed by Royal Bank of Scotland’s former global head of debt, Symon Drake-Brockman.