The vehicle reportedly closed last month, with significantly more raised than for its predecessor, which closed on €1 billion in 2017.
The fund launched in Q1 2020 and will follow the same strategy as its predecessor, investing in performing credit throughout market cycles, with the majority of loans being first lien investments. It is understood to have already committed 40 percent of its capital.
Deals the fund is known to have participated in include HIG’s investment in Acqua & Sapone, Casa A/S’s acquisition by ActivumSG Fund, and supporting Exponent’s acquisition of PROPER.
Ben Gulliver and Robin Challis head up the strategy, which has invested more than €2 billion since inception.
Pemberton declined to comment on the fund.