Highly commended: Neuberger Berman, AB Private Credit Investors
A new award designed to recognise the firms that have worked hardest to set standards, build significant infrastructure and establish market share in a nascent asset class that has a large number of new managers, newcomer of the year was one of the most hotly contested races this year.
Neuberger Berman was beaten to the crown by a flurry of late voting that saw London-headquartered Pemberton win the day. Asked how it feels to be a new player in the market, Pemberton’s managing partner Symon Drake-Brockman says: “It’s nice to be fresh and new, but to have the scale to compete across the whole of Europe.”
Pemberton, now just over two years old, got significant backing in 2014 when UK insurer Legal & General took a 40 percent stake in the firm. It will reach a final close on its debut direct lending fund by the middle of this year.
The vehicle is targeting over €1 billion and the firm is also in discussions with investors about launching two more strategies; a subordinated debt fund and a fund that will invest into short-dated senior secured loans to companies that are just below investment grade.