Pemberton launches £500m UK direct lending fund

The vehicle, named UK Mid-Market Direct Lending Strategy, has received commitments from two institutional investors, including Legal & General, which acquired a 40% stake in Pemberton in 2014.

The new fund will make corporate loans and private equity sponsor loans in support of both organic and acquisitive growth strategies.

Pemberton said in a statement it had spotted a gap in the funding market following Brexit, as "foreign lenders further reassess their commitment to UK lending".

Pemberton has previously supported private equity transactions from its existing vehicle European Mid-Market Debt Strategy, which has itself invested £180m in UK companies. The firm's recent deals include the provision of a leverage package to support Summit Partners-backed DentalPro in its €80m acquisition of Giovanni Bona Cliniche Dentali and underwriting a refinancing package for Argan Capital-backed Delsey.

Pemberton is anticipating a first close for its latest vehicle before the end of 2016.

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• Topics
• UK / Ireland
• Financing
• Debt
• United Kingdom