Pemberton targets €2.5bn for second European debt fund

The figure would be more than twice the €1.2bn raised by the vehicle's predecessor, which held a final close in November 2016.

It is understood the new fund is targeting a final close by November 2018 and will have a pan-European strategy that mirrors that of its predecessor.

European Mid-Market Debt Fund I is now fully deployed, Unquote understands, and provided senior debt financing to companies with turnovers of €75m-1bn.

It is understood the new vehicle will target an IRR of 8% and will write cheques of €25-100m, with 60-70% of its capital likely to be deployed in sponsor-led deals.

The firm's first mid-market debt vehicle raised commitments from LPs including insurance companies, pension funds, family offices and foundations across Europe, the US and Asia.

Pemberton declined to comment on the new fund.

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