European debt investor Permira Debt Managers (PDM) has held the the final close of its fifth structured credit fund Permira Sigma V (Sigma V).
Sigma V will continue the successes of the Sigma strategy, investing long-term capital in European CLOs, in both the primary and secondary markets. The Fund specialises in the most junior parts of the CLO capital structure where PDM’s credit-led approach provides the greatest differentiation. The Fund has already made several investments, predominantly in the secondary market, that are generating highly attractive cash yields.
Thomas Kyriakoudis, Chief Investment Officer of Permira Debt Managers, says: “The Sigma fund’s strategy continues to speak for itself. This latest raise, with both new and existing investors, is testament to that performance.”
Jihan Saeed, Investment Director at Permira Debt Managers, says: “We have consistently delivered for investors with a disciplined and long-term approach to the markets, and it is great to see such support once more for the strategy.”
Investing in CLOs since 2010, the Sigma strategy has deployed over EUR1.4 billion in the asset class. The PDM team has built a strong track record in European structured credit on the back of its comprehensive understanding of European buyouts, CLO mechanics, documentation and a deep dive approach to credit analysis.
Sigma V is a private vehicle and the fifth PDM fund targeting European CLOs. The first four funds (Sigma I, II, III and IV), closed between 2010 and 2016, and are now fully invested. Sigma I, II and III are fully realised, having in aggregate returned 1.8x net multiple and 19% net IRR to investors.