European private credit manager Pemberton Asset Management has held the first close of its new NAV strategic financing strategy at over $1bn of investible capital.
The strategy, which provides financing solutions to private equity firms, secured investment from Abu Dhabi Investment Authority as anchor investor, Legal & General and others.
According to a press statement, NAV strategic financing “capitalises on the growth of the private equity fund finance market to provide non-dilutive strategic capital solutions to private equity GPs and funds” and “provides flexible financing including senior loans and preferred equity against concentrated collateral portfolios or targeting higher loan-to-value facilities with higher returns”.
Pemberton says the strategy is an extension of its direct lending platform, which currently offers lending solutions for individual assets, and enables the firm to offer a broader range of products to its private equity buyout community.
