London-based private lender Pemberton Asset Management is seeking to raise €3.75bn ($4.2bn) for its latest opportunistic credit fund, Pemberton Strategic Credit Fund IV, amid growing challenges faced by traditional banks, according to a report by the Wall Street Journal.
The firm’s fourth strategic credit fund aims to provide financing solutions to European businesses with complex capital needs, arriving just five months after the firm successfully closed its predecessor. It will focus on originating loans with varying risk-return profiles and potentially taking equity stakes in the businesses it finances.
According to documents associated with the New Mexico State Investment Council, which manages approximately $54bn in sovereign wealth assets, the council is considering a commitment of up to $150m to Pemberton’s new vehicle.
