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LGC-backed Pemberton closes EUR1.2bn inaugural fund

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Pemberton, which is 40 per cent owned by Legal & General Capital (LGC), has completed the final close of its inaugural European Mid-Market Debt Fund with EUR1.2 billion of commitments.

Paul Stanworth (pictured), managing director of Legal & General Capital, says: “Reaching well over EUR1 billion of commitments from institutions across the globe is a fantastic achievement by the Pemberton team. With such significant amounts of capital raised and more to come through the dedicated UK fund, Pemberton is building with Legal & General Capital’s support a substantial platform from which to boost lending to businesses, domestically and across Europe, supporting economic and social growth.”
 
The fund attracted a diverse global investor base, including 27 investors from Europe, the US and Asia, comprising insurance companies, pension funds, family offices and foundations.
 
Pemberton is an independent asset management group which provides finance to small and medium sized enterprises.
 
The fund provides senior debt financing to borrowers in the UK and Europe, focusing on companies with a turnover between EUR75 million and EUR1 billion. Some 46 per cent of the fund’s capital is already deployed in 13 companies across the UK, France, Germany, Italy and Spain, including seven loans in the UK across the healthcare, telephony, industrials and hospitality and leisure sectors.
 
The fund closing follows the recent launch of a second fund by Pemberton which plans to lend GBP500 million specifically to UK businesses to support their growth.
 
LGC’s commitment to Pemberton aligns with its strategy to invest in socially and economically useful enterprises with a focus on housing, infrastructure and SME finance. 

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