Pemberton closes €1bn private debt fund with 13% return target

Asset manager Pemberton has closed a private debt fund called Strategic Credit Opportunities Strategy (SCOS) at €1bn, with a target of 13% gross returns for its limited partners, in euros.

  • By Silas Brown
  • 01 May 2019
Email a colleague
Request a PDF

Over 30 investors from Australia, Europe, the Middle East and north America have backed the fund, which will provide junior capital to performing companies. It will also offer first and second lien senior financing to companies with “bespoke funding needs regarding acquisitions, capex, working capital or recovery funding.”

Roughly half the capital has already been committed to companies across western Europe. “To simultaneously close the fund at €1bn and commit 50% of the capital speaks volumes about the attractiveness of this strategy and Pemberton’s ability to originate, select and manage diverse credit opportunities,” said Ben Gulliver, an SCOS portfolio manager.

Pemberton had three direct lending platforms in operation before SCOS, with target returns of 5.75% to 7% for LPs. It has 68 staff across Europe working on private debt.

The fund manager is partly owned by Legal & General.

  • By Silas Brown
  • 01 May 2019

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,422.10 393 5.65%
2 Citi 69,820.62 374 5.16%
3 Bank of America Merrill Lynch 68,977.76 371 5.10%
4 Barclays 60,886.09 267 4.50%
5 Goldman Sachs 51,728.88 254 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,165.66 52 8.71%
2 BNP Paribas 15,885.30 90 6.86%
3 SG Corporate & Investment Banking 14,134.52 61 6.10%
4 Bank of America Merrill Lynch 14,105.99 45 6.09%
5 Deutsche Bank 13,105.24 66 5.66%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.52%
2 Citi 2,783.23 20 7.04%
3 JPMorgan 2,762.43 21 6.99%
4 BNP Paribas 2,674.33 25 6.77%
5 Goldman Sachs 2,523.29 20 6.39%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,336.99 132 10.02%
2 Citi 14,877.45 125 9.13%
3 Bank of America Merrill Lynch 12,173.13 103 7.47%
4 Goldman Sachs 12,028.93 93 7.38%
5 Morgan Stanley 9,577.47 74 5.87%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 15,424.27 88 5.81%
2 SG Corporate & Investment Banking 13,698.52 64 5.16%
3 Barclays 13,517.08 57 5.09%
4 JPMorgan 13,358.35 58 5.03%
5 Citi 13,042.23 59 4.91%