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
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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 Citi 53,320.23 261 5.40%
2 JPMorgan 52,801.34 266 5.35%
3 Bank of America Merrill Lynch 49,285.49 250 4.99%
4 Barclays 46,494.29 192 4.71%
5 Deutsche Bank 38,254.28 189 3.88%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 14,087.03 36 9.12%
2 Deutsche Bank 10,204.94 51 6.60%
3 SG Corporate & Investment Banking 9,691.46 38 6.27%
4 BNP Paribas 9,682.74 53 6.27%
5 Citi 9,654.05 44 6.25%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,336.07 15 8.07%
2 JPMorgan 2,260.62 16 7.81%
3 BNP Paribas 2,167.79 20 7.49%
4 Citi 1,935.99 15 6.69%
5 Goldman Sachs 1,890.62 15 6.53%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,355.10 94 10.23%
2 Citi 11,234.36 86 9.30%
3 Goldman Sachs 8,483.82 60 7.02%
4 Bank of America Merrill Lynch 8,431.45 69 6.98%
5 Morgan Stanley 7,524.77 55 6.23%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,840.79 40 5.49%
2 SG Corporate & Investment Banking 9,247.20 39 5.16%
3 Barclays 9,097.64 39 5.08%
4 BNP Paribas 8,968.95 50 5.01%
5 Deutsche Bank 8,508.56 48 4.75%