Pemberton Announces First Close of Inaugural ERISA-Compliant Fund
October 18, 2023
Source: Pemberton
Pemberton, a leading alternative credit specialist, announces a $275mm first-close of its inaugural, fully-ERISA compliant, evergreen, multi-asset solution Fund, anchored by five new Limited Partners to the firm.
The European Alternative Credit Fund, with a focus on first lien financings, will dynamically utilize the breadth of Pemberton’s platform across its three European middle-market lending strategies (Senior Loan, Mid-Market Debt & Strategic Credit), as well as Global NAV-Finance and Risk Sharing/SRT offerings, for a risk-optimized, relative value-informed and highly diversified portfolio.
While the fund primarily responds to the needs of US Multi-Employer Union and Corporate Defined- Benefit Plans, the Fund is also an attractive opportunity for non-ERISA investors who want to benefit from the highest levels of fiduciary duty through an onshore ERISA-compliant, evergreen structure.
Scott Hamilton, Managing Director, North American Business Development: “We continue to believe private debt to be a highly appropriate asset class for pension funds given its low volatility and cash distributive nature. We are excited to be able to offer Multi-Employer Union and Corporate Defined-Benefit plans an ERISA-compliant, low administrative burden, evergreen solution providing broad European alternative-credit exposure, particularly given the compelling relative value in terms of both yield and structurally cleaner credit.”
Symon Drake-Brockman, Managing Partner, said: “Over the past years we have grown from our origins in direct lending to a highly diversified, multi-strategy, alternative credit platform. The versatility of the platform and broad offering supports our ability to offer client-driven solutions across a range of risk-return profiles within a single fund such as our inaugural ERISA fund.”
– Ends –
Notes to Editors:
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. ERISA’s main purpose is to protect retirement savings from mismanagement and abuse and clarifies that those in charge of those savings be held to a high fiduciary standard of care – that is, they must act in the very highest interests of plan participants.1
1 ERISA | U.S. Department of Labor (dol.gov)
For further details, contact:
US:
Candace Carpenter, ckcarpenter@contextcontentllc.com, +1 817 773 2314
UK:
Max Kelly, mkelly@headlandconsultancy.com, +44 (0)75 9012 0533
About Pemberton Asset Management
Pemberton Asset Management is a leading provider of alternative credit strategies. Innovation, superior credit analysis, an extensive European office network and local market expertise are distinctive characteristics of Pemberton and inform our investing approach.
From our origins in direct lending, we have built a highly diversified multi-strategy private credit platform which enables us to serve a broad spectrum of needs of both our investor and borrower clients. With a blend of banking and asset management cultures, extensive experience in credit markets and a clear commitment to transparency and sustainability, our industry leading expertise is shaping the future of private credit.
Pemberton has $20bn Assets under Management (AuM), employs over 170 professionals in 14 locations and features one of Europe’s largest investment teams.*
*Data correct as of September 30th, 2023
Disclaimer
This document is about the Pemberton Payables and Receivables Opportunity Strategy and is intended only for the person to whom it has been delivered. This document is solely for discussion / information purposes only and does not constitute an offer or a firm commitment of any kind to provide any investment opportunity, fund structure or return. It should only be used for evaluation of any facts presented herein.
Investment in instruments that the strategy may reference are likely to be long-term and of an illiquid nature. Such instruments are also likely to involve an above average level of risk. This document does not purport to identify all of the risk factors associated with any exposure to such a strategy and prospective investors should make their own assessment of any risk involved in seeking exposure to the strategy or instruments referenced therein. There is no guarantee of trading performance and past or projected performance of the strategy or instruments referenced is no indication of current or future performance / results. The value of investments may fall as well as rise.
Exposure to the strategy is suitable only for sophisticated investors and requires the financial ability and willingness to accept for an indefinite period of time the risks and lack of liquidity inherent in the strategy or instruments referenced therein.
Any third-party information (including any statements of opinion and/or belief) contained herein is provided by Pemberton Asset Management group of companies, being. Pemberton Asset Management S.A., Pemberton Capital Advisors LLP and any other affiliates (“we”, “our” or “us”) and has not been independently verified.
Statements of opinion, market or performance information and any forecasts or estimates contained in this document are prepared on the basis of assumptions and conclusions reached and are believed to be reasonable by us at the time.
No representation, warranty, assurance or undertaking (express or implied) is given (and can therefore not be relied upon as such), and no responsibility or liability is or will be accepted by us or any of our affiliates or our respective officers, employees or agents as to the adequacy, accuracy, completeness or reasonableness of the information, statements and opinions expressed in this document. Any opinions expressed in this document do not constitute legal, tax or investment advice and can therefore not be relied upon as such. Please consult your own legal or tax advisor concerning such matters.
The information contained in this document (which does not purport to be comprehensive) is believed to be accurate only at the date of this document and does not imply that the information herein is correct at any time subsequent to the date hereof and such information is subject to change at any time without notice. The views expressed herein are subject to change based on market and other conditions and we give no undertaking to update the information, to reflect actual events, circumstances or changes in expectations or to provide additional information after its distribution, even in the event that the information becomes materially inaccurate.
The recipient acknowledges and agrees that no person has, nor is held out as having, any authority to give any statement, warranty, representation, assurance or undertaking on our behalf in connection with any potential investment. No part of this document may be reproduced in any manner without our written permission.
This document has been prepared and issued for use in the UK and all countries outside of the European Union by
Pemberton Capital Advisors LLP. Pemberton Capital Advisors LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) and entered on the FCA Register with the firm reference number 561640 and is registered in England and Wales at 52 Grosvenor Gardens, London, SW1W 0AU, United Kingdom. Registered with the US. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940 with CRD No. 282621 and SEC File No. 801-107757. Tel: +44(0) 207 993 9300.
This document has been prepared and issued for use in the European Union by Pemberton Asset Management S.A..
Pemberton Asset Management S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier
(“CSSF”) and entered on the CSSF Register with the firm reference numbers A1013 & A1342 and is registered in Grand
Duchy of Luxembourg at 31-33, avenue Pasteur, L-2311. Pemberton reports to the US. Securities and Exchange Commission as a reporting exempt investment adviser under the U.S. Investment Advisers Act of 1940 with CRD 282865 and SEC File No. 802-107832. Tel: +352 26468360 www.pembertonam.com
Pemberton is a registered trademark. © Pemberton
The European Alternative Credit Fund, with a focus on first lien financings, will dynamically utilize the breadth of Pemberton’s platform across its three European middle-market lending strategies (Senior Loan, Mid-Market Debt & Strategic Credit), as well as Global NAV-Finance and Risk Sharing/SRT offerings, for a risk-optimized, relative value-informed and highly diversified portfolio.
While the fund primarily responds to the needs of US Multi-Employer Union and Corporate Defined- Benefit Plans, the Fund is also an attractive opportunity for non-ERISA investors who want to benefit from the highest levels of fiduciary duty through an onshore ERISA-compliant, evergreen structure.
Scott Hamilton, Managing Director, North American Business Development: “We continue to believe private debt to be a highly appropriate asset class for pension funds given its low volatility and cash distributive nature. We are excited to be able to offer Multi-Employer Union and Corporate Defined-Benefit plans an ERISA-compliant, low administrative burden, evergreen solution providing broad European alternative-credit exposure, particularly given the compelling relative value in terms of both yield and structurally cleaner credit.”
Symon Drake-Brockman, Managing Partner, said: “Over the past years we have grown from our origins in direct lending to a highly diversified, multi-strategy, alternative credit platform. The versatility of the platform and broad offering supports our ability to offer client-driven solutions across a range of risk-return profiles within a single fund such as our inaugural ERISA fund.”
– Ends –
Notes to Editors:
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. ERISA’s main purpose is to protect retirement savings from mismanagement and abuse and clarifies that those in charge of those savings be held to a high fiduciary standard of care – that is, they must act in the very highest interests of plan participants.1
1 ERISA | U.S. Department of Labor (dol.gov)
For further details, contact:
US:
Candace Carpenter, ckcarpenter@contextcontentllc.com, +1 817 773 2314
UK:
Max Kelly, mkelly@headlandconsultancy.com, +44 (0)75 9012 0533
About Pemberton Asset Management
Pemberton Asset Management is a leading provider of alternative credit strategies. Innovation, superior credit analysis, an extensive European office network and local market expertise are distinctive characteristics of Pemberton and inform our investing approach.
From our origins in direct lending, we have built a highly diversified multi-strategy private credit platform which enables us to serve a broad spectrum of needs of both our investor and borrower clients. With a blend of banking and asset management cultures, extensive experience in credit markets and a clear commitment to transparency and sustainability, our industry leading expertise is shaping the future of private credit.
Pemberton has $20bn Assets under Management (AuM), employs over 170 professionals in 14 locations and features one of Europe’s largest investment teams.*
*Data correct as of September 30th, 2023
Disclaimer
This document is about the Pemberton Payables and Receivables Opportunity Strategy and is intended only for the person to whom it has been delivered. This document is solely for discussion / information purposes only and does not constitute an offer or a firm commitment of any kind to provide any investment opportunity, fund structure or return. It should only be used for evaluation of any facts presented herein.
Investment in instruments that the strategy may reference are likely to be long-term and of an illiquid nature. Such instruments are also likely to involve an above average level of risk. This document does not purport to identify all of the risk factors associated with any exposure to such a strategy and prospective investors should make their own assessment of any risk involved in seeking exposure to the strategy or instruments referenced therein. There is no guarantee of trading performance and past or projected performance of the strategy or instruments referenced is no indication of current or future performance / results. The value of investments may fall as well as rise.
Exposure to the strategy is suitable only for sophisticated investors and requires the financial ability and willingness to accept for an indefinite period of time the risks and lack of liquidity inherent in the strategy or instruments referenced therein.
Any third-party information (including any statements of opinion and/or belief) contained herein is provided by Pemberton Asset Management group of companies, being. Pemberton Asset Management S.A., Pemberton Capital Advisors LLP and any other affiliates (“we”, “our” or “us”) and has not been independently verified.
Statements of opinion, market or performance information and any forecasts or estimates contained in this document are prepared on the basis of assumptions and conclusions reached and are believed to be reasonable by us at the time.
No representation, warranty, assurance or undertaking (express or implied) is given (and can therefore not be relied upon as such), and no responsibility or liability is or will be accepted by us or any of our affiliates or our respective officers, employees or agents as to the adequacy, accuracy, completeness or reasonableness of the information, statements and opinions expressed in this document. Any opinions expressed in this document do not constitute legal, tax or investment advice and can therefore not be relied upon as such. Please consult your own legal or tax advisor concerning such matters.
The information contained in this document (which does not purport to be comprehensive) is believed to be accurate only at the date of this document and does not imply that the information herein is correct at any time subsequent to the date hereof and such information is subject to change at any time without notice. The views expressed herein are subject to change based on market and other conditions and we give no undertaking to update the information, to reflect actual events, circumstances or changes in expectations or to provide additional information after its distribution, even in the event that the information becomes materially inaccurate.
The recipient acknowledges and agrees that no person has, nor is held out as having, any authority to give any statement, warranty, representation, assurance or undertaking on our behalf in connection with any potential investment. No part of this document may be reproduced in any manner without our written permission.
This document has been prepared and issued for use in the UK and all countries outside of the European Union by
Pemberton Capital Advisors LLP. Pemberton Capital Advisors LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) and entered on the FCA Register with the firm reference number 561640 and is registered in England and Wales at 52 Grosvenor Gardens, London, SW1W 0AU, United Kingdom. Registered with the US. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940 with CRD No. 282621 and SEC File No. 801-107757. Tel: +44(0) 207 993 9300.
This document has been prepared and issued for use in the European Union by Pemberton Asset Management S.A..
Pemberton Asset Management S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier
(“CSSF”) and entered on the CSSF Register with the firm reference numbers A1013 & A1342 and is registered in Grand
Duchy of Luxembourg at 31-33, avenue Pasteur, L-2311. Pemberton reports to the US. Securities and Exchange Commission as a reporting exempt investment adviser under the U.S. Investment Advisers Act of 1940 with CRD 282865 and SEC File No. 802-107832. Tel: +352 26468360 www.pembertonam.com
Pemberton is a registered trademark. © Pemberton
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