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pembertonam.com

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Investments

5

Portfolio Exits

3

Funds

10

Partners & Customers

1

About Pemberton Asset Management

Pemberton is an independent asset management group, focused on capturing the opportunities created by a changing European financing market.

Headquarters Location

52 Grosvenor Gardens

London, England, SW1W 0AU,

United Kingdom

+44 (0) 20 7993 9300

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Latest Pemberton Asset Management News

Direct Lender Pemberton Eyes $50 Billion to Plug Europe Lending Hole

Nov 28, 2022

A Third of Adani’s NDTV Offer Subscribed Despite Steep Discount Green Factories Are Changing Minds in More Conservative US States European Gas Prices Swing With Focus on Weather, Russian Flows Qatari Stocks Miss World Cup Boost as 2022 Gains Are Erased Goldman Strategists Say Stocks Are Yet to Reflect Recession Risk Direct Lender Pemberton Eyes $50 Billion to Plug Europe Lending Hole China Commodities Sink as Covid Spread, Protests Worsen Outlook Canada to Increase Military and Economic Ties in Indo-Pacific Oil Drops as China Unrest Sends Ripples Through World Markets Chinese Stocks in US Fall as Citizens Defy Covid Curbs in Unrest Everstone Weighs Sale of $1 Billion Medical Device Firm Everlife, Sources Say Troubled German Landlord Adler Soars 60% After Signing Debt Deal What to Watch in Commodities as China Adds to Global Demand Fear ECB’s Knot Says ‘Protracted Period’ Needed to Tame Inflation Hong Kong Exports Fall for Sixth Straight Month on Waning Demand India City Plans Nation’s First Retail Muni Bond for Solar Plant Abu Dhabi Wealth Fund Invests in Greek Startup Blueground Stocks, China Assets Face Rough Open as Covid Unrest Hits Mood China Markets Slide as Covid Protests Put Investors on Edge 32% of Canadians unaware standard home insurance policies lack flood protection: Survey  How the elimination of interest on federal student loans could give graduates a boost Recession: Majority of Canadians think we’ll enter one soon, survey finds Young Canadians look to splurge on gifts this holiday season, cut other costs How stay-at-home spouses can build credit Holiday shopping: Expert advice on finding deals and saving Inflation gives a boost to 2023 TFSA contribution limit Many Canadians struggling with 'subconscious spending' habits: Survey Buy now, pay later holiday shopping spree could lead to financial hangover: Experts Hourly wages needed to live in Ontario rise as inflation persists Tax-loss selling can turn 2022 losses into 2023 gains Consumer insolvencies rise 22.5 per cent compared with last year Millennial Money: Set financial limits for holiday visits Three ways Millennials can cut back on spending ahead of a potential recession Financial illiteracy runs deep in Canada: Dale Jackson Here are the new cost of living support measures announced in the Fall Economic Statement Canadians have never felt worse about their finances, poll shows Importance of understanding your travel insurance in post-COVID-19 era Halloween: Canadians expected to spend over 28% more this year on candy, costumes UK Retailers Cut Jobs, Investment as Economic Outlook Weakens Once a Luxury Amenity, Smart Glass Emerges as an Energy Saver Troubled German Landlord Adler Soars 60% After Signing Debt Deal Superdry in Talks for Elliott-Backed Loan Deal: The London Rush Evergrande’s Shenzhen Land Sold for $1 Billion After Cash Crunch Stagflation Will Rule 2023, Keeping Stocks in Peril China Evergrande Winding-Up Lawsuit Is Adjourned in Hong Kong Discounts Return on UK Homes In Latest Sign of Market Turbulence KPMG Bets on Manchester With Tech Jobs and ‘Sprint’ Rooms Korean House Prices Drop by Most Since 2013 as Credit Woes Mount Covid Zero Cuts China’s Economic Activity as Cities Up Control RBA’s Lowe Sees Better Chance of Australia ‘Soft Landing’ Than Peers Your Sunday UK Briefing: Sunak’s Balancing Act FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants The Treasury Market’s Big Recession Trade Is Gathering Momentum Charting the Global Economy: OECD Raises Inflation Forecast IPO Hole Is Partly Plugged by $24 Billion Burst in Share Sales Interest on some mortgages in 2022 up 250% from the previous year: RateHub.ca China’s Central Bank Cuts Reserve Ratio to Help Bolster Economy Barclays CEO to Undergo Treatment for Non-Hodgkin Lymphoma Georgia Senate Runoff Draws Big Money, Big Names From Both Parties to Boost Vote Green Factories Are Changing Minds in More Conservative US States UK Retailers Cut Jobs, Investment as Economic Outlook Weakens Sunak Faces Tory Rebellion for Keeping Ban on Onshore Wind Farms European Gas Prices Swing With Focus on Weather, Russian Flows Goldman Strategists Say Stocks Are Yet to Reflect Recession Risk Direct Lender Pemberton Eyes $50 Billion to Plug Europe Lending Hole China Commodities Sink as Covid Spread, Protests Worsen Outlook Tesla and South Korea Might Not Be the Dream Pairing It Seems Canada to Increase Military and Economic Ties in Indo-Pacific Once a Luxury Amenity, Smart Glass Emerges as an Energy Saver Do You Like Your Boss? The Big Take Podcast Asian Crypto Regulations Diverge as Singapore, Hong Kong Change Course (Podcast) Coinbase Names Four New Executives to Lead Europe Expansion Oil Drops as China Unrest Sends Ripples Through World Markets EU to Unveil Packaging Rules for Nespresso Pods, Plastic Bags Chinese Stocks in US Fall as Citizens Defy Covid Curbs in Unrest Everstone Weighs Sale of $1 Billion Medical Device Firm Everlife, Sources Say Green Factories Are Changing Minds in More Conservative US States Sunak Faces Tory Rebellion for Keeping Ban on Onshore Wind Farms European Gas Prices Swing With Focus on Weather, Russian Flows Qatari Stocks Miss World Cup Boost as 2022 Gains Are Erased China Commodities Sink as Covid Spread, Protests Worsen Outlook Tesla and South Korea Might Not Be the Dream Pairing It Seems Once a Luxury Amenity, Smart Glass Emerges as an Energy Saver Oil Drops as China Unrest Sends Ripples Through World Markets What to Watch in Commodities as China Adds to Global Demand Fear India City Plans Nation’s First Retail Muni Bond for Solar Plant EasyJet, Rolls-Royce Test Jet Engine Running on Hydrogen Fuel Ukraine Latest: Zelenskiy Tells People to Brace for More Strikes Houston Shutters Schools as Power Outages Imperil Water Supply Superdry in Talks for Elliott-Backed Loan Deal: The London Rush Putin’s War Leaves West More Reliant Than Ever on Asian Fuel Macquarie Bets on Network Infrastructure With $13 Billion Raise Australia Lowers Terror Threat Level for First Time Since 2014 Australian Miner Eyes Lithium Refining in Challenge to China Japan Studies Plan to Extend Life of 60-Year-Old Nuclear Plants Alberta's famous 'wage premium' rapidly eroding, experts say Federal government posts $1.7 billion surplus for April to September period Alberta cuts budget surplus forecast after tax break rollout The Daily Chase: Markets point to a positive open; Black Friday begins 'We’re going to be packed': World Cup brings traffic boost to restaurants and bars Long-term rate hikes effects will be 'more powerful' than people think: Poloz Has inflation peaked? Economists expect slowdown in coming months The Daily Chase: Bank of Canada under pressure to tame inflation; TSX posts gains Inflation relief measures should be well targeted and temporary, says Macklem Retailers look for Black Friday comeback as inflation has shoppers hunting for deals Alberta's tactic of doling out cash fuels inflation rather than easing it: Economists Most U.S. Fed officials saw slower pace of hikes appropriate 'soon' U.S. Fed staff saw odds of recession in next year at almost 50% Business outlook worsened in third quarter: Statistics Canada Private equity firms keen to return cash dump discounted stocks Trudeau faces tough choices in countering U.S. green incentives U.S. jobless claims hit three-month high as labor market cools The Daily Chase: Alimentation Couche-Tard deals with inflation pain; Alberta spends $2.4B in aid CPI: What economists are expecting to see from the latest inflation data Top Hong Kong Court Upholds Jimmy Lai’s Right to UK Lawyer Sunak Faces Tory Rebellion for Keeping Ban on Onshore Wind Farms Canada to Increase Military and Economic Ties in Indo-Pacific Goldman Says China May End Covid Zero Earlier Than Expected HK Top Court Rejects Appeal Against UK Lawyer in Jimmy Lai Trial Young Women at Front Line of China’s Sweeping Covid Protests Ukraine Latest: Zelenskiy Tells People to Brace for More Strikes BBC Journalist Beaten by Police at China Covid Protests, PA Says Taiwan Stocks Sink After Ruling Party’s Local Elections Defeat Singapore Government Faces Parliament Grilling Over FTX Fallout Australia Lowers Terror Threat Level for First Time Since 2014 Russia’s Ukraine Claims Risk Thwarting a Global Conference on Bioweapons Ghana Currency Funk, Inflation Jump to Spur Rate Hike: Day Guide UK Should Plan for Long Term Like Russia and China, Sunak Says Singapore MPs to Debate Bill Repealing Ban on Sex Between Men Taiwan Elections Set Stage for Tighter Presidential Race in 2024 This Is What It Was Like Inside Shanghai’s Extraordinary Protests Ukraine Latest: Russia Continues to Reinforce Troops in East Erdogan Will Meet With Egypt’s Sisi After World Cup Handshake Asian Crypto Regulations Diverge as Singapore, Hong Kong Change Course (Podcast) Coinbase Names Four New Executives to Lead Europe Expansion Chinese Stocks in US Fall as Citizens Defy Covid Curbs in Unrest Next Covid-19 Strain May be More Dangerous, Lab Study Shows Apple to Lose 6 Million iPhone Pros From Tumult at China Plant BMW Sees Potential Risk From More Lockdowns in China Next Year Mark Mobius Sees Bitcoin Down at $10,000 in ‘Dangerous’ Crypto Market Toshiba’s Preferred Bid Delayed Amid Loan Uncertainty, Sources Say Taiwan Stocks Sink After Ruling Party’s Local Elections Defeat Amazon Is Shuttering Some India Businesses Amid Global Cuts Singapore Government Faces Parliament Grilling Over FTX Fallout Macquarie Bets on Network Infrastructure With $13 Billion Raise Bitcoin Drops as Tremors From China Unrest Spook Global Markets Taiwan Dollar’s Best Rally in Decades to Stumble on Tech Fears FTX Tensions Intensify as Bahamas Blasts Company’s New Chief Ray Foxconn Offers $1,800 Bonus to Workers Who Stay in IPhone City China Protests Grow Against Covid Curbs; Stocks Fall: TOPLive There’s a Job-Market Riddle at the Heart of the Coming Recession Retailers’ Inflation-Fighting Discounts Yield Modest Growth on Black Friday The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Bitwise Files for Bitcoin Futures ETF Despite Crypto ‘Dark Days’ Crypto Crisis Shrinks ETF Assets in Market That Embraced Them London’s Stock Market Edges Back Above Paris After Pound Surge What the Latest Crypto Crash Means for ETFs Fidelity to Join Mutual Fund-to-ETF Club With $430 Million Flip Retail Traders Who’ve Taken a Beating This Year May Harvest Their Losses Grayscale Is the ‘Cash Cow’ of Silbert’s Empire, Ark’s Wood Says Amundi Is Downgrading ‘Almost All’ Funds With EU’s Top ESG Tag Inflation-Hit Turks Lift Stocks to World’s Top 2022 Performer Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sours FTX Latest: Bankman-Fried Faces Grilling by Lawmakers He Backed Biggest Bitcoin Fund Hits 45% Discount as Parent’s Woes Deepen  Former AQR Quant Says Wall Street Isn't Doing Portfolio Diversity Right Why One Asset Manager Avoided FTX Before the Storm: Bitwise Q&A Goldman Sees Holiday Sales Creating Volatility in Retail Stocks Crypto-Product Pipeline Goes Bust as Survival Questioned BMO Launches ARK-Managed ETF Series Focusing on Innovation Crypto Stocks’ Rout Delivers $469 Million Win to Short Sellers Assessing the BITO ETF One Year In Women making small gains, but still troublingly under-represented in the C-suite Gerry Schwartz to step down as CEO at Onex, Bobby Le Blanc named next CEO Dominic Barton on Canada-China relations, future at Rio Tinto 'We’re serving Canadians better' following the pandemic: McKesson Canada CEO Rebecca McKillican World's richest family loses US$11.4B in Walmart rout 'Fine balance': Rania Llewellyn on fitting her long-term inclusion goals into Laurentian's revamp First female bank CEO in Canada leads with younger self in mind ​Company holiday parties are making a comeback, but many employers have a plan B Elon Musk and Jeff Bezos now worth almost half a trillion dollars Jane Fraser has a plan to remake Citigroup while tormenting rivals ‘Forever changed’: CEOs are dooming business travel — maybe for good National Bank names Laurent Ferreira CEO, succeeding Vachon The remote-work czar is the new shortcut to the C-Suite Olympics boss aims to put 'most-followed' Tokyo games on track Wellness resorts eye long COVID treatments as new moneymaker Ghosn accomplice says he 'deeply regrets' helping him escape Gates divorce speeds divergence of separate investing goals Buffett exits as Gates Foundation trustee, sidestepping rift Gates’s divorce casts harsh glare on US$170 billion money manager Dinesh Nair, Bloomberg News BC-Direct-Lender-Pemberton-Eyes-$50-Billion-to-Plug-Europe-Lending-Hole , Dinesh Nair (Bloomberg) -- Pemberton Asset Management is fast-tracking plans to triple the size of its private debt funds and plug a European lending gap being created by increasingly skittish banks. The $17 billion investment firm is in the process of raising capital for five credit strategies, which include lending on mid-market buyouts, Founder and Managing Partner Symon Drake-Brockman said in an interview. “We are aiming to become a $50 billion manager in the European marketplace over the next five years,” Drake-Brockman said. “There is an opportunity for managers in Europe like ourselves to grow into very substantial platforms, just like the Americans did a few years back.” Pemberton is one of a number of credit investors that have stepped in to finance companies and private equity firms in choppy markets this year, as banks curb lending for fear of being stuck with risky debt on their books. A number of leveraged buyouts have stalled or collapsed because of financing struggles. “Private equity is bringing billions of dollars into Europe to take advantage of sector consolidation across the European marketplace and they need financing,” Drake-Brockman said. “And you have a banking industry which is moving away from that type of financing.” Demanding Terms The supply-demand imbalance has created an opportunity for specialist lenders like Pemberton, which can charge a premium for absorbing the risk. That also gives them a strong hand when negotiating the terms on loans. Pemberton will look at more than 1,000 deals a year and invest in only 40 to 50, according to Drake-Brockman. “We can be very demanding on covenants,” he said. “We can make sure the structure’s right and the terms of the deal are right, and restrict any additional borrowing and put leverage covenants into the deal.” Drake-Brockman began his finance career in the 1980s on JPMorgan Chase & Co.’s fixed income trading team. He went on to hold roles at Kleinwort Benson and ING Barings before becoming head of debt markets at Royal Bank of Scotland, where he worked on cleaning up the firm’s US mortgage book after the financial crisis. He founded Pemberton in 2011. The company is majority owned by its partners and has backing from UK insurer Legal & General Group Plc. It has nine offices in Europe and one in the Middle East and invests across a range of credit securities, including senior loans, mid-market debt and collateralized loan obligations. Drake-Brockman said Pemberton is aiming to grow significantly over the next 12 months, with the rising interest rates, inflation and recession fears that have kept banks on the sidelines tipped to continue into the new year. “I think the banking industry will be very cautious in 2023,” he said. “Not just because of lack of interest in the credit markets, but they’re also going to have significant challenges in their consumer businesses, credit cards, personal loans.”   Other investment firms are also seeking to take advantage of market dislocations in credit. Almost $170 billion has been raised for Europe-focused private debt funds since the start of 2020, according to data provider Preqin. Ares Management Corp. is targeting more than €11 billion for what would be the region’s largest direct-lending fund to date. Wall Street heavyweights are also getting involved, with Morgan Stanley’s asset management business planning to start direct lending in Europe next year. --With assistance from Silas Brown. ©2022 Bloomberg L.P.

Pemberton Asset Management Investments

5 Investments

Pemberton Asset Management has made 5 investments. Their latest investment was in H.I.G. Capital as part of their Debt - II on October 10, 2021.

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Pemberton Asset Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/23/2021

Debt - II

H.I.G. Capital

Yes

1

4/13/2021

Debt

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$99M

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10

7/13/2020

Recap

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10

12/22/2017

Recap

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10

6/7/2017

Loan

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10

Date

10/23/2021

4/13/2021

7/13/2020

12/22/2017

6/7/2017

Round

Debt - II

Debt

Recap

Recap

Loan

Company

H.I.G. Capital

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Amount

$99M

New?

Yes

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Co-Investors

Sources

1

10

10

10

10

Pemberton Asset Management Portfolio Exits

3 Portfolio Exits

Pemberton Asset Management has 3 portfolio exits. Their latest portfolio exit was ETC Group on June 06, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/6/2022

Acq - Fin - II

$99M

2

12/3/2019

Acq - Fin - II

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$99M

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10

12/5/2018

Acq - Fin - III

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$99M

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10

Date

6/6/2022

12/3/2019

12/5/2018

Exit

Acq - Fin - II

Acq - Fin - II

Acq - Fin - III

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

Pemberton Asset Management Acquisitions

2 Acquisitions

Pemberton Asset Management acquired 2 companies. Their latest acquisition was ETC Group on October 25, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/25/2019

$99M

Acquired

1

11/30/2010

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$99M

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10

Date

10/25/2019

11/30/2010

Investment Stage

Companies

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Valuation

$99M

$99M

Total Funding

Note

Acquired

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Sources

1

10

Pemberton Asset Management Fund History

10 Fund Histories

Pemberton Asset Management has 10 funds, including Pemberton Strategic Credit Fund II SICAV-RAIF.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/23/2020

Pemberton Strategic Credit Fund II SICAV-RAIF

$149.51M

2

7/9/2020

Pemberton Mid-Market III

$15.12M

1

8/23/2019

European Mid-Market Debt Fund II

Private Debt (Other)

Closed

$3,552.3M

1

5/1/2019

Strategic Credit Opportunities Strategy

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$99M

10

4/11/2019

Pemberton Strategic Credit Fund Delaware I

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$99M

10

Closing Date

7/23/2020

7/9/2020

8/23/2019

5/1/2019

4/11/2019

Fund

Pemberton Strategic Credit Fund II SICAV-RAIF

Pemberton Mid-Market III

European Mid-Market Debt Fund II

Strategic Credit Opportunities Strategy

Pemberton Strategic Credit Fund Delaware I

Fund Type

Private Debt (Other)

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Status

Closed

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Amount

$149.51M

$15.12M

$3,552.3M

$99M

$99M

Sources

2

1

1

10

10

Pemberton Asset Management Partners & Customers

1 Partners and customers

Pemberton Asset Management has 1 strategic partners and customers. Pemberton Asset Management recently partnered with iCapital Network on February 2, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

2/28/2022

Vendor

United States

Pemberton and iCapital expand access for wealth managers and their clients to European alternative credit – iCapital

Through this partnership , Pemberton Asset Management will leverage iCapital 's end-to-end technology solutions and have access to iCapital 's distribution partnerships to expand the offering of Pemberton Asset Management 's private debt strategies to wealth managers globally .

1

Date

2/28/2022

Type

Vendor

Business Partner

Country

United States

News Snippet

Pemberton and iCapital expand access for wealth managers and their clients to European alternative credit – iCapital

Through this partnership , Pemberton Asset Management will leverage iCapital 's end-to-end technology solutions and have access to iCapital 's distribution partnerships to expand the offering of Pemberton Asset Management 's private debt strategies to wealth managers globally .

Sources

1

Pemberton Asset Management Team

5 Team Members

Pemberton Asset Management has 5 team members, including current Chief Operating Officer, Thomas Lack.

Name

Work History

Title

Status

Thomas Lack

Chief Operating Officer

Current

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Name

Thomas Lack

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Work History

Title

Chief Operating Officer

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Status

Current

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