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The preferred equity and NAV lending specialist agreed to be acquired by Oaktree in March and closed its debut fund dedicated to NAV-backed lending in April.
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NAV loans have seen a significant increase in popularity among managers, and some are looking to make it easier to take them out.
Marine life seamless pattern. Fish shoal. Underwater inhabitants. flying fish
The firm, which raised €2.6bn this week for its debut lending fund, is agnostic about whether it’s viewed via a preferred equity or credit lens.
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Thomas Doyle has joined Pemberton to help the private lender tap into demand for late-cycle lending among the private equity fund community.
leverage
Global Secondaries VI has a levered sleeve targeting returns of more than 20%, a feature more commonly found in credit funds.
This largely institutional market has seen a spike in enquiries from family offices and high-net-worth individuals, according to speakers at the Fund Finance Association Symposium.
hiring
These hires bring the fund solutions team to 26 as it endeavours to expand its presence in NAV lending and secondary financing.
credit
The idea of having to foot a bill to the tune of millions of dollars to a loan secured by a fiction serves as a wakeup call to investors, lenders and GPs alike.
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The preferred equity specialist says it closed transactions this year across Europe, North America and Asia from a total pipeline of around $20bn.
Fund finance
NAV-based lending facilities can be more effective – and encounter less resistance from LPs – than preferred equity, says head of transactions at Rede Partners Magnus Goodlad.
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