Preferred equity

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.

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.

Thomas Doyle has joined Pemberton to help the private lender tap into demand for late-cycle lending among the private equity fund community.

Buyers are seeking deals structured with a profit-sharing component as market volatility takes hold, according to Gerald Cooper of Campbell Lutyens.

A hard-cap close on Fund V would push the preferred equity specialist up to $14bn in AUM just seven years after being founded.

Oaktree's parent company, Brookfield, has opened another front in its expansion strategy, having entered the real estate and infrastructure secondaries markets beginning in 2020.

NAV finance has expanded substantially in the last few years, says 17Capital’s Augustin Duhamel in this sponsored Q&A.

Will the strategy remain attractive after markets rebound?

Portfolio Financing Fund II does preferred equity- and NAV-based lending deals for funds in the private equity, real estate and infrastructure markets.

In the absence of market mammoths, firms raising for once-niche strategies such as concentrated-asset deals and preferred equity populated this year's list.