Our Products - Each with a particular area of focus

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Legico

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PDM CLO I

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Permira Structured Credit Fund I

Permira Structured Credit Fund II

Legico has over €650m of senior and subordinated debt investments, predominantly in European leveraged buyouts. Throughout the economic and market turbulence of the last few years, Legico’s strategy has been consistent:

  • to protect, where necessary, any stressed investments by taking a leading role in any creditor negotiations;
  • to take advantage of new opportunities to invest in strong cash-generative businesses that offer attractive risk-adjusted returns, and
  • to actively manage the investment portfolio in order to ensure compliance with Legico's credit facility.
    A disciplined and thoughtful approach to investment through the cycle has led to strong returns for our investors.

PDM CLO I is a collateralised loan obligation set up in 2007.

Currently, it has over €280m of senior subordinated and high yield assets, principally in European leveraged buyouts.

Following the collapse of Lehman Brothers in 2008, PDM has taken an active approach to managing the portfolio. This has involved minimising exposure to those assets it considers to be credit risk securities, and reinvesting all available cash in good quality credits that optimise yields for investors.

In 2010 PDM identified a significant dislocation in the secondary market for Floating Rate Notes issued by European CLOs, in response to this opportunity PDM raised Permira SCF I which rapidly invested in the junior liabilities of European CLOs.
PDM applied a differentiated approach to many structured credit investors, focusing on using our knowledge of the European leveraged buyout market to analyse the underlying assets held by each CLO.
Permira SCF I has already started making distributions to its investors and is now valued significantly above cost.

In 2011 PDM raised a second pool of money to invest in European CLO assets, primarily focused on Floating Rate Notes issued by CLOs that have retained their investment grade ratings.
PDM has demonstrated its ability to source illiquid assets - SCF II acquired over 30 assets with a par value of €100m in less than 2 months.
Permira SCF II is currently performing well and delivering strong returns for an investment grade fund.