28 Jun 2019

Permira Debt Managers Announces Pricing of €382.2 million CLO, Providus III

Providus III is the third PDM CLO since the strategy’s launch last year

Permira Debt Managers announced today the pricing of PROVIDUS CLO III D.A.C. (“Providus III”), a €382.2 million Collateralized Loan Obligation (“CLO”). The CLO is the third since PDM re-launched its CLO management platform last year and moves beyond the scale of Providus I and II, upsizing to over €380 million.

In line with the previous two vehicles, Providus III contains specific ESG eligibility criteria in the documentation, which includes restrictions on the nature of industries in which the fund can invest. In addition, the firm actively assesses potential and existing investments for ESG issues.

Ariadna Stefanescu, Portfolio Manager at PDM, said:

“We are delighted with the result of the pricing, especially the upsize. We continue to see growing demand from investors in our product both as a result of our ESG values and focus, and also from our performance track record. To launch the platform last year and be receiving the investor support to price our third vehicle is fantastic.

“In terms of investment strategy, we have really focussed investments towards resilient and forward-looking sectors like technology and healthcare, aligning with PDM’s and the Permira platform’s wider expertise in and strategic focus on technology.

“We are looking forward to continuing to deliver for our investors.”

Thomas Kyriakoudis, CIO at PDM, said:

“PDM is continuing to grow its platform across all its credit investment strategies - from its leading, Pan-European direct-lending funds to its structured-credit platforms - and this strategy is an important part of that growth.”

Funds advised by PDM have been major investors in European CLOs since 2010, in the structured credit strategy, Sigma.

Closing is expected in August 2019 and is subject to customary closing conditions. The collateral manager of Providus CLO III is Permira Debt Managers Group Holdings Limited.


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