- Total investable capital exceeds €4bn target and illustrates the wider growth of the Permira Credit platform, which has seen AUM grow by more than 3x over the past five years
- PCS5, which is already 37% invested and committed, will aim to deliver an attractive yield to investors with a focus on the provision of long-term, flexible financing solutions to high-quality, mid-market companies across Europe
London, 13 June 2023 – Permira Credit, one of Europe’s leading specialist credit investors, today announced the successful completion of fundraising for its fifth direct lending fund, Permira Credit Solutions Fund V (“PCS5” or the “Fund”). Including associated vehicles and leverage, total investable capital for the strategy is €4.2bn.
The strength of the fundraise illustrates the wider growth and development of Permira Credit, which has seen AUM grow by more than three times over the past five years. This is testament to its dedicated and highly specialist team, which has also grown to 78 professionals, allowing Permira Credit to meet the continued increasing demand for private credit solutions.
PCS5 will follow the same broad strategy as its predecessors, aiming to deliver an attractive yield to investors with a focus on the provision of long-term, flexible financing solutions to high-quality, mid-market companies across Europe. Permira Credit has an established and sizeable sponsor network globally and will continue to leverage the sector expertise of the broader Permira platform to partner with high-quality businesses and support their growth.
The close follows on from several recent key growth milestones for Permira Credit, including:
- The successful pricing of its eighth CLO, Providus VIII, at €398 million in March 2023;
- The final close of its sixth structured credit fund, Permira Sigma VI, in December 2022. Sigma VI invests long-term capital in European CLOs, in both the primary and secondary markets; and
- The appointment of Ian Jackson as Head of Strategic Opportunities in June 2022, a new strategy for the Permira Credit platform which focuses on providing capital solutions to corporates and investing in market dislocations.
James Greenwood, CEO of Permira Credit, said:
“The Permira Credit platform has experienced tremendous growth in recent years, with our Direct Lending, CLO Management and Structured Credit strategies seeing continued demand from investors. Last year’s appointment of Ian Jackson to launch Permira Credit’s Strategic Opportunities strategy was another significant step forward, and today, with a large and growing team, we look forward to continuing to serve our investors and act as a trusted partner to companies and sponsors across Europe.”
David Hirschmann, Head of Private Credit at Permira Credit, added:
“The level of commitments we have received for PCS5, from both new and existing investors, reflects our position as a leading European direct lending manager. We are grateful to all of our investors for their support and confidence in the strategy, and look forward to deploying this capital in a growing market that continues to present attractive risk-adjusted opportunities in the current economic backdrop.”