29 July 2015 – Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, today announces that direct lending fund Permira Credit Solutions II (“PCS2”) has held its final closing, having raised total commitments of circa €800 million. This brings the total deployable capital to approximately €1.1 billion, including leverage available to the fund.
PCS2’s strategy is to provide debt capital directly to medium-sized European businesses that are currently impacted by a broad reduction in lending from more traditional providers. PCS2 has drawn support from a range of blue chip institutional investors including pension funds, insurance companies and family offices across Europe, North America, Asia and the Middle East. Many of the investors are longstanding backers of previous Permira funds.
PDM is able to leverage the strength of the wider Permira network, as well as the industry knowledge of its sector teams, in order to source proprietary deals for PCS2. Since the fund’s first close, it has committed approximately 25% of its deployable capital across nine investments. PCS2 has backed businesses in a variety of sectors and geographies including logistics, environmental consultancy and technology, in the UK and continental Europe.
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