Permira Debt Managers closes direct lending fund Permira Credit Solution III at €2.1bn19 June 2017
Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, has reached a final close on its third direct lending fund, Permira Credit Solutions III (“PCS3” or the “Fund”), with commitments of circa €1.7bn. Including leverage the Fund will have investable capital of circa €2.1bn.
PCS3 is taking advantage of the rapidly growing and highly attractive opportunity for direct lending in Europe. A structural shift in European credit markets, catalysed by the financial crisis of 2008, continues to drive a retrenchment of traditional sources of debt capital. This has created a significant funding gap that has driven strong demand for alternative sources of finance.
James Greenwood, CEO of PDM, said:
“This is a great outcome which reflects the success of our previous funds and our market-leading position in European mid-market direct lending today. We continue to see a strong opportunity in Europe where traditional sources of debt capital have tightened and we have made significant investments in our team to ensure we find attractive businesses to back. We are delighted with the support we have received from existing and new investors alike which evidences their continued confidence in our strategy.”
Evercore acted as exclusive global placement agent to the Fund.