L&G backed Pemberton fund targets ,~500m.
Legal & General Capital (LGC), the principal investment arm of Legal & General Group, has backed a second fund by Pemberton which plans to lend ,~500 million to mid-sized UK businesses to support their growth. The commitment follows LGC's investment in Pemberton's first, pan-European fund which has currently raised around €1billion and has already invested over ,~180 million into UK firms. Pemberton expects to hold a first close of the new fund before the end of 2016.
LGC's commitment to Pemberton aligns with its strategy to invest in socially and economically useful enterprises with a focus on housing, infrastructure and SME finance. Acting as a catalyst for business growth, LGC targets achieving attractive risk-adjusted returns on its investments whilst creating longer-term investment opportunities for other parts of Legal & General Group and institutional investors.