08 July 2015

Pemberton reaches 547m euros on European mid-market debt.

Legal & General Capital ("LGC") today announces the successful €447m first close of Pemberton Asset Management's inaugural European Mid-Market Debt Fund, which brings together investors from large blue-chip financial services and insurance companies across Europe.

This follows the completion of a hat-trick of lending deals for Legal & General's €100m segregated mandate, as it continues to take advantage of the significant investment opportunities presented by bank deleveraging.

LGC purchased a 40% stake in Pemberton Asset Management in July 2014, with an initial commitment to invest €250m into mid-market loans in order to develop a European lending capability, accelerating its participation in the direct lending market and providing a new source of institutional funding to corporates over the long term.