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Laxman Pai, Opalesque Asia: European specialist credit investor Permira Credit has closed its fifth direct lending fund, Permira Credit Solutions Fund V (PCS5), at €4.2bn ($4.5bn), above its €4bn target.
According to a media release from the London-based investment management firm, the fund, which is already 37% invested and committed, aims to provide long-term lending to mid-market companies across Europe.
"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," the release explained.
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, it claimed.
As per the release, 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 a 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," it added.
James Greenwood, CEO of Permira Credit, said: "The Permira Credit platform has experienced tremendous growth in recent years, with our Direct Lending, CLO Manage...................... To view our full article Click here
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