Dechert Advises Pemberton on Strategic Relationship with Legal & General and the Launch of a New Direct Lending Platform

Dechert LLP advised Pemberton Asset Management Holdings Limited (“Pemberton”) on a strategic relationship with Legal & General. The deal sees the creation of a new Direct Lending platform for institutional investors, through which Pemberton will provide much-needed financing to mid-market companies in the UK and Europe. Legal and General has made a 40% equity investment in Pemberton and an initial commitment to invest €250 million in Direct Lending through the Pemberton platform, with further commitments intended in the future. The Pemberton platform is designed to appeal to major insurers and other institutions who wish to offer funding to mid-market companies. It allows those companies to access institutional funding at a time when bank financing is in decline. The transaction was led by Financial Services partner Gus Black.

Dechert partners involved: Gus Black, Christopher Gardner (Financial Services), Patrick Goebel (Financial Services, Luxembourg), Charles Malpass (Finance), Graham Defries (Corporate), Jason Butwick (Employment), Mark Stapleton (Tax).

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