Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces the final close of its 4th structured credit fund Permira Sigma IV (“Sigma 4” or “the Fund”), having raised c.€275m for the strategy. This represents the largest pool of capital that PDM has raised for the Sigma strategy to date.
Sigma 4 will continue the successful strategy of investing long-term capital in European CLOs, in both the primary and secondary markets. The Fund specialises in the most junior parts of the CLO capital structure where PDM’s credit-led approach provides the greatest differentiation.
The PDM team has built a strong track record in European sub-investment grade structured credit on the back of its comprehensive understanding of European buyouts, CLO mechanics, regulation, documentation and credit analysis. Sigma 4 is a private vehicle and the fourth PDM fund targeting European CLOs. The first three funds (Sigma 1, 2 and 3), closed in December 2010, January 2012 and November 2012 respectively, and are now fully invested. Since the first close in March 2016, Sigma 4 has already made twelve investments.