Permira Debt Managers announced today the pricing of PROVIDUS CLO I D.A.C. (“Providus CLO I”), a €362.5 million Collateralized Loan Obligation (“CLO”). Closing is expected within 6 weeks and is subject to customary closing conditions. The collateral manager of Providus CLO I is Permira Debt Managers Group Holdings Limited. Providus CLO I is believed to be one of the first CLOs in Europe to contain ESG eligibility criteria including restrictions on the nature of industries in which the fund will invest and a commitment to assess ESG issues ahead of the investment decision.
Permira Debt Managers is one of Europe’s leading specialist debt investors, advising investment funds and products which have provided more than €4.5bn of debt capital to over 100 European businesses. PDM was established in 2007 and aims to partner with high-quality, growing businesses across Europe to provide the capital they require and generate market-leading risk adjusted returns for investors. To achieve this PDM follows three key investing strategies: Direct Lending, Structured Credit and CLO Management.
PDM has established a market-leading position in European mid-market direct lending over the past 10 years. Its three direct lending funds took advantage of the structural shift in European credit markets, catalysed by the 2008 financial crisis, which drove a retrenchment of traditional sources of debt capital and created a significant funding gap leading to strong demand for alternative sources of finance. The Permira Credit Solutions funds pursue a highly selective strategy focused predominantly on primary, senior secured investments in mid-market European companies. Typically they act as sole or lead lender and invest in both sponsor-owned and non-sponsored businesses. To date the direct lending funds have deployed a total of €4.2bn in over 100 European companies.
Ariadna Stefanescu, Portfolio Manager at PDM, said:
“The successful pricing of Providus CLO I is a milestone for Permira Debt Managers as the company continues to expand its credit investment strategies from its leading, Pan-European direct-lending and structured-credit platforms. We are pleased with the response we received from investors who have been impressed by the very high-quality and dedicated CLO team we have assembled and who also like our market-leading ESG focus.”
