By Andrei Skvarsky.
London-based debt investment company Permira Debt Managers (PDM) has closed one more – the fifth – fund as part a 1.4bn-euro ($1.5bn) structured credit strategy launched in 2010.
What PDM designates as the Sigma strategy specialises in investing in collateralised loan obligations (CLOs) with a total of 1bn euros ($1.1bn) having been invested by the Sigma I, II, III and IV funds, which had been closed by 2016.
After its close Sigma V will remain a Sigma strategy vehicle and will invest long-term capital in European CLOs, in both primary and secondary markets, PDM said in a statement.
Sigma V has so far made several investments, mainly in the secondary market, that are generating “highly attractive cash yields”, the company said. It said the fund specialises in the most junior parts of the CLO capital structure.
Sigma I-IV are now fully invested. Sigma I-III are fully realised, having in aggregate provided an internal rate of return (IRR) of 19 per cent, PDM said.
PDM, which specialises in investing in medium-sized European businesses, has put more than 7.9bn euros (about $9bn) into more than 150 companies in various industries in 12 European countries since its inception in 2007.
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