By Andrei Skvarsky.
London-headquartered debt investor Permira Debt Managers (PDM) has announced the pricing of the third issue of its Providus collateralised loan obligation (CLO), Providus III, valuing it at 382.2m euros ($434.6m).
This is higher than the pricing put by PDM on Providus I or Providus II.
Closing is expected in August 2019.
The Providus III rules, as those on the two previous issues, include environmental, social and governance (ESG) criteria that limit the range of industries the money to be raised via the issue can be invested in, according to a PDM statement.
“In addition, the firm actively assesses potential and existing investments for ESG issues,” the statement said.
PDM follows three key investment strategies – direct lending, structured credit and CLO management.
“In terms of investment strategy, we have really focussed on investments towards resilient and forward-looking sectors like technology and healthcare,” the statement quoted PDM portfolio manager Ariadna Stefanescu as saying.
PDM advises funds that have provided more than 8bn euros ($9bn) of debt capital to over 150 European businesses, according to the statement.
Funds advised by PDM have been major investors in European CLOs since 2010, the statement said.
PDM is a subsidiary of Permira, an investment company with offices in Europe, the United States and Asia and five teams specialising in consumer industries, financial services, healthcare, industrials, and technology.
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