European private credit management firm Pemberton Asset Management has revealed that its new NAV Strategic Financing plan will be anchored by a fully owned subsidiary of Abu Dhabi Investment Authority (ADIA).

ADIA’s investment is anticipated to lead to a first close for the NAV Strategic Financing Strategy exceeding $1bn in the upcoming weeks, along with commitments from other investors.

NAV Strategic Financing takes advantage of the expanding private equity fund finance market to offer non-dilutive strategic capital options to funds and general partners in the private equity industry.

In addition to providing money for accretive portfolio business investments like bolt-on acquisitions, Pemberton expects the strategy to give GPs the growth capital they need to support expanded fund commitments, succession planning, and strategic initiatives.

The NAV Strategic Financing Strategy is a logical expansion of Pemberton’s direct lending platform, which currently provides loan solutions for individual assets.

It also allows Pemberton to offer a greater choice of products to its private equity buyout community.

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Symon Drake-Brockman, managing partner of Pemberton stated: “ADIA’s anchor commitment reflects the growing interest in the NAV asset class, the strength of Pemberton’s private credit platform and our ability to deliver a broad range of financing solutions to private equity managers.  We believe that NAV financing will become a core fund financing tool, and, with ADIA’s support, we look forward to offering this innovative solution to our clients.”

Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA, said: “Pemberton is one of the leading private credit managers in Europe with a highly experienced team and a deep network across the GP community.  NAV Financing is one of the fastest growing asset classes in private credit and we are confident Pemberton’s new strategy will prove attractive to a broad range of GPs.”

Thomas Doyle, partner, and head of strategic financing at Pemberton added: “This anchor commitment from ADIA is an indicator that NAV Financing is becoming a standalone institutional asset class, which we believe is set to substantially grow over the next years.  NAV Financing leverages the proven strength of our broad origination and credit risk management capabilities to provide innovative financing solutions for GPs globally.”