London-based private credit manager Pemberton Asset Management has made a first close of its Net Asset Value (NAV) strategic financing strategy at over $1bn of investible capital.

The strategy provides financing solutions to private equity firms predicated on the underlying value of their performing investment portfolios.

It has secured investment from the Abu Dhabi Investment Authority as anchor investor as well as Legal & General.

Thomas Doyle, partner and head of strategic financing at Pemberton, said: “NAV financing is a credible and worthy financing option that can bring benefits to investors, private equity firms and the portfolio companies that all form part of this robust and active market.

“This milestone represents the growing attractiveness of the asset class and is a testament to the team.”