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Hermes launches European Direct Lending Fund

Home / Press Centre / Hermes launches European Direct Lending Fund

Patrick Marshall, Head of Private Debt and CLOs
16 May 2018
Direct Lending

Hermes Investment Management (Hermes), the £33.0 billion manager, has today announced that it has launched the Hermes European Direct Lending Fund, which is managed by Patrick Marshall, Head of Private Debt & CLOs. The European Fund follows the successful launch of the UK Direct Lending Fund in 2016.

The Fund offers access to the stable, low-correlated returns from high-quality, senior-secured loans to a diverse range of middle-market businesses in the UK and Europe, with a focus on Scandinavia, Germany, Benelux and Ireland.

Senior-secured transactions are originated through co-lending partnerships with Danske Bank, DZ Bank and KBC Bank, which sit alongside the existing UK mid-market agreement in place with Royal Bank of Scotland. As some of the largest mid-market lenders in their respective regions, the agreements provide investors access to a strong deal flow, with attractive opportunities across a wide range of sectors. Further to this, the team’s broad network of contacts among private equity firms, banks and borrowing businesses creates an additional source of origination across Europe.

A diversified portfolio of mid-market loans provides a number of potential benefits to investors. These include the provision of a strong yield and stable returns, coupled with protection against downside risk and inflation hedging characteristics. Lastly, low mark-to-market volatility provides stability to a diversified portfolio.

Patrick Marshall, Head of Private Debt & CLOs, Hermes Investment Management, said: “The strength of our partnerships with Europe’s leading banks, combined with our own origination skills, sustain a strong pipeline of high-quality loans for our investors.

“By focusing the Fund on attractive, senior-secured loans in the mid-market space, we can ensure there are strong creditor protections in place. Our aim will be to consistently outperform for our investors by lending to quality, growing businesses on terms seeking capital preservation and yield capture.”

The value of investments and income from them may go down as well as up, and you may not get back the original amount invested. Targets cannot be guaranteed.

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Patrick Marshall Head of Private Debt and CLOs Patrick joined Hermes in June 2015 to launch and manage the Hermes Direct Lending Strategy, which invests in senior loans to UK and European mid-market businesses. His previous roles were Head of Direct Lending in London at Tikehau Capital, and Partner at WCAS Fraser Sullivan Investment Management, where he established the firm’s European loan business. Prior to that, Patrick managed loan portfolios in excess of $4bn and $10bn as managing director at the Lehman Brothers Estate and Head of European and Asian Loan Portfolio Management & Restructuring at Lehman Brothers respectively. He has a Bachelor of Commerce in Business Administration and French from the University of Edinburgh. Further information about Hermes Direct Lending.
Read all articles by Patrick Marshall

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