Pemberton launches debut fund

The former CEOs of RBS Americas and Golden Telecom have launched a telecommunications- and financial services-focused vehicle targeting €500m in commitments.

Pemberton Capital Advisors has formally launched its maiden fundraising. The firm (not to be confused with UK-focused peer Pemberton Capital), was founded by managing partners Symon Drake-Brockman and Jean-Pierre Vandromme, and has already made two investments with its inaugural Pemberton European Services Fund I.

The firm has set a target of €500 million, and will make investments of between €25 million and €75 million in the European mid-market's telecoms and financial services sectors.

Drake-Brockman is a former chief executive of RBS Americas, whil Vandromme was chief executive at Golden Telecom, which was later sold to Russian group Vimpelcom where he became managing director for Russia.

Drake-Brockman said in a statement: “The initial focus will be on financial services and telecoms because of these sectors’ economic importance, the availability of attractive investment opportunities and the potential to grow and consolidate businesses in these sectors.

“Both sectors are undergoing a period of intense change due to changes in their regulatory regimes and technology platforms, which are putting returns on equity of the larger incumbent companies and institutions under significant pressure. This is forcing these firms to examine their traditional business models and redefine their core businesses.  Hundreds of businesses are expected to be put up for sale over the next few years as these sectors reinvent themselves.”

In financial services, Pemberton said it would target wealth and asset management, trust and specialist fund services, insurance and specialised lending and leasing.