UK-based alternative credit specialist Pemberton has set up a new office in Munich to further expand its presence in Germany.

The new office marks the asset management group’s twelfth office globally.

Pemberton appointed Adrian Grammerstorf to lead the new office, which is expected to support its growth ambitions DACH region, which consists of Germany, Australia and Switzerland.

Grammerstorf, who has over 18 years of experience in European private credit, leveraged finance and transaction services, joins the firm from Allianz Global Investors.  

As director of Allianz Global Investors, he was responsible for deal origination and structuring of credit financing for private equity-driven acquisitions in Germany and across Europe.

Before joining Allianz, Grammerstorf served several key positions at UniCredit, where he was part of the Leveraged Finance team for more than 11 years.

He began his career at Deloitte & Touche’s M&A Transaction Services team.

Grammerstorf will work closely with Nils Weber, who has been playing a key role in shaping up Pemberton’s DACH business since 2015.

Weber and Grammerstorf will focus on expanding Pemberton’s sponsor coverage and deal origination in the DACH region in addition to supporting the firm’s business in the Nordics.

Pemberton head of DACH and Nordics Juergen Breuer said: “The new Munich office opening highlights our commitment to Germany and recognises the importance of Munich, which is not only key to the German economy, but also the German city with the largest number of local private equity offices.

“Adrian is the perfect candidate to help build on our momentum and lead the German business together with Nils. The appointment marks an important step in the development of our origination strategy in Germany and we look forward to welcoming him to Pemberton.”

Pemberton is opening its Munich office at a time when the German private debt space witness growing investment opportunities.

The company completed 34 deals in Germany in the past five years, fortifying its presence in the alternative lending space in the country.