Key Takeaways
- • PennantPark closed its PennantPark Senior Credit Fund II above its original target with $1.2 billion of investable capital, a figure that includes available leverage.
- • Combined with the $745 million PennantPark Credit Secondary Fund, a continuation vehicle closed in September, the Miami-based firm raised about $1.9 billion across both vehicles.
- • The fund's investor base spans public and private pension plans, insurers, asset managers and family offices in North America, Europe and Asia.
- • Senior Credit Fund II targets first-lien senior secured loans to sponsor-backed companies in the core middle market, defined as businesses with $10 million to $50 million of earnings.
- • PennantPark manages about $11 billion of investable capital including leverage, according to the article.
Summary
PennantPark has held the final close of PennantPark Senior Credit Fund II above its original target, raising $1.2 billion of investable capital. The figure includes available leverage. Together with the $745 million PennantPark Credit Secondary Fund, a continuation vehicle that closed in September, the Miami firm raised about $1.9 billion across the two vehicles. Capital came from public and private pension plans, insurers, asset managers and family offices in North America, Europe and Asia.
Senior Credit Fund II makes first-lien senior secured loans to sponsor-backed companies in the core middle market, which PennantPark defines as businesses with $10 million to $50 million of earnings. Target sectors include healthcare, government services, technology, consumer and business services.
The secondary fund provided liquidity to limited partners in legacy funds and added commitments for follow-on and new loans, according to the article. Founded in 2007, PennantPark manages about $11 billion of investable capital including leverage.
Arthur Penn, founder and managing partner, said the core middle market offers wider spreads, lower borrower leverage and stronger lender protections.
Senior Credit Fund II makes first-lien senior secured loans to sponsor-backed companies in the core middle market, which PennantPark defines as businesses with $10 million to $50 million of earnings. Target sectors include healthcare, government services, technology, consumer and business services.
The secondary fund provided liquidity to limited partners in legacy funds and added commitments for follow-on and new loans, according to the article. Founded in 2007, PennantPark manages about $11 billion of investable capital including leverage.
Arthur Penn, founder and managing partner, said the core middle market offers wider spreads, lower borrower leverage and stronger lender protections.
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