PennantPark Funding Advisers has closed its PennantPark Credit score Alternatives Fund IV (PCOF IV) with $610m (£470m) of investable capital.
PCOF IV gives buyers entry to a diversified portfolio of center market investments spanning first lien loans, second lien loans, mezzanine debt, and related fairness co-investments.
“The profitable fundraise for PCOF IV validates our view that buyers will proceed so as to add personal credit score to their portfolios. Additional, buyers are searching for skilled managers which were via a number of market cycles,” mentioned Arthur Penn, founder and managing companion of PennantPark. “We imagine {that a} robust US economic system, elevated rates of interest, and beneficial market situations for personal lenders will all contribute to a superb classic of investments. The chance is especially enticing within the core center market the place we earn wider credit score spreads, take much less leverage threat, and safe higher lender protections in comparison with the higher center market or broadly syndicated loans.”
Learn extra: Allianz and AlTi be part of forces on UHNW personal debt program
PCOF IV is the biggest of PennantPark’s personal credit score alternatives funds up to now, with a various set of buyers spanning insurance coverage firms, asset managers, household workplaces, and private and non-private pension plans.
Notable buyers embrace Illinois Municipal Retirement Fund, Minneapolis Meals and Distributing Business Pension Plan, Wayne County Workers’ Retirement System, Metropolis of Miramar Police Retirement Fund, Metropolis of Hollywood Police Officers’ Retirement System, Irving Firemen’s Aid & Retirement Fund, and New England Teamsters Pension Fund.
Learn extra: Park Sq. Capital raises €3.4bn for European direct lending technique
Managing director and head of personal capital fundraising Pete Mitchell mentioned: “We’re gratified by the assist of the brand new and returning buyers which have entrusted us with their hard-earned capital. We’ll work relentlessly to capitalize on the present alternative in personal credit score, construct long-term belief, and earn the prospect to serve them for a few years to come back.”
Along with personal funds, PennantPark manages an array of product choices spanning publicly traded enterprise improvement firms, individually managed accounts, joint ventures, and center market collateralised mortgage obligations.
PennantPark was based in 2007. It has invested greater than $21bn and at the moment manages $8.3bn of investable capital for classy buyers.
Learn extra: Macfarlanes: NAV financing is “scorching matter” in fund finance
