PennantPark closes on comingled senior credit fund

Chicago, June 30 – PennantPark Investment Advisers, LLC closed on its fifth comingled fund, PennantPark Senior Credit Fund Levered, LP, according to a press release.

The company secured another $460 million in investment capacity to grow the firm’s middle-market private credit investment business.

The fund is focused on directly originated senior secured first-lien floating-rate loans with selective equity coinvestments to U.S. companies.

From inception in mid-2019 through March 31, the fund’s gross and net annualized returns were 17.7% and 15.3%, respectively. The fund had a target net return rate of 8 to 10%.

The fund has deployed approximately 60% of its capital at its final close.

PennantPark Senior Credit Fund, LLC, the unlevered sleeve of the vehicle, is holding its final close in December of this year.

The business development company, which principally invests in U.S. middle-market private companies in the form of senior secured loans, mezzanine debt and equity investments, is based in New York.

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