PennantPark Raises Levered Credit Assets
Susan Barreto – Alternatives Watch
Susan Barreto of Alternatives Watch shared news of the successful closing of our fifth comingled fund last week, PennantPark Senior Credit Fund Levered (“PSCF-Lev”), securing $460 million in additional investment capacity and taking another significant step forward in the growth of the firm’s middle market private credit investment business.
From pre-COVID inception in mid-2019 through March 31, 2021, PSCF-Lev’s gross and net annualized returns were 17.7% and 15.3%, respectively, surpassing the fund’s target net returns of 8-10%. We are continually gratified by the continued support of high-quality, world-class institutional investors who have embraced our unique approach and entrusted us with the opportunity to capitalize on the attractive investment opportunities across our asset class.
The latest fund closing follows recent firm developments such as the December 2020 final close of PennantPark Credit Opportunities Fund III, LP (“PCOF III”). From pre-COVID inception at the end of 2018 through March 31, 2021, PCOF III’s gross and net annualized returns were 33.0% and 27.4%, respectively, surpassing target net returns of 12% – 14%.