Art Penn Quoted in Refinitiv Article

(NY) PennantPark Locks Down US$460m for Middle Market Lending – RLPC News

Andrew Hedlund – Refinitiv

Andrew Hedlund of Refinitiv shared news of the successful closing of PennantPark’s fifth comingled fund, PennantPark Senior Credit Fund Levered (“PSCF-Lev”), which secured $460 million in additional investment capacity. From pre-COVID inception in mid-2019 through March 31, 2021, the fund has posted annualized gross and net internal rates of return (IRR) of 17.7% and 15.3, respectively, surpassing the target net returns of 8-10%.

PCSF-Lev is primarily focused on directly originated senior secured first lien floating rate loans with selective equity coinvestments to U.S. companies, with an emphasis on offering capital preservation and attractive risk-adjusted returns. The latest fund closing follows recent firm developments such as the December 2020 final close of PennantPark Credit Opportunities Fund III, LP (“PCOF III”) and the August 2020 formation of PennantPark Senior Loan Fund, LLC (“PSLF”).