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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...
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New Commitments Increase Investment Capacity by $460 Million PennantPark Investment Advisers, LLC officially announced the successful closing of our fifth commingled fund, PennantPark Senior Credit Fund Levered, LP, which secured $460 million in additional investment capacity and marked another significant step forward in the growth of our 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...
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(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...
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How Private Credit Survived Its First Test Julie Segal – Institutional Investor PennantPark Founder and Managing Partner Art Penn spoke with Julie Segal of Institutional Investor for her piece on how direct lenders defied gloomy forecasts for the asset class throughout the pandemic. Art noted highlighted the importance of substantial equity cushion and strong covenants throughout the downturn and offered his insight into why private credit avoided the major obstacles that many predicted. “There’s a...
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Direct lending weathers Covid storm, inspiring new fundraising push  Silas Brown – GlobalCapital PennantPark Founder and Managing Partner Art Penn spoke with Silas Brown of GlobalCapital for his piece on the resiliency of direct lending throughout the pandemic and the growth of private credit fundraising across Europe. Art noted that the asset class’ performance was primarily a reflection of managers’ tendency to avoid cyclical industries. “Covid was different because specific sectors of the economy were...
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“I think this COVID time period really has been extra validation for the space, and the learnings that we’ve all seen from COVID and the learnings that Asian investors have seen can now be put into place.” PennantPark Founder and Managing Partner Art Penn briefly discussed the key takeaways for APAC investors interested in allocating to private credit strategies on the Private Debt After the Pandemic Webinar. Art highlighted the resilience and returns of PennantPark’s...
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Private Credit Lets Pet Sector Out of Doghouse During Pandemic  Sasha Padbidri – Refinitv PennantPark Founder and Managing Partner Art Penn spoke with Sasha Padbidri of Refintiv for her article on the growth of direct lending to pet-focused companies throughout the pandemic.  The industry benefited throughout Covid-19, but Art highlighted that it’s important to consider how the sector will be impacted as we return to normal circumstances. “We still don’t know how the sector will...
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Direct Lending Booms in Europe with Big Funds, Growth Outlook By Tom Stabile – FundFire PennantPark Founder and Managing Partner Art Penn spoke with Tom Stabile of FundFire for his piece on the growth of direct lending in Europe. Art noted that, while opportunities exist, the longstanding relationships between European banks and middle market companies has resulted in stronger competition and a slower adoption of direct lending allocations. “From the investor standpoint, it’s earlier days...
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“We, as an industry, we’re able to come to the table quickly to really help solve the problem and also protect the interest of our investors.” PennantPark Founder and Managing Partner Art Penn recently discussed how middle market credit weathered the Covid-19 downturn on the Private Debt After the Pandemic Webinar. Art highlighted the similarities and differences managing through Covid-19 and the Global Financial Crisis, focusing specifically on the crucial role that equity support played...
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PennantPark Founder and Managing Partner Art Penn discuss the historical leverage levels and vintages following the Global Financial Crisis through the Covid-19 disruption, highlighting how capital preservation protected PennantPark leading up to the 2020 market downturn.   Watch the full webinar here
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American Airlines Joins Debt-Market Behemoths By Matt Wirz – The Wall Street Journal PennantPark Founder and Managing Partner Art Penn spoke with Matt Wirz of The Wall Street Journal for his article on American Airlines’ activity in the debt markets since the onset of the pandemic. American Airlines serves as an example of how private lenders can provide capital solutions to companies that were heavily impacted by last year’s shutdown, but Art noted that it’s...
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Private Debt Seen Succumbing to Junk Frenzy as Yields Evaporate By Kelsey Butler – Bloomberg PennantPark Founder and Managing Partner Art Penn spoke with Kelsey Butler of Bloomberg for her piece on how borrower-friendly terms in the junk-bond and leveraged loan markets are impacting the upper middle market for private debt. The core middle market, where we are focused, has not seen that type of pressure. “We want to focus on an area where we...
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PennantPark banks strong Q4 with BDCs By Susan Barreto – Alternatives Watch Susan Barreto of Alternatives Watch recently highlighted PennantPark’s Q1 earnings, noting that the firm enjoyed a strong quarter across our portfolio, including the increase in net asset value across both PNNT and PFLT. Our excellent performance during the GFC a decade ago and now through COVID has differentiated us among direct lenders.   Read the Full Article
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Middle Market Movie Theater Industry Headwinds Exacerbated by Pandemic; Consolidation Remains in Question as Uncertainty Among Larger Players Plagues Industry By Millie Dent – Reorg PennantPark Founder and Managing Partner Art Penn spoke with Millie Dent of Reorg for her piece on the outlook for middle market movie theaters in 2021 and discussed some of the obstacles that middle market theaters are facing as they aim to access additional capital. Art noted that larger chains...
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PennantPark Senior Secured Loan Fund, LLC Completes $300.7 Million CLO In January 2021, PennantPark Floating Rate Capital officially announced that its joint venture, PennantPark Senior Secured Loan Fund, LLC (PSSL), completed a $300.7 million CLO. The transaction allows PSSL to grow with low cost, long-term financing, and its successful execution is a testament to the resiliency of the firm’s portfolio. “Having a three-year reinvestment period, an 11-year final maturity, and attractive pricing will enhance returns...
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Private Lender PennantPark Boosts Opportunistic Debt Firepower By Kelsey Butler – Bloomberg Kelsey Butler of Bloomberg recently highlighted the successful closing of the PennantPark Credit Opportunities Fund III, LP, including a statement from Founder and Managing Partner Art Penn. As Art detailed, private debt investments provide “consistent absolute returns in a low-yield environment while also capitalizing on attractive opportunities during times of market volatility.”   Read the Full Press Release   The following story appeared...
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Nonprofit News Special Report: 2021 Alternative Investments Outlook By Justin Slaughter – FIN News PennantPark Founder and Managing Partner Art Penn spoke with Justin Slaughter of Financial Investment News for his piece on the outlook for alternative investments in 2021. Art discussed how private credit remained resilient as an asset class throughout the pandemic and highlighted how private debt managers will be in a position to help companies in the coming year. “This pandemic was...
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CLO Outlook: Managers Aim To Pace Issuance In An Uneven Recovery Driven by Covid Vaccine By David Graubard – LevFin Insights In December, PennantPark Founder and Managing Partner Art Penn spoke with David Graubard for his piece in LevFin Insights, which evaluated the 2021 outlook for the CLO market. As detailed below, the best-case scenario is that vaccines begin diminishing Covid-19 in the first half of 2021, before CLOs normalize to 2018-19 spread levels and...
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DLD follows up with Art Penn of PennantPark: “There is a general belief that we’ve seen the worst” By Kelly Thompson – Direct Lending Deals PennantPark Founder and Managing Partner Art Penn spoke with Kelly Thompson of Direct Lending Deals to discuss how companies and direct lenders navigated the Covid-19 crisis, and the state of the current economic recovery. “There is a general belief that we’ve seen the worst,” Art said. “That’s not to say...
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U.S. Direct Lending Wrap: Firms Anticipate Year-End Deal Rush By Kelsey Butler – Bloomberg PennantPark Founder and Managing Partner Art Penn was recently quoted in Kelsey Butler’s Bloomberg piece on U.S. direct lenders’ expectations that deal flow will increase ahead of the new year, and potential tax changes under a new administration. Specifically, Art discussed the opportunities that are emerging in the direct lending space. “This upcoming vintage of loans is likely to be the...
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PennantPark Founder and Managing Partner Art Penn recently participated in Private Debt Investor’s New York Forum, where he discussed trends in companies’ earnings and liquidity, leverage levels, changes in the CLO market and adjustments to covenants that he has seen across the market.
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Frozen Deal Market Turns Frenzied as Election Approaches By Julie Segal – Institutional Investor PennantPark Founder and Managing Partner Art Penn recently spoke with Julie Segal of Institutional Investor to discuss his observations across the market. Specifically, Art discussed how November’s election will impact market activity, detailing that companies are exploring opportunities to invest in companies that have successfully weathered the Covid-19 downturn. “It’s going to be a busy three months here before year-end,” he...
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Federal Relief: Too Little Too Late? By Robin Blumenthal – Private Debt Investor PennantPark founder and Managing Partner Art Penn recently spoke with Robin Blumenthal of Private Debt Investor about the federal relief efforts intended to help companies whose businesses were upended during the disruption of the U.S. economy. While previous iterations of the programs have provided an extensive amount of capital, the Congressional Oversight Commission has suggested that the Fed and Treasury consider lowering...
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PennantPark, Pantheon to Form Private Credit Joint Venture By Kelsey Butler – Bloomberg Kelsey Butler of Bloomberg reported on our recently announced joint venture with Pantheon Ventures, highlighting that PennantPark Senior Loan Fund I LLC will hold $356 million in senior loans at fair value and provide a “more robust balance sheet and more flexible capital structure.”   Read the Full Article
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Joint Venture to Target Middle Market Financing Opportunities Pantheon Acquires a Stake in a Special Purpose Vehicle from PennantPark Pantheon to Contribute Additional Capital Transaction Boosts Buying Power and Scales Platform Click here to download a PDF version NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (“PNNT”) (NASDAQ: PNNT) today announced it has formed a joint venture with the private credit investment business of Pantheon (“Pantheon”) to create PennantPark Senior Loan Fund...
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(NY) Secondary: Traders Favor High-Quality Loans In Bid To Withstand Volatility By Aaron Weinman – Refinitiv PennantPark founder and Managing Partner Art Penn recently spoke with Aaron Weinman of Refinitiv for a piece on activity across the secondary market.  Art provided insight into factors that continue to drive the market, such as Covid-19, prospects for a vaccine and actions from the Federal Reserve, and highlighted the secondary market opportunity that could present itself if there...
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Credit Managers To Exploit Market Dislocations By Arleen Jacobius – Pensions & Investments PennantPark Founder and Managing Partner Art Penn spoke with Arleen Jacobius of Pensions & Investments for a 2020 credit outlook piece, which highlighted the increased interest in private credit strategies emerging from the current market environment. Art provided insight into different opportunities that will prevent themselves in the credit sector and emphasized that the firm is currently focused on the secondary markets....
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Direct Lending Managers Scramble as Routine Deals Dry Up By Tom Stabile – FundFire PennantPark Founder and Managing Partner Art Penn was recently featured in Tom Stabile’s FundFire piece, which addressed how direct lenders are navigating the current market and which managers are best equipped to handle new deals. Art highlighted the value of exploring opportunities in the secondary market. “The middle market is lightly syndicated,” he said. “You can buy [loans] for a significant...
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Secondary: Douglas Dynamics’ US$275m loan ticks up as investors seek value – RLPC News By Aaron Weinman – Refinitiv PennantPark founder and Managing Partner Art Penn was quoted in Aaron Weinman’s Refinitiv piece on the secondary market, as credit investments in the space have seen an uptick alongside the wider recovery across the debt capital markets. Art noted that the secondary market has remained attractive for middle market lenders during the economic downturn. “Pricing has...
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Now Is the Time to Invest in These Debt Funds By Julie Segal – Institutional Investor PennantPark was featured in Julie Segal’s Institutional Investor piece, which analyzed a collection of opportunities in middle market lending funds and private equity. Though the recent market disruption has limited investment activity, Segal points to PennantPark’s research which highlights that money invested during crises is dedicated to deals that use less leverage and provide investors the opportunity to capitalize...
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Coronavirus: Private Equity’s Bailout Moment By Kaye Wiggins, Mark Vandevelde, and Robin Wigglesworth – Financial Times PennantPark Founder and Managing Partner Art Penn was featured in Kaye Wiggins, Mark Vandevelde, and Robin Wigglesworth’s Financial Times piece on private equity and the government’s current stimulus package. “This is the time for a bazooka,” Art said in reference to the Federal Reserve’s actions to revive the corporate debt market. “If you had the time and energy the...
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Direct Lenders Remain Open to Fund Deals By Anastasia Donde – Mergermarket PennantPark Founder and Managing Partner Art Penn spoke with Anastasia Donde of Mergermarket in April for a piece on direct lenders’ evaluation of fund deals in the current market environment. Art noted that although M&A activity is currently quiet, he anticipates more opportunity, particularly in defense and government service-related businesses going forward. “We’ve become more interested in defense-related and government services businesses, they...
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Recovery Begins, But Is It U, V Or Even W? By Oliver Newton – Creditflux PennantPark Founder and Managing Partner Art Penn participated in Creditflux’s report on the outlook for the credit market in 2020, providing his expertise on direct lending in the United States specifically. Art noted that due to the shift toward lender friendly terms, there have been higher yields, lower leverage, better structures, and potential equity coinvestments. He also noted the challenges...
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Credit Funds Look To Take Advantage Of Great Dislocation By David Graubard – International Financing Review PennantPark Founder and Managing Partner Art Penn was featured in David Graubard’s International Financing Review piece on credit funds’ strategy during the current market disruption. Art provided insight into how PennantPark has adapted to the current market. “We are looking at potential bargains in the broadly syndicated loan space non-impacted by Covid-19,” he said.   Read the Full Article
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PennantPark Sees Lower Leverage, More Covenants in Private Debt By Kelsey Butler – Bloomberg Bloomberg’s Kelsey Butler talked to Managing Partner Art Penn for an article covering PennantPark’s outlook on middle market lending, highlighting that the firm expects “lower leverage levels and juicier yields in private credit once the market gets back up and running.” Though the private credit sector is facing a market disruption due to the coronavirus outbreak, Art provided valuable perspective from...
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PennantPark Seeks $1bn For A New Syndicated Loan Fund By David Graubard – Alternatives Watch PennantPark Founder and Managing Partner Art Penn spoke with David Graubard of Alternatives Watch about the firm’s newly-planned syndicated loan fund. “We are looking at potential bargains in the broadly syndicated loan space because there are some solid companies that do not seem to be impacted by Covid-19 at discounted prices,” Art said.   Read the Full Article
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US Direct Lenders Hope For Helping Hand From Private Equity Lobbying By James Harvey – Alt Credit PennantPark Founder and Managing Partner Art Penn was featured in a story by Alt Credit’s James Harvey, which examined how private equity’s lobbying efforts for coronavirus relief loans could alleviate pressure on direct lenders. Specifically, Art provided insight into the small business investment company exceptions, noting that they will allow some borrowers to access SBA loans. “We’re still...
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Direct Lenders Support Existing Investments But Open For Opportunities By Kristen Haunss – Reuters PennantPark Founder and Managing Partner Art Penn spoke with Reuters’ Kristen Haunss to discuss strategies BDCs are employing to simultaneously support existing investments while remaining open to new opportunities. Art provided insight on companies using revolving lines of credit to ensure ample liquidity – though he noted that none of PennantPark’s portfolio companies have made such requests yet – and offered...
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The Bankruptcy Lawyers Are Smiling By Robin Blumenthal – Private Debt Investor PennantPark Founder and Managing Partner Art Penn spoke with Private Debt Investor’s Robin Blumenthal about the impact of the coronavirus on private lending, specifically in the distressed debt market. Art highlighted that PennantPark is working off the assumption that the majority of new deals are being postponed, as companies aren’t committing capital in the current environment – adding that the firm has long...
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Dealmaking in a Pandemic By Julie Segal – Institutional Investor PennantPark Founder and Managing Partner Art Penn recently discussed the impact of the coronavirus on deal activity with Julie Segal of Institutional Investor. Art emphasized the importance of patience and focusing on its existing portfolio companies, given that overall activity has slowed. “It’s hard to price risk right now, whether you’re a lender, in private equity, or a shareholder,” he said. “People are pivoting to...
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Coronavirus Puts Private Credit To The Test By Andrew Hedlund & David Brooke – Reuters PennantPark Founder and Managing Partner Art Penn was recently featured in Andrew Hedlund’s and David Brooke’s Reuters article, which assessed the impact of the coronavirus on the private credit market. Art provided insight on the theory that long-term sell-off in the market may open the door to lower valuations for companies. “Private markets ultimately take their cues from the public,...
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Institutions Seeing More Private Credit Risks By Arleen Jacobius – Pensions & Investments Arleen Jacobius of Pensions & Investments talked to PennantPark Founder and Managing Partner Art Penn for an article that addressed and evaluated the perception that risks are increasing in the private credit. Art discussed aspects of PennantPark’s approach that account for risk and provided insight on how the later-stage credit cycle is impacting EBITDA adjustments. “People say it’s a riskier environment and,...
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DLD chats with Art Penn of PennantPark about Direct Lending: It’s Not Some Exotic ‘Alternative Asset Class.’ By Kelly Thompson – Direct Lending Deals PennantPark Founder and Managing Partner Art Penn recently had a conversation with Kelly Thompson of Direct Lending Deals. Art discussed PennantPark’s definition of the middle market, portfolio evaluation during the coronavirus outbreak, and his definition of direct lending, among other topics. “It’s not some exotic ‘alternative asset class,'” he said. “It’s...
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Middle-Market Tech Expected to Stay Hot Amid Global Uncertainty, Advisors Say By Darcy Reddan – Reorg PennantPark Founder and Managing Partner Art Penn was recently featured in an article by Darcy Reddan of Reorg, which evaluated the increasing amount of middle market tech deal activity. Art commented on the growing number of investments in the cybersecurity and data platform space and highlighted the importance of investing in technologies that would not be impacted by potential...
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The U.S. Small and Medium-sized Lending Markets Are Rapidly Expanding: An interview with Art Penn, Founder of Pennant Park, an Investment Company Specializing in U.S. SME Financing By Momoe Ban – Nikkei Newspaper: “World Plus” Edition Momoe Ban and Nikkei Asian Review conducted a Q&A with PennantPark Founder and Managing Partner Art Penn, delving into the expansion of investment opportunities and strategies for SME financing. Specifically, Art provided his perspective on Japanese institutional investors’ expansion...
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