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PCOF III
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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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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PennantPark Sees Lower Leverage, More Covenants in Private Debt (April 6, 2020) 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...
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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.   Click here to read the full...
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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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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, liquid...
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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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In July 2019, PennantPark launched four new investment vehicles, increasing the firm’s investment capacity by more than $750 million across two strategies: Senior Debt and Opportunistic Credit. The new offerings include the PennantPark Senior Credit Fund (“PSCF”) Leveraged, PSCF Un-Leveraged, PennantPark Credit Opportunities Fund III (“PCOF III”), and a substantial separately managed account focused on Opportunistic Credit.   Read the full press release here
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