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PennantPark Continues To Grow Its Middle Market CLO Business with the Closing of a $300.8 Million CLO PennantPark Investment Advisers, LLC announced the closing of a $300.8 million debt securitization in the form of a collateralized loan obligation (“CLO”). The debt issued in the CLO, has a three-year reinvestment period and 11-year final maturity. “This transaction reinforces PennantPark’s commitment to the growth of our CLO platform, and our ability to access attractive, long-term financing well...
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Despite Losing Market Share, Smaller Asset Managers Keep Battling the Giants Jessica Hamlin – Institutional Investor PennantPark Founder and Managing Partner, Art Penn, spoke with Jessica Hamlin of Institutional Investor on how PennantPark differentiates itself from the larger asset managers. Art noted that by investing in smaller and middle markets, PennantPark targets investments in the core middle market, including companies that generate anywhere between $10 million and $50 million in EBITDA, which allows the company...
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Art Penn Featured on Bloomberg Markets: European Close “We’re as busy as we’ve ever been in 14 years in the business.” PennantPark’s Founder and Managing Partner, Art Penn, spoke with Bloomberg TV’s Alix Steel, Guy Johnson, and Sonali Basak, during “Bloomberg Markets: European Close,” where he discussed the factors contributing to the growth of non-bank lenders, the trend of big banks exiting the middle market, loan growth, global supply chain issues, and more. During this...
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“Where we’re seeing the best risk-adjusted return in the marketplace today, is not only below $50 million EBITDA, but below $20 million EBITDA. And that’s where we’ve had our most recent successes, lending money to companies that we believe are safe loans and where we can co-invest in the equity.” PennantPark Founder and Managing Partner Art Penn, shared his insights on global debt, the shape of the company’s portfolio through the pandemic, and the current...
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PennantPark hires for fundraising role Susan Barreto – Alternatives Watch Susan Barreto of Alternatives Watch shared news announcing that Pete Mitchell has joined the company as Managing Director, Head of Private Capital Fundraising. In his new role, Pete will lead fundraising for the firm’s private vehicles as we continue to expand our middle market private credit investment business. Art shared the following on Pete’s addition, “We are pleased to welcome Pete to our team, as...
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PennantPark brings on head of private capital fundraising Arleen Jacobius – Pensions & Investments Arleen Jacobious of Pensions & Investments shared news of the hiring of Pete Mitchell as Managing Director, Head of Private Capital Fundraising. In his new role, Pete will lead fundraising for the firm’s private vehicles as we continue to expand our middle market private credit investment business. Art shared the following on Pete’s addition, “We are pleased to welcome Pete to...
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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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