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Laxman Pai, Opalesque Asia:

North America-based alternative investment firm Penfund completed the final close of its seventh fund, Penfund Capital Fund VII, with committed capital of approximately CAD1.6 billion ($1.18bn).

According to a press release from the Canadian private equity firm specializing in providing junior capital to middle market companies throughout North, this amount exceeds Fund VII's original fundraising target of CAD 1.5 billion.

Penfund Capital Fund VII will execute the same investment strategy successfully employed by predecessor funds. As a specialty lender, the Fund will focus on a second lien, mezzanine, private high-yield loans and other credit products, the release said.

According to the company, the Fund will also co-invest with equity sponsors and may selectively complete stand-alone equity investments. The Fund's broad product range and larger capital base will allow it to provide highly customized financing solutions to its clients in amounts up to CAD 300 million per transaction (or the U.S. dollar equivalent, presently about US$220 million).

"Penfund is grateful for the consistent support of its long-standing investment partners and is delighted to have established new relationships with a number of leading global investors," said the release.

"We are proud of Penfund's long-standing partnerships with leading institutional investors and we are grateful for the confidence and trust they have placed in our team. In line with ......................

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