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Laxman Pai, Opalesque Asia: PennantPark Investment Advisers, a middle market credit platform headquartered in New York City, announced the final close of PennantPark Credit Opportunities Fund IV (PCOF IV), a private closed-end fund with $610 million of investable capital.
The fourth vintage in its family, PCOF IV offers investors access to a diversified portfolio of middle market investments spanning first-lien loans, second-lien loans, mezzanine debt, and associated equity co-investments, said a media release from the closed-end, externally managed, non-diversified-investment-company-..
"The successful fundraise for PCOF IV validates our view that investors will continue to add private credit to their portfolios. Further, investors are seeking experienced managers that have been through multiple market cycles," said Arthur Penn, Founder and Managing Partner of PennantPark.
"We believe that a strong U.S. economy, elevated interest rates, and favorable market conditions for private lenders will all contribute to an excellent vintage of investments. The opportunity is particularly attractive in the core middle market where we earn wider credit spreads, take less leverage risk, and secure better lender protections compared to the upper middle market or broadly syndicated loans," Arthur added.
According to the release, PCOF IV is the largest of PennantPark's private credit opportunities funds to date, with a diverse set of investors spanning insurance companie...................... To view our full article Click here
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