TORONTO, Ontario (January 9, 2019) Penfund announced today that it has recently completed the final close of its sixth fund, Penfund Capital Fund VI, with committed capital of $1.15 billion (CDN). This amount materially exceeds the $724 million committed to Penfund Capital Fund V in 2016 and Fund VI’s original fundraising target of $900 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.
Penfund Capital Fund VI will execute the same investment strategy employed by predecessor funds and will offer a comprehensive range of junior capital products to mid-market companies across North America. In its capacity as a specialty lender, the Fund will focus on second lien, mezzanine, private high yield loans and other credit products. As an equity investor, the Fund will 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 $230 million (CDN) (or the U.S. dollar equivalent, presently USD $170 million) per transaction.
“We are grateful for the confidence and support of our investment partners and will continue to follow the same conservative investment philosophy that emphasizes the preservation of capital across widely differing economic conditions,” said Chairman, John Bradlow.
Park Hill Group LLC acted as placement agent for Penfund and legal advice was provided by Stikeman Elliott LLP and Latham & Watkins LLP.
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Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently total $1.8 billion.