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December 2022

Penfund Closes $1.6 Billion Seventh Fund

TORONTO, Ontario (December 14, 2022) – Penfund announced today that it recently completed the final close of its seventh fund, Penfund Capital Fund VII, with committed capital of approximately $1.6 billion (CDN). This amount exceeds Fund VII’s original fundraising target of $1.5 billion (CDN). 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 VII will execute the same investment strategy successfully employed by predecessor funds. As a specialty lender, the Fund will focus on second lien, mezzanine, private high yield loans and other credit products. 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 $300 million (CDN) per transaction (or the U.S. dollar equivalent, presently about US$220 million).

“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 our prior funds, we will continue to follow the same conservative investment philosophy that emphasizes the preservation of capital across widely differing economic environments. Fund VII is well positioned to support private equity sponsors and borrowers through the currently challenging economic and capital market conditions,” said Partner, Richard Bradlow.

PJT Park Hill and Epsilon Underwriting & Issuing acted as placement agents for Penfund and legal advice was provided by Stikeman Elliott LLP and Goodwin Procter LLP.

About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.9 billion.

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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.9 billion.

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