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March 2012

Penfund Closes $460 Million Fourth Fund

TORONTO, Ontario (March 7, 2012) – Penfund announced today that it has recently closed its fourth fund, Penfund Capital Fund IV, with committed capital of $460 million. This amount is about 80% greater than the $250 million committed to Penfund Capital Fund III and was provided entirely by a group of Canadian institutional investors. Penfund is grateful for the consistent support of these investors and is particularly proud that all investors who have supported Penfund’s predecessor funds have continued their support with Penfund Capital Fund IV.

Penfund Capital Fund IV will operate as a specialty lender and equity investor targeting investments of $15 – $90 million in Canadian and U.S. mid-market corporations. In its capacity as a speciality lender, the Fund will provide unitranche facilities, high yield debt, mezzanine debt, standby lines and other banking products. As an equity investor, the Fund will co-invest with equity sponsors and will make stand-alone minority and control equity investments. The Fund will have an unusual capacity to provide all forms of capital needed by mid-market companies and its broad product range will allow it to provide highly customized financing solutions to its clients.

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About Penfund

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 exceed $1.6 billion.

For further information, please contact:

John Bradlow

Partner & Chairman

416 645-3799jbradlow@penfund.com

Richard Bradlow

Partner

416 645-3794richard@penfund.com
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