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October 2016

Penfund Closes $724 Million Fifth Fund

TORONTO, Ontario (October 3, 2016) – Penfund announced today that it has recently completed the final close of its fifth fund, Penfund Capital Fund V, with committed capital of $724 million (CDN). This amount materially exceeds the $460 million committed to Penfund Capital Fund IV in 2012 and Fund V’s original fundraising target of $525 million. Penfund is grateful for the consistent support of its long standing Canadian investors and is delighted to have established new relationships with a number of leading American, European and Middle Eastern investors.

Penfund Capital Fund V will execute the same flexible 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 and mezzanine loans but also has the capacity to provide private high yield, unitranche 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 $140 million (CDN) per transaction.

“We are very 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 acted as placement agent for Penfund and legal advice was provided by Stikeman Elliott LLP and Latham & Watkins LLP.

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About Penfund

Penfund is a leading provider of capital to middle market companies throughout North America. The firm is actively investing both senior and junior capital through Penfund Prime and 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 C$3.0 billion in over 225 companies since its establishment. Assets under management are approximately C$3.0 billion.

For further information, please contact:

Richard Bradlow

Partner

416 645-3794richard@penfund.com

Jeremy Thompson

Partner

416 645-3790jthompson@penfund.com
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