PennantPark expands joint venture, Pantheon to invest additional $75M

PennantPark Investment announced it has agreed to expand its investment in PennantPark Senior Loan Fund, its unconsolidated joint venture with the private credit investment business of Pantheon Ventures or Pantheon. This strategic transaction further strengthens the partnership between PNNT and Pantheon, which was put into place over four years ago, and has generated strong returns to date. PNNT has agreed to invest an additional $52.5 M in capital, and Pantheon has agreed to invest an additional $75.M of capital, thereby resulting in a pro forma JV ownership of 54.8% and 45.2%, respectively. In addition, PSLF is increasing its senior secured credit facility provided by BNP Paribas from $325M to $400M thereby allowing the JV to scale its investment portfolio to over $1.5 B , representing a nearly $500 million increase in the JV’s investment capacity. “We are proud of the partnership and the strong returns the JV has generated,” stated Art Penn, Chief Executive Officer of PNNT. “The core middle market represents a differentiated investment opportunity for investors in direct lending. The increase in the JV will position PNNT’s shareholders to benefit from investments in today’s attractive vintage of core middle market senior secured loans.”