The infusion helps Finastra secure a $5.3 billion debt refinancing, the largest ever private credit transaction to be executed in the United States.
CEO Michael Arougheti expects more institutional credit portfolios to come to market over the next two years as investors reposition their holdings.
The firm's flagship Cox Retail Secondaries Fund I is offering to purchase up to $2.5 million of Variant Alternative Income Fund shares at a 40% discount to October 26 NAV.
The GP-led deal included senior secured loans to more than 60 US lower-middle-market companies from two Tree Line direct lending funds.
The transaction extends the manager's hold on a portfolio of predominantly senior, US-focused direct lending investments.
Ghost Tree is a California-based private credit investment firm providing senior secured, collateral-focused financing for lower middle-market companies.
Eligible shareholders can borrow up to 65% of NAV on positions of at least $1 million while continuing to seek fund repurchases.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The private debt specialist, which operates a dedicated secondaries strategy, has reportedly held talks with several international investors.
The deal marks PennantPark's 13th securitization and supports the fund's credit portfolio with long-term capital.
