At close, the oversubscribed vehicle is more than double the size of its 2021 predecessor.
The firm launched a dedicated credit secondary strategy around this time last year and has reportedly deployed around $500 million across five deals.
The second vintage of the secondary strategy has reached half of its €500 million target, and the programme has completed five investments across GP- and LP-led transactions.
The closed-end fund will invest across PE buyout and growth alongside opportunistic GP-and LP-led secondaries, with commitments starting at €5,000.
The oversubscribed vehicle provides liquidity to investors in Bridgepoint Direct Lending II, which holds a portfolio of senior secured European middle-market loans.
The "secondaries of secondaries" strategy targets existing investors' interests in private equity secondary funds.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The manager's debut vehicle, which closed in December, primarily targets secondary LP interests across special situations credit, direct lending, and infrastructure-like private equity.
Following Coller's recent acquisition by EQT, the two managers also plan to expand into real asset secondaries and develop a secondaries insurance offering.
