The vehicle, which held a second close, offers investors access to a diversified portfolio of credit secondaries through either equity or debt.
The New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
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.
Its next private equity flagship is slated for early 2027, while parent company EQT is laying the groundwork for an infrastructure secondaries platform.
The firm launched a dedicated credit secondary strategy around this time last year and has reportedly deployed around $500 million across five deals.
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.
The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
"The successful launch of our Credit Secondaries Fund reflects growing investor demand for dedicated private credit secondary solutions," said CIO Fred Pollock.
