Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The firm is reportedly eyeing €500 million in commitments for an inaugural fund.
Its next private equity flagship is slated for early 2027, while parent company EQT is laying the groundwork for an infrastructure secondaries platform.
The London-based manager is reportedly expanding its secondaries platform following a record $6.4 billion flagship close in July.
The deal marks PennantPark's 13th securitization and supports the fund's credit portfolio with long-term capital.
PGIM, reinvesting LPs, and PennantPark also invested in the oversubscribed vehicle for a mature portfolio of private credit investments.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The AllianzGI-managed vehicle focuses on senior debt opportunities across the US, Europe, and Asia, a spokesperson told SecondaryLink.
The reported push places the New York-based firm among a growing list of managers looking to capitalize on the $30 billion opportunity.
Following Coller's recent acquisition by EQT, the two managers also plan to expand into real asset secondaries and develop a secondaries insurance offering.
