PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced that it has formed PennantPark Senior Secured Loan Fund II, LLC, a joint venture with Hamilton Lane Senior Credit Opportunities Fund which is an affiliate of a fund managed by Hamilton Lane (Nasdaq: HLNE).
PSSL II is expected to invest primarily in middle market loans consistent with PFLT’s “core origination and underwriting strategy.”
PFLT and HL have committed to provide “a combined $200 million of notes and equity to the joint venture, with PFLT providing $150 million and HL providing $50 million.”
PSSL II intends to add a financing facility of “$300 million which will enable the portfolio to grow to $500 million initially.”
PFLT and HL anticipate “to begin investing in PSSL II’s portfolio in late September or early October.”
As noted in the update, PennantPark Floating Rate Capital Ltd. is a business development company which primarily “invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments.”
PennantPark Floating Rate Capital Ltd. is “managed by PennantPark Investment Advisers, LLC.”
As mentioned in the announcement, PennantPark Investment Advisers, LLC is a leading middle market credit platform, “managing approximately $10 billion of investable capital, including potential leverage.”
Since its inception in 2007, PennantPark Investment Advisers, LLC has “provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions.”
PennantPark Investment Advisers, LLC is “headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, Amsterdam and Zurich.”
Hamilton Lane is one of the private markets investment firms, “providing solutions to institutional and private wealth investors around the world.”
Dedicated to private markets investing for more than 30 years, the firm currently employs “approximately 750 professionals operating in offices throughout North America, Europe, Asia Pacific, and the Middle East.”
Hamilton Lane has approximately “$986 billion in assets under management and supervision, composed of nearly $141 billion in discretionary assets and more than $845 billion in non-discretionary assets, as of June 30, 2025.”
Hamilton Lane explains that it specializes in building “flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies.”