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PennantPark Floating Rate Capital Ltd. (the "Company") (NYSE:PFLT) today announced that it has formed PennantPark Senior Secured Loan Fund II, LLC ("PSSL II"), a joint venture with a fund managed by Hamilton Lane (NASDAQ:HLNE) ("HL"). 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.
"This new joint venture is another strategic step to broaden our impact as a meaningful core middle market direct lender and will expand our ability to provide senior loan solutions to core middle market sponsor and borrower clients," stated PFLT's Chief Executive Officer, Arthur H. Penn, adding, "Growing PSSL II should lead to a higher return on equity and net investment income per share at PFLT. Additionally, we are thrilled to partner with Hamilton Lane and their world class investment platform."
