HedgeCo.Net — Kirkland & Ellis said on September 10 it advised PennantPark Investment Advisers on the close of PennantPark Credit Secondary Fund (PCS), a $745 million continuation vehicle led by Pantheon. The vehicle acquires a mature private-credit portfolio concentrated in resilient service-oriented industries, providing liquidity to limited partners of legacy funds while retaining additional unfunded capital for follow-ons and new deals. Briefs.co, in a September 8 report, independently printed the same $745 million size, Pantheon lead, and PGIM participation.
Briefs described a book of about 100 mostly first-lien loans sourced from seven funds across business services, healthcare, IT, and industrial services, and quoted Pantheon’s Rakesh Jain on fresh cash helping repay borrowings. Kirkland’s note is the close confirmation; Briefs supplied portfolio composition and co-investor color ahead of that print.
This is a GP-led credit continuation close, not a new flagship direct-lending fundraise. Mark the $745 million PCS size, Pantheon lead, PGIM join, ~100 mostly first-lien loans from seven funds, LP liquidity plus follow-on dry powder, and Jain’s repay-borrowings comment as sourced. Do not invent IRR, MOIC, or firmwide AUM beyond what those briefs state. The allocator object is middle-market private-credit duration via a secondaries continuation sleeve.