Globenewswireยท2025-08-11 20:05Core Viewpoint - PennantPark Floating Rate Capital Ltd. has formed a joint venture, PennantPark Senior Secured Loan Fund II, LLC, with Hamilton Lane to invest primarily in middle market loans, enhancing its position as a direct lender in this sector [1][3]. Company Overview - PennantPark Floating Rate Capital Ltd. is a business development company that primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt [4]. - The company is managed by PennantPark Investment Advisers, LLC, which has approximately $10 billion of investable capital [5]. Joint Venture Details - The joint venture, PSSL II, will have a combined commitment of $200 million, with PennantPark contributing $150 million and Hamilton Lane contributing $50 million [2]. - PSSL II plans to establish a financing facility of $300 million, allowing the portfolio to grow to an initial size of $500 million [2]. - Investments in PSSL II's portfolio are expected to commence in late September or early October [2]. Strategic Importance - The joint venture is seen as a strategic move to broaden the impact of PennantPark as a core middle market direct lender, aiming to provide senior loan solutions to middle market sponsors and borrowers [3]. - The CEO of PennantPark anticipates that growing PSSL II will lead to higher returns on equity and net investment income per share [3]. Hamilton Lane Overview - Hamilton Lane is a leading private markets investment firm with approximately $986 billion in assets under management, specializing in providing access to a wide range of private market strategies [6].