The firm is reportedly considering the establishment of a dedicated pool of capital under its Blackstone Strategic Partners unit.
The open-ended evergreen fund will give institutional and private wealth investors access to direct lending, credit secondaries, fund finance, and other income strategies.
The London-based startup aims to address private credit's fund-level liquidity, which remains constrained by available cash and redemption terms.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The recently registered interval fund, sub-advised by Barings, will target private asset-based credit investments through direct and secondary transactions.
The credit secondaries vehicle will reportedly acquire loans from the manager's existing portfolio and provide fresh capital for new lending.
The tender offer fund targets private credit investments through primaries, secondaries, co-investments, and directs.
The fund has already secured a $125 million anchor commitment from Beedie Capital following its acquisition of a 50% stake in Vistara.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The new offering gives GPs a structured way to create investor liquidity with greater transparency on buyer selection, pricing, and timing, according to the private credit-focused firm.
