The Toronto-based manager recently raised $7.7 billion for its latest portfolio finance flagship fund.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
Castiner joins as Head of Credit Secondaries for the Americas, bringing over a decade of experience across private credit secondaries, restructuring, turnaround, and debt advisory.
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.
The strategy will be led by former Banner Ridge Managing Director, Robert O'Connor.
