The firm will offer liquidity solutions to institutional LPs and GPs, with a focus on credit strategies.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
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.
As part of its broader mandate the fund will reportedly serve as a national-level secondary vehicle, acquiring company stakes to provide strategic industries with patient capital.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
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.
"Private credit will never trade like public markets, but investors deserve better tools than 'lock it up and wait," said Nelson Chu, Founder and CEO of Percent.
