The facility was collateralized by a portfolio of US sustainable infrastructure assets focused on decarbonization and grid reliability.
The deal marks PennantPark's 13th securitization and supports the fund's credit portfolio with long-term capital.
The 15-asset vehicle, among the largest GP-led infrastructure deals to date, drew more than $7 billion of demand and included around $2.5 billion of new capital.
The direct infrastructure secondary increases Transurban's ownership across three major Sydney transport networks.
The oversubscribed vehicle for the mass transit operator was backed by Australian superannuation funds and international institutional investors.
The deal would reportedly expand the firm's presence in Europe and boost its infrastructure exposure.
The potential vehicle follows Antin's July agreement to sell ~30% of the asset to GLIL Infrastructure from its €3.6 billion Fund III.
The Swiss manager will acquire ownership in the pan-Nordic data center platform through its infrastructure secondaries strategy.
The direct secondaries deal gives the French manager full ownership of the 460 MW Horse Creek and Electra wind farms in Texas, which it has backed since 2018.
The facility for a GP stakes fund provides incremental capital to support the borrower's acquisition strategy.
