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 London-based startup aims to address private credit's fund-level liquidity, which remains constrained by available cash and redemption terms.
The partnership will also develop products for wealth investors, beginning with an evergreen private equity secondaries fund expected in the coming weeks.
The new offering, Sponsor Capital Solutions, will be led by Justin Garrod, who joins as Managing Director.
The collaboration with LODAS Markets will first provide an additional liquidity pathway to investors of Harrison Street AM semi-liquid evergreen funds.
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 Utah-based company raised $2 million in a pre-seed round led by New Stack Ventures.
The firm will offer liquidity solutions to institutional LPs and GPs, with a focus on credit strategies.
"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.
