The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
In July, the firm closed its debut program targeting the strategy with more than $5.5 billion in capital commitments.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The manager's debut vehicle, which closed in December, primarily targets secondary LP interests across special situations credit, direct lending, and infrastructure-like private equity.
SecondaryLink provides exclusive details on the fund's investment strategy, institutional backing, and other details.
"The successful launch of our Credit Secondaries Fund reflects growing investor demand for dedicated private credit secondary solutions," said CIO Fred Pollock.
The pension is also considering allocating to a similar evergreen credit strategy by Pemberton, in addition to a commitment to Cambridge Associates' sequel secondaries fund.
The AllianzGI-managed vehicle focuses on senior debt opportunities across the US, Europe, and Asia, a spokesperson told SecondaryLink.
Pantheon Global Infrastructure Fund V, which has no hard cap and is yet to announce a final close, continues to attract institutional capital.
