Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
StepStone Secondaries Infrastructure Fund is approximately 50% deployed across LP-interest and GP-led 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 manager's debut vehicle, which closed in December, primarily targets secondary LP interests across special situations credit, direct lending, and infrastructure-like private equity.
The AllianzGI-managed vehicle focuses on senior debt opportunities across the US, Europe, and Asia, a spokesperson told SecondaryLink.
The reported push places the New York-based firm among a growing list of managers looking to capitalize on the $30 billion opportunity.
Following Coller's recent acquisition by EQT, the two managers also plan to expand into real asset secondaries and develop a secondaries insurance offering.
