PennantPark Closes $745 million Private Credit Continuation Vehicle Led by Pantheon

MIAMI, September 8, 2026 - PennantPark Investment Advisers, LLC ("PennantPark"), a leading private credit firm, today announced the closing of PennantPark Credit Secondary Fund ("PCS"), a $745 million continuation vehicle led by global private markets firm Pantheon. The continuation vehicle was formed to acquire a mature portfolio of private credit investments diversified across resilient, service-oriented industries. PCS also provides liquidity to the Limited Partners of legacy private funds while securing additional unfunded capital to support follow-on financings and potential new investment opportunities.

"This transaction affirms our view that the core middle market provides a superior risk-adjusted investment opportunity for those seeking diversification within their private credit portfolios," said Art Penn, Founder and Managing Partner of PennantPark. "We are pleased to deepen our long-standing relationship with Pantheon, a sophisticated partner who shares our conviction in the durability of the core middle market and the quality of the companies we finance. We are also deeply grateful to the many long-standing limited partners who have supported PennantPark over the years. Their partnership and confidence have been instrumental in building our platform, and we are pleased that this transaction provided them with a successful liquidity option."

Rakesh ("Rick") Jain, Partner and Global Head of Private Credit at Pantheon, said, "This transaction is emblematic of our long-standing approach and leading track record in private credit GP liquidity solutions - in particular, collaboration and partnership combined with addressing complexity across several angles. Our strong relationship with PennantPark extends across another cycle with PCS. More broadly, we continue to source attractive, scaled deal flow and compelling investment opportunities across the private credit secondary landscape."

As lead investor in PCS the transaction extends Pantheon's long-term relationship with PennantPark, which spans multiple funds and reflects a shared, partnership-oriented approach to delivering differentiated solutions in private credit. PGIM, reinvesting Limited Partners, and PennantPark also invested in PCS as part of the oversubscribed transaction.

Evercore served as financial adviser to PennantPark on the transaction. Kirkland & Ellis LLP acted as legal counsel for PennantPark.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing over $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, Amsterdam and Zurich.

ABOUT PANTHEON
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, infrastructure, and private credit. For more information, please visit www.pantheon.com.

We have partnered globally with institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of March 31, 2026).

Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.

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