NEW YORK, Aug.25, 2021 (GLOBE NEWSWIRE) – PennantPark Investment Advisers, LLC, a leading middle market credit platform, today announced that Pete Mitchell has joined the company as Managing Director, responsible for private fundraising. Mitchell will lead private vehicle fundraising at PennantPark as the company continues to expand its private credit investing business in the middle market.
Mitchell joins PennantPark from Crescent Capital, where he was responsible for marketing the company’s strategy to institutional investors. His past experience includes leadership and management roles with Thornburg Investment Management, EnTrust Capital, Inc. and Snow Capital Management. Mitchell also spent nine years playing for the NFL, including five years with the Jacksonville Jaguars, two years and a Super Bowl XXXV appearance with the New York Giants, and one year each with the Detroit Lions and Colts of ‘Indianapolis.
“We are delighted to welcome Pete to our team as he brings years of expertise and deep relationships, particularly with pension funds,” said Art Penn, Founder and Managing Partner. “He will be a tremendous asset to the company as we seek to meet investor demand for our expanding private lending business. “
In June 2021, PennantPark announced the successful closing of its fifth combined fund, PSCF-Lev. This follows the closing of PCOF III in December 2020 and the formation of PSLF, a joint venture with Panthéon, in August 2020.
From its pre-COVID inception in mid-2019 through June 30, 2021, PSCF-Lev has reported gross and net annualized returns of 16.1% and 13.6%, respectively, exceeding the target of net returns of 8-10%, while its unleveraged round, PSCF, reported gross and net annualized returns of 11.1% and 9.5%, respectively, exceeding the target net return target of 6-8% . Additionally, PCOF III reported gross and net annualized returns of 31.4% and 26.1%, respectively, also exceeding target net returns by 12-14% since the onset of pre-COVID at the end of 2018. until June 30, 2021.
PennantPark’s primary focus in the mid-market targets companies with less than $ 50 million in EBITDA, which S&P says have a lower default rate and higher recovery rate than corporate loans with an EBITDA of 50. million dollars or more.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading mid-market credit platform, managing $ 5.2 billion in investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors with access to middle market credit by offering private equity firms and their holding companies as well as other middle market borrowers a full range creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in New York with offices in Chicago, Houston and Los Angeles.