Sector developments and company hires

Middle market JV agreed
PennantPark Investment Corporation (PNNT) has formed a joint venture with the private credit investment business of Pantheon to create PennantPark Senior Loan Fund I (PSLF). The strategic transaction seeks to enable PennantPark to leverage its middle-market lending capabilities and capitalise on compelling senior loan opportunities amid historic market volatility. Pantheon has invested US$35m in capital to acquire a 28% stake from PNNT in an SPV that currently holds US$356m of senior loans at fair value. Pantheon has the opportunity to contribute an additional US$30m of capital in PSLF over time. After giving effect to the formation of PSLF, PNNT’s leverage will decrease by approximately US$245m.

SPI deal inked
Exor and Covéa Coopérations have agreed to invest €1.5bn in special purpose insurance vehicles managed by PartnerRe. Under the transaction, €750m will be allocated for investment opportunities alongside Exor. A further €750m, with a three- to five-year lock-up period, will be allocated in a number of special purpose insurance vehicles managed by PartnerRe, investing in property catastrophe and other short-tail reinsurance contracts. A €500m investment will be made on 1 January 2021, with an additional €250m investment to be made prior to or on 1 January 2024.