Penfund closes sixth mid-market fund at C$1.15 bln hard cap

Penfund wrapped up its sixth mid-market fund, raising C$1.15 billion, thanks to a private-debt strategy that resonated with investors. Penfund Capital Fund VI, launched in early 2018, closed in December above its C$900 million target, Chairman and Partner John Bradlow and Partner Richard Bradlow told PE Hub Canada. The fund is the largest in the Toronto junior-capital provider’s 40-year history, exceeding by 59 percent the C$724 million its predecessor raised in 2016. The close brings assets managed by Penfund to C$1.8 billion.