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Pathlight Capital Closes Second ABL Credit Fund with $1.16B of Commitments

November 09, 2021, 07:54 AM
Filed Under: Industry News

Pathlight Capital announced the final closing of its sophomore funds, Pathlight Capital Fund II LP and Pathlight Capital Offshore Fund II, LP (together, the “Fund”), with $1.16 billion of capital commitments. The Fund was oversubscribed, closing above its original fundraising target of $750 million to $1 billion. Including separately managed accounts, Pathlight now has over $1.77 billion in assets under management. The Fund will be a continuation of the strategy employed by Pathlight’s previous fund, providing companies with asset-based financing solutions for working capital, refinancing, growth, acquisition, dividend, and turnaround strategies.

The Fund received capital commitments from a diverse group of respected investors, including endowments, insurance companies, a health care system, and corporate and public pension funds, with a re-up rate over 100% from the predecessor fund based on dollars committed.

Daniel Platt, Pathlight Capital Founder and Chief Executive Officer commented, “We are grateful for the support and continued confidence from our limited partners. The strong demand for Fund II strengthens our momentum in the marketplace. The opportunity to prove our all-weather return capabilities during the Covid-19 pandemic, combined with Pathlight’s growing team of talented professionals, puts us in an excellent position to continue to lead and agent transactions and create value for our investors.”

Stephanie Fatzinger, Investor Relations Manager of Pathlight Capital, added, “We are humbled by the support of such a high-quality group of limited partners, with renewed dollar commitments from Fund I investors exceeding a 1:1 ratio.”

Wilmer Cutler Pickering Hale and Dorr LLP provided legal counsel.

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