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

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Nov 09, 2021, 09:15 ET

BOSTON, Nov. 9, 2021 /PRNewswire/ -- Pathlight Capital LP ("Pathlight") announced today 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.

About Pathlight Capital

Pathlight provides asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight offers creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, refinancing, growth, acquisition, dividend and turnaround strategies. For more information, please visit www.pathlightcapital.com.

About WilmerHale

WilmerHale provides legal representation across a comprehensive range of practice areas that are critical to the success of its clients. The law firm's Investment Management Group serves as counsel to the full spectrum of asset management firms on a broad range of sophisticated transactional and regulatory matters, including serving as counsel to fund sponsors on the structuring and formation of private equity, venture, hedge, credit, real estate, and hybrid funds. The law firm's leading Securities and Financial Services, Intellectual Property, Litigation/Controversy, Regulatory and Government Affairs, Securities and Financial Services, and Transactional Departments participate in some of the highest-profile legal and policy matters. With a staunch commitment to public service, the firm is renowned as a leader in pro bono representation. WilmerHale is 1,000 lawyers strong with 13 offices in the United States, Europe and Asia. For more information, please visit www.wilmerhale.com.

SOURCE Pathlight Capital