Pathlight Capital Closes Third ABL Credit Fund with $860 Million of Commitments

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Dec 19, 2023, 10:54 ET

BOSTON, Dec. 19, 2023 /PRNewswire/ -- Pathlight Capital LP ("Pathlight") announced today the final closing of its third fund, Pathlight Capital Fund III LP ("Fund III") as well as the initial Tranche of its Evergreen vertical, Pathlight Capital Evergreen Fund LP (the "Evergreen Fund" and together with Fund III, the "Fund"). The parallel Fund entities secured a combined $860.3 million of capital commitments. Including separately managed accounts, Pathlight now maintains over $2.7 billion in assets under management. The Fund will continue to pursue the strategy employed by Pathlight's previous funds of 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 investors, including insurance companies, a health care system, and corporate and public pension funds.

Daniel Platt, Pathlight's Founder and Chief Executive Officer, commented, "Since 2018, Pathlight's capital deployment has meaningfully outpaced expectations, which I believe is the result of a number of factors, including our growing team and established market presence. This necessitated a third fundraise in less than five years. I am very grateful for our hardworking team and Pathlight's supportive limited partners for making this possible. We maintain our confidence in expanding the scale and breadth of our marketplace."

"The ability to raise a third flagship fund as well as a new Evergreen entity on the heels of our Fund II capital raise was driven by strong support from both existing and new investors who recognize the merit of Pathlight's differentiated approach to current income and attractive risk-adjusted returns," said Stephanie Fatzinger, Managing Director of Investor Relations at Pathlight. "Our conviction and excitement in Pathlight's mission to create value for investors is stronger than ever, evidenced by Pathlight's significant GP commitment and employee participation in the Fund."

Kirkland & Ellis LLP provided legal counsel, led by investment funds partners Sean Hill and Richard Shamos.

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 Kirkland & Ellis LLP
Kirkland & Ellis is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. The Firm offers clients the unsurpassed resources of an integrated global team across North America, Europe and Asia providing advice on private fund formation, liquidity solutions, investment management, and regulatory counsel and strategic advisory services. With more than 600 dedicated investment funds attorneys, few firms approach the breadth, depth and scope of Kirkland's experience in investment funds legal services. Since January 2020, Kirkland has advised more than 1,700 funds closed and in process with total capital commitments in excess of $1.94 trillion.

SOURCE Pathlight Capital