Pathlight Capital closed its sophomore funds, Pathlight Capital Fund II and Pathlight Capital Offshore Fund II, with $1.16 billion of capital commitments. The funds were oversubscribed, closing above their original fundraising target of $750 million to $1 billion. Including separately managed accounts, Pathlight now has more than $1.77 billion in assets under management. The funds 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 funds received capital commitments from endowments, insurance companies, a healthcare system and corporate and public pension funds, with a re-up rate more than 100% greater than the predecessor fund based on dollars committed.
“We are grateful for the support and continued confidence from our limited partners,” Daniel Platt, founder and CEO of Pathlight Capital, said. “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.”
“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,” Stephanie Fatzinger, investor relations manager of Pathlight Capital, said.
Wilmer Cutler Pickering Hale and Dorr provided legal counsel to Pathlight on this transaction.
