Penfund announces $240 million first closing of Penfund Capital Fund III


TORONTO, Ontario (May 10, 2007) - Penfund, an independent investment company specializing in providing capital to middle market companies, announced today the $240 million first closing of its newly launched Penfund Capital Fund III.

"As Canada's first institutional fund with the ability to invest across the capital structure, Penfund Capital Fund III represents a significant innovation in the Canadian capital market," said John Bradlow, a Penfund partner. Mr. Bradlow added that Penfund is now a one-stop integrated financial partner providing high yield and mezzanine debt, control and minority equity and alternative financing products such as bridge facilities, standby lines, underwritten facilities and financial guarantees.

Mr. Bradlow said that Penfund provides capital in amounts of $5 - $50 million to support transactions involving acquisitions, buyouts, recapitalizations, ownership reorganizations and organic growth.

"We offer highly customized, flexible financial solutions," said Mr. Bradlow. "Our extensive experience and rapid decision-making process allows us to move quickly and respond to changing circumstances. We have the financial strength and product breadth of a large financial institution but we are in fact an entrepreneurial partnership. Companies don't have to wade through a sea of paperwork or wait for extended periods of time for decisions. We give them the right answers and provide the right financing mix quickly and efficiently."

For further information, please contact:

John Bradlow
(416) 645-3799
jbradlow@penfund.com
 


About Penfund
Penfund is an independent investment company specializing in providing junior capital to middle market companies. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund III. Penfund manages institutional funds sourced from Canadian pension funds and insurance companies and has invested more than $2.2 billion in over 200 companies since its founding in 1979.

Web site: http://www.penfund.com