Pathlight Capital Closes Fourth ABL Credit Fund and Second Evergreen Tranche With $1.9 Billion of Commitments

BOSTON, Dec. 15, 2025 /PRNewswire/ -- Pathlight Capital LP ("Pathlight") announced today the final closing of its fourth fund, Pathlight Capital Fund IV LP ("Fund IV"), as well as the second tranche of its Evergreen vertical, Pathlight Capital Evergreen Fund LP (Tranche No. 2) (the "Evergreen Fund" and, together with Fund IV, the "Funds"). The parallel vehicles secured a combined $1.9 billion in capital commitments and introduced a new rated-note feeder structure to expand Pathlight's product offering. Pathlight now manages over $3.4 billion in AUM across all funds. The Funds will continue Pathlight's established strategy of providing companies with asset-based financing solutions for working capital, refinancing, growth, acquisition, dividend, and turnaround situations.

The Funds received capital commitments from a diverse group of investors, including insurance companies, endowments and foundations, and corporate and public pension funds, with 100% re-up support from its predecessor fund's institutional limited partners.

Daniel Platt, Founder and Chief Executive Officer, said, "This oversubscribed fundraise underscores the strong support for Pathlight's approach and the consistency of the platform we have built since inception. As private credit evolves, asset-based lending has become increasingly essential for businesses looking to unlock value from their assets. I believe Pathlight's deep experience in this area and our commitment to rigorous underwriting have been central to our success. I'm thankful for the dedication of our team and the trust our investors continue to place in us. We look forward to building on this momentum in the years ahead."

"The demand throughout this process has been very encouraging and we appreciate the confidence shown by both long-standing and new investors," said Stephanie Fatzinger and Laura Hegarty, Managing Directors of Investor Relations. "The Evergreen vehicle exceeded one billion dollars in commitments this vintage, highlighting the appeal of the structure for institutions seeking a flexible, long-term way to access and remain invested in the strategy. Bringing this raise to completion has been a collaborative, firmwide effort, and our team remains focused on delivering a best-in-class experience for our investors."

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

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 is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. Kirkland offers clients the unsurpassed resources of an integrated global team across North America, Europe, the Middle East 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 2019, Kirkland has advised more than 1,900 funds closed and in process with total capital commitments in excess of $2.17 trillion.

SOURCE Pathlight Capital