PennantPark Floating Rate Capital Ltd is a US-based business development company focused on making secondary direct investments in private and public middle-market companies through floating rate loans, equity securities, and mezzanine debt. Typically investing between $2 million and $50 million, the fund seeks to represent at least 80% of its net assets in floating rate loans and similar investments with an emphasis on senior secured loans. PennantPark Floating Rate Capital Ltd targets companies that are not rated by national rating agencies, and it expects to hold investments in floating rate loans for three to ten years.