Matthew Lee

Matthew Lee is a Partner at Penfund, a Toronto-based provider of capital to North American middle-market companies. Penfund’s team page says he has more than 10 years of experience across private debt, equity investing, and investment banking, and that he joined Penfund in 2015. Since then, he has completed investments across sectors including distribution, automotive aftermarket, healthcare, and consumer.

Before Penfund, Lee worked in the Investment Banking division of TD Securities, where Penfund says he was involved in financing and M&A transactions across a variety of industries. Third-party career profiles list his TD Securities tenure as beginning in 2012 and his Penfund career as progressing through Associate, Senior Associate, Vice President, Principal, and Partner.

Lee holds a BBA from the Schulich School of Business at York University and is a CFA charterholder. His LinkedIn profile identifies him as a Partner at Penfund and describes him as Penfund’s healthcare services sector lead.

Penfund itself was founded in 1979 and is investing senior and junior capital through Penfund Prime and Penfund Capital Fund VII. The firm says it has deployed more than C$4.3 billion across 75 investments since 2000 and has approximately C$3.5 billion in assets under management.

• Penfund is not an angel or seed-stage investor based on current verified sources; it is a middle-market private credit/direct lending firm focused on North American borrowers.
• The firm provides senior debt, second lien debt, private high-yield debt, unitranche debt, secured and unsecured mezzanine debt, delayed-draw facilities, and equity co-investments.
• Penfund says it is a “relationship-oriented, hold-to-maturity lender” and can hold up to C$300 million per transaction, or USD equivalent.
• Target borrowers typically generate at least $20 million of annual EBITDA and have focused strategies, below-average cyclicality, entrenched market positions, stable markets, strong free cash flow, and capable management teams.
• Sector specialization includes consumer, business services, healthcare, financial services, automotive aftermarket, distribution, and consumer staples. Lee’s own profile notes completed investments in distribution, automotive aftermarket, healthcare, and consumer, while LinkedIn identifies him as healthcare services sector lead.
• On Penfund Prime, Lee stated: “Prime will be a trusted financing partner for our private equity sponsor and borrower relationships through all market conditions.”
• On Penfund’s 2026 DOCS Dermatology investment, Lee said dermatology has “compelling long-term fundamentals” and described DOCS as a high-quality platform with a thoughtful growth strategy and strong provider-centric culture.