as well, and these sectors are crucial for approaching non-perturbative physics of type IIB string theory in $\mbox{AdS}_5\times S^5$, such as D-branes and black holes. This means that there should be additional Penrose limits of $\mbox{AdS}_5\times S^5$ in addition to the ones of [@Blau:2002dy; @Berenstein:2002jq; @Bertolini:2002nr].

In this paper we address these issues by deriving a new Penrose limit of $\mbox{AdS}_5 \times S^5$ which leads to a new pp-wave background with two explicit space-like isometries. As for the two previously found Penrose limits [@Blau:2002dy; @Berenstein:2002jq; @Bertolini:2002nr] this leads to a pp-wave background where type IIB string theory can be quantized and the spectrum can be matched to the spectrum of operators of ${\mathcal{N}}=4$ SYM. Our analysis completes the study of all possible pp-wave backgrounds which can be obtained as Penrose limits of the $\mbox{AdS}_5 \times S^5$ geometry. It also represents a further step in the investigation of the matching of strongly coupled gauge theory and string theory in certain sectors which are relevant for describing non-perturbative physics of type IIB string theory on $\mbox{AdS}_5\times S^5$. In particular, the new Penrose limit is relevant for studying the $SU(1,2|3)$ sector, which is the maximally possible subsector of ${\mathcal{N}}=4$ SYM [@Harmark:2007px].

In addition 