Pantheon Secondary Opportunities Fund is one of a growing number of funds dedicated to GP-led deals, including offerings from Blackstone and LGT.
Fund IX has benefited from the strong performance of private equity pushing many LPs close to their allocation limits, COO Jon Gray said on an earnings call.
The firm, founded by Tony Cusano, has raised $1bn to invest in special situations, distressed and credit secondaries opportunities.
The Parisian secondaries shop is the latest to recognise opportunity in the mid-market in the shadow of secondaries mega-funds.
The California-based direct secondaries specialist spun out of NEA in 2018 with help from Goldman Sachs Asset Management and Hamilton Lane.
The firm is among a handful of newer shops raising capital to target the smaller side of the secondaries market, which is busy and largely ignored by larger firms.
The Zurich-headquartered firm targets underperforming funds and those with limited upside to NAV across a range of asset classes.
The fund was targeting $550m to invest in smaller, less competitive secondaries deals across private equity, venture capital and natural resources.
The alternatives giant's vehicle would be the second-largest pot of capital dedicated to the strategy so far.
The fund will be seeded by a portfolio of 12 GP-led investments made using the Canadian insurer's general account, Secondaries Investor has learned.
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