Pantheon amasses more than $3bn for Fund V – exclusive

Pantheon Global Secondary Fund V was due to hold a final close at the end of May, according to documents from the Ventura County Employees' Retirement Association.

Pantheon has hit the target for its latest dedicated secondaries fund and raised more than a billion dollars in additional capital, Secondaries Investor understands.

Documents from the Ventura County Employees’ Retirement Association‘s 16 May meeting show Pantheon Global Secondary Fund V was expected to hold a final close at the end of May. The US pension committed $50 million to the vehicle.

Pantheon V has since held the final close on its $2.5 billion target, according to market sources. Secondaries Investor also understands around $1 billion was raised in addition to this from Pantheon International Participations, the firm’s listed fund of funds, and through separately managed accounts, bringing the total amount of investable capital to around $3.5 billion.

Pantheon V launched in 2013 and held a second close on $1.7 billion in January 2016. Limited partners in the fund include Suffolk County Council Pension Fund and London Borough of Haringey Pension Fund, according to PEI Research & Analytics.

The fund has a 1 percent management fee and 10 percent carried interest, Secondaries Investor reported last July. It offers an 8 percent hurdle rate to limited partners, which have to commit a minimum of $10 million in the fund.

The vehicle will invest in secondaries of private assets, in addition to direct secondaries, co-investment portfolios, hybrids of fund stakes and direct portfolios, GP recaps and team spin-outs.

Pantheon declined to comment.