Pantheon deploys Fund V in 11 deals

Pantheon is targeting $2.5bn for its fifth secondaries fund.

Pantheon had deployed its fifth dedicated secondaries fund across 11 deals as of 7 January, according to documents from the Ventura County Employees Retirement Association.

Pantheon declined to comment.

Pantheon Global Secondary Fund V (PGSF V) is in market with a $2.5 billion target. The fund launched in 2013 and had collected $1.1 billion as of January. Ventura committed $50 million to the fund.

The 11 deals closed give PGSF V significant exposure to younger-vintage private equity funds. About 43 percent of the investments are from 2009 to 2011-vintage years and 40 percent are from 2011 onward.

Pantheon’s previous secondaries fund raised $3 billion in 2010. PGSF IV was generating a net internal rate of return of 20.5 percent and a net multiple of 1.45x, as of 30 September. The fund was deployed across 40 secondaries deals, which together achieved an average discount of 7.3 percent to net asset value.