Pantheon hits market with single-asset fund

The fund will partner with high-quality managers to acquire their most attractive companies, according to documents from listed vehicle Pantheon International.

Pantheon has come to market with a fund dedicated to single-asset secondaries deals.

The London-headquartered alternatives manager is raising Pantheon Secondaries Opportunities Fund, which will target the “most attractive” portfolio companies of “high quality” private equity managers as single transactions, according to a performance update published Friday by listed vehicle Pantheon International (PIP).

Cornerstone investor PIP committed $150 million, according to the document which shows data as of 31 March. It is aiming to “capitalise on the breadth of opportunities in this part of the secondaries market, which is undercapitalised and growing quickly”.

The target of the fund was not disclosed.

Last summer, Pantheon held a $2.2 billion final close for its sixth secondaries programme, including separately managed accounts, as Secondaries Investor reported.

PGSF VI was 90 percent committed as of January, with a follow-up fund expected to launch in the first quarter, according to documents prepared for Ventura County Employees’ Retirement Association. Fully 28 percent of invested capital was accounted for by single-asset deals, compared with 18 percent for the 2013-vintage PGSF V. Other types of GP-led deal and portfolios of fund interests each account for 19 percent of the deals carried out by PGSF VI.

Oaktree Capital Management, Ergon Capital Partners and CapVest are among the GPs that Pantheon has backed via single-asset processes with PGSF VI, Secondaries Investor reported.

Secondaries Investor reported this month that Pantheon’s co-head of global secondaries, Matt Jones, was set to join TPG as co-managing partner in its global secondaries business.

Single-asset deals accounted for 31 percent of GP-led deals by volume in last year, up 5 percentage points on the year before, according to Greenhill. There were $26 billion of GP-led deals in total.

Pantheon declined to comment.