Deals

Pantheon PIP invests £46m in secondaries

The listed vehicle made four secondaries investments in the three months to the end of August, including in a portfolio of US growth funds and an American gas producer.

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Pantheon International, Pantheon’s listed investment vehicle, made four secondaries investments in the three months to the end of August, slightly down in year-on-year terms by number and value.

The London-listed fund of funds invested £46.2 million ($60.1 million; €52.0 million) in these deals, according to a monthly update published at the end of September. The transactions include,:

  • An £11.6 million secondaries investment in a US company in August;
  • A £19.2m secondaries  investment in a portfolio of US growth funds that was 96 percent funded at completion in June;
  • A £12.1m secondary investment in a US gas producer, also in June.

Over the same period last year, the vehicle invested £50.5 million ($67 million; €57 million at the contemporary exchange rate) in six deals, Secondaries Investor reported.

Secondaries deals accounted for 43 percent of PIP’s £117.9 million worth of total investments by value during the period of 2018. The vehicle made 17 investments over the three months, including four primary commitments (£47.1 million) and nine co-investments (£24.6 million).

PIP has a net asset value of £1.4 billion as of 31 August, down 6.6 percent from £1.5 billion at the same point last year.

The vehicle is a subsidiary of London-based Pantheon, which has $38.8 billion in assets under management, according to PEI data.