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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.

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.