Pantheon raises $1.7bn for fifth secondaries fund

At least 37 investors have committed to the global private equity firm's fifth dedicated secondaries fund.

Pantheon, a global private equity firm, has raised over two thirds of its $2.5 billion target for its latest secondaries fund.

The firm has collected at least $1.7 billion so far for Pantheon Global Secondary Fund V, according to a filing with the Securities and Exchange Commission.

The fund, which launched in 2013, had collected at least $1.1 billion as of January last year and had deployed capital across at least 11 deals, Secondaries Investor previously reported.

There are at least 37 limited partners in Fund V, according to the SEC filing. Investors include Suffolk County Council Pension Fund and the London Borough of Haringey Pension Fund, according to PEI’s Research and Analytics division.

Fund V has a 1 percent management fee and 10 percent carried interest, according to a January 2015 summary memorandum prepared for the Ventura County Employees’ Retirement Association, which committed $50 million to the fund. It offers an 8 percent hurdle rate to limited partners, which must commit at least $10 million to the fund.

The fund will invest in secondaries of private assets, in addition to portfolios of direct company assets (direct secondaries), co-investment portfolios, hybrids of fund stakes and direct portfolios, GP recaps and team spin-outs, according to the memo.

Pantheon declined to comment.