Pantheon‘s latest secondaries fund is looking to raise less capital than its predecessor, Secondaries Investor has learned.
Pantheon Global Secondary Fund VI is targeting $2 billion, according to two sources familiar with the fundraising. The London-based investment firm had sought $2.5 billion for its 2013-vintage predecessor, according to PEI data.
The fund was registered in Luxembourg in December, according to public filings. A US feeder fund hit a first close on $199.9 million in April, having made a first sale on 29 March, according to a filing with the Securities and Exchange Commission.
Global Secondary Fund V raised $2.5 billion by final close in 2016 and approximately $1 billion of additional capital through the firm’s listed vehicle and separately managed accounts, Secondaries Investor reported.
The fund had generated an internal rate of return of 21.6 percent and a total-value-to-paid-in multiple of 1.29x as of the end of December, according to performance data published by Ventura County Employees’ Retirement Association.
Pantheon has bulked up its investor relations function over the past year. In February the firm hired former First Avenue partner Justin Mallis to oversee its global fundraising activities, Secondaries Investor reported.
In June 2017 the firm hired Alistair Galloway as a senior relationship manager from JAR Capital. In January of that year, Andrew Bush and Emma Dineen were each promoted to the role of relationship manager, vice-president.
Pantheon could not be reached for comment.