Pantheon smashes target to raise over $3bn for for PE secondaries

Pantheon, the fourth biggest Europe-headquartered secondaries firm, according to the SI 50, has closed its private equity secondaries flagship programme ahead of target on $3.25 billion.

Pantheon Global Secondaries Fund VII and associated vehicles closed above its initial $2 billion target, according to a statement.  The vehicle received commitments from “a wide range of new and existing clients”. This includes investments from the firm’s private wealth platform as well as its evergreen private equity vehicle AMG Pantheon Fund.

The vehicle is around 48 percent larger than Pantheon Global Secondary Fund VI, which closed on $2.2 billion in 2020, Secondaries Investor data shows.

Similar to its predecessors, Fund VII will invest across mid-market LP-led and GP-led transactions. The fund is approximately 60 percent deployed with a $2 billion portfolio of investments, the statement said.

Pantheon’s scale, investment capacity and specialist expertise, combined with its global reach, private equity platform and deep industry relationships “positions us to capitalise on the opportunities we are seeing in the market and deliver strong risk-adjusted returns for our investors”, Amyn Hassanally, global head of private equity secondaries, said in the statement.

The London-headquartered manager exceeded its target for its credit secondaries vehicle Pantheon Credit Opportunities Fund II this year, holding a $590 million final close on the vehicle. Last month, the firm filed to register a dedicated private credit secondaries-focused investment strategy, AMG Pantheon Credit Solutions Fund, dedicated to the US private wealth market.

Pantheon was among the buyers in Alpine Investors’ $3.4 billion continuation fund for home and commercial services platform Apex Service Partners. Affiliate title Buyouts reported in February a process had launched and was in its early stages.

It was also a buyer in Triton’s multi-asset continuation fund, which saw the firm carve out four assets – Assemblin, Unica, Flokk and EQOS Energie – representing €1.3 billion of net asset value, Secondaries Investor reported.

Pantheon is seeking $3 billion for its latest infrastructure secondaries programme. Pantheon Global Infrastructure Fund IV launched in 2021 and has raised at least $2.3 billion so far, according to Secondaries Investor data. Pantheon has sought more time to raise the vehicle, which was originally contracted to close in October this year, Secondaries Investor reported.

The firm is also out with Pantheon Senior Debt Secondaries III and Pantheon Secondary Opportunity Fund II. Targets for those vehicles are undisclosed.