Pantheon’s listed FoF invests £42m in secondaries

Pantheon International Participations acquired LP interests in six funds, including a Latin America buyout fund.

Pantheon’s listed fund of funds investment trust Pantheon International Participations (PIP) has invested £42 million ($66.6 million; €53.6 million) in secondaries investments since 30 June, according to its first quarter interim management statement.

About £40.6 million was deployed in three secondaries transactions between 30 June and 30 September. The three deals consisted of LP interests in five European buyout funds that were on average 80 percent funded.

After 30 September, PIP paid £1.4 million for a LP interest in a Latin American buyout fund.

PIP has a net asset value of £969 million as of 30 September, up from £902 million as of 30 June.

The listed fund of funds invests in a diversified portfolio of private equity funds and directly in private companies. New private equity investments will focus on secondary transactions, supplemented with co-investments alongside private equity fund managers.

PIP’s portfolio has the most exposure to TPG, which makes up 4.5 percent of the portfolio’s value, according to its website. Vision Capital and The Carlyle Group each make up just over 2 percent of the portfolio as of 30 June.

More than half of the portfolio is focused on buyout funds, followed by venture and growth equity funds. Exposure to co-investments has grown from 3 percent at the beginning of the year to 7 percent as of 30 June.

About 54 percent of the fund of funds is invested in the US, followed by 31 percent in Europe and the remaining 15 percent in Asia or other regions as of 30 June.

Ordinary shares of PIP were trading down by 0.4 percent at £12.30, as of press time.

Pantheon did not return a request for comment by press time.