Pantheon International Participations (PIP), Pantheon‘s listed fund of funds vehicle, acquired a portfolio of North American small buyout fund stakes in September – its only secondaries deal in the third quarter.
The London-listed fund picked up the portfolio, which was 68 percent funded, for £41.1 million ($50 million; €46 million), according to its 30 September newsletter. PIP made six other deals during the quarter: three primary commitments and three co-investments.
PIP also received £10.2 million in distributions during September from the sale of 22 funds from a 34 fund tail-end portfolio disposal. The vehicle announced in June it had sold a mature North American buyout and venture capital portfolio, with a net asset value of £32.9 million as of September 2015, in the first half of the year for opportunistic and active portfolio management reasons.
The vehicle’s portfolio generated net cash of £24.8 million during the month.
PIP’s NAV rose almost 19 percent to £1.3 billion at the end of September, compared with £1.1 billion a year earlier. Its NAV per share also rose to 1,973 pence from 1,629 pence during the same period.
PIP can co-invest alongside Pantheon Global Secondary Fund V, Pantheon’s latest secondaries fund. Pantheon has around $3.5 billion in investable capital for its Fund V programme, as Secondaries Investor previously reported.
Pantheon, which has $34 billion in assets under management, has acted as PIP‘s manager since its 1997 inception.