PIP invested £74m in secondaries during April

Pantheon International Plc (PIP), Pantheon’s London-listed fund of funds, made three secondaries investments during April, according to its latest performance update.

These were a £40.3 million ($52 million; €46 million) in a North American large buyout fund focused mainly on retail, healthcare and oil services; a £19.7 million investment in a financial-services-focused mid-market buyout fund and a £14 million investment in a North American special situations fund focused on energy.

PIP declined to give more information about the funds it acquired stakes in.

In April last year PIP invested £8.6 million in secondaries deals.

The vehicle also made two co-investments this April. One was a £6.4 million investment, alongside an unnamed specialist energy fund manager, in an oil and gas developer focused on the Permian Basin straddling western Texas and New Mexico.

The second investment was a £2.7 million stake in Fair Square Financial, alongside Pine Brook Partners. Delaware-based Fair Square focuses on the “near-prime” credit credit market and is led by Rob Habgood, former co-head of Bank of America’s credit card business.

PIP’s private equity assets stood at £1.2 billion as of 30 April. Its portfolio generated net cash of £17.1 million with distributions of £27.2 million. Calls from existing commitments to private equity funds stood at £10.1 million.

PIP’s multi-currency revolving credit facilities, comprising a $138.8 million facility and a €66.6 million facility, remained undrawn as of 30 April.

PIP is a listed subsidiary of London-based Pantheon Ventures, which had £29.2 billion in assets under management as of 31 December and invests on behalf of more than 400 institutional clients.