SL gets a discount for Pantheon stake

SL Capital Partners purchased an interest in Pantheon Europe V for a discount to NAV, Secondaries Investor has learned.

Earlier this week, Secondaries Investor reported SL had purchased the stake from the Royal Borough of Windsor & Maidenhead, which is the administering authority to the Royal County of Berkshire Pension Fund.

Both SL and RBWM declined to comment, but a source familiar with the matter told Secondaries Investor the stake priced below par.

RBWM initially decided to sell Pantheon Europe V as part of a portfolio of interests, but RBWM didn’t receive a firm bid for the entire portfolio so the asset was sold by itself, the source added.

Pantheon Europe V is the second fund stake RBWM has sold. The 2006-vintage fund of funds closed on $724.1 million, according to PEI’s Research and Analytics division. Other LPs in the fund include UK-based Buckinghamshire Pension Fund and Nottingham Pension Fund. The fund is partially liquidated, according to PEI data.

Pantheon declined to comment.

SL purchased the fund stake using its debut secondaries fund which closed on $190 million in February, Secondaries Investor reported last week. The fund is roughly 30 percent deployed in three transactions. It’s unclear if Pantheon Europe V is part of those transactions.