Suffolk County Council commits £25m to Pantheon secondaries

The investment from the UK entity was part of a £100m commitment to four different Pantheon funds. Pantheon is targeting $2.5bn for its Pantheon Global Secondary Fund V.

Suffolk County Council has invested £25 million ($37.8 million; €35.1 million) in Pantheon Global Secondary Fund V, according to a September meeting agenda from the UK entity.

The council agreed to invest £100 million with Pantheon’s funds back in June. In September, it broke down the figure toward four different funds.

In addition to the secondaries investment, the limited partner also invested £40 million to Pantheon Global Select 2014, £15 million to Pantheon Global Co-investment Fund III and £20 million to Pantheon Global Select 2016.

Pantheon’s fifth global secondaries fund is targeting $2.5 billion and had secured $1.12 billion as of January. Other investors in the fund include Ventura County Employees’ Retirement Association in California and Haringey Council in London.

Secondaries Investor previously wrote about Pantheon Global Secondary Fund V’s main terms in a July article.

The fund will invest in secondaries of private assets, in addition to portfolios of direct company assets (direct secondaries), co-investment portfolios, hybrids of fund stakes and direct portfolios, GP recaps and team spin-outs.

Fundraising for Pantheon Global Secondary Fund V launched in 2013, according to PEI’s Research and Analytics division. The fund of funds manager’s fourth dedicated secondaries fund closed on $3 billion in 2010, missing the $3.75 billion target it set in 2008,. The fund included a $300 million separate account with the Ohio Public Employees’ Retirement System.

The commitment from Suffolk County Council will be converted into US dollars at the spot rate on the day the investment fund closes, according to the council.