GP-Leds

Pantheon took the lead on SMBC’s secondaries transaction to seed a private credit fund.

The Nordic PE firm, which was among the first private markets managers to embrace ESG, has raised €588m to acquire two assets from its fifth flagship fund.

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-advisory mandates have become an increasingly common trend in continuation fund deals.

ICG Strategic Equity Fund V has already raised more than its $6bn target.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

The single-asset continuation fund deal, which is around $400m-$625m in size, is in the process of closing, Secondaries Investor understands.

A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser's mid-year report.

One-third of respondents to Secondaries Investor‘s latest survey of intermediaries say they worked with another adviser on a transaction during the reporting period.