Terms of Pantheon’s fifth global secondaries fund, Pantheon Global Secondary Fund V, were revealed in a summary memorandum prepared in January by law firm Foley & Lardner for the Ventura County Employees’ Retirement Association.
The fund is currently fundraising and had secured $1.12 billion of its $2.5 billion target as of January. Some of the investors in the fund so far include Ventura County Employees’ Retirement Association in California, which committed $50 million, and Haringey Council in London.
According to the memo, Pantheon Global Secondary Fund V has a 1 percent management fee and a 10 percent carried interest. It offers an 8 percent hurdle rate to limited partners, which have to commit a minimum of $10 million in the fund.
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.
The keyman provision comprises Elly Livingstone, Matt Garfunkle, Matthew Jones, Andrew Lebus, Nik Morandi, Rudy Scarpa and Paul Ward. The legal counsel for the fund is Morgan, Lewis & Bockius.
Pantheon declined to comment.
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, as previously reported by Secondaries Investor. The fund included a $300 million separate account with the Ohio Public Employee’ Retirement System.