Global private markets investor Pantheon on Thursday announced the final close of a new GP-led secondaries fund with total commitments reaching $1.1 billion, according to a company announcement.
The fund, Pantheon Secondary Opportunities Fund II (PSOF II), is the second in its series and nearly double in size than its predecessor, which closed in 2021 at $624 million. PSOF II invests in companies with “ongoing growth and value creation potential” which are “managed by high-quality managers”, the statement read.
“GP-led secondaries have quickly become an integral part of the private equity landscape, offering a compelling combination of flexibility, liquidity, and growth potential for managers, investors, and secondaries buyers alike. As the PE industry continues to evolve, these transactions will play an increasingly important role in providing liquidity optionality as well as opportunities for greater value maximization on assets,” said Amyn Hassanally, global head of PE secondaries at Pantheon, in the statement.
The London-headquartered firm’s latest fund close reflects the growing appeal of how in demand the GP-led market has been in recent years.
In addition to Pantheon, French investor Ardian closed a record-breaking secondaries fund at $30 billion in January this year. In October, Switzerland-headquartered LGT Capital Partners closed its flagship secondaries fund at $7 billion, exceeding its original target size of $6 billion.
Pantheon’s PE secondaries track record dates to its first investments in 1988 and includes over $24.8 billion of commitments across 450 investments, encompassing the full range of both traditional LP-led and GP-led secondaries opportunities.
More broadly, the firm has approximately $11.3 billion in assets under management (AUM) across its flagship PE secondaries funds, including a GP-led and a combined LP-led and GP-led fund.
