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Pantheon global secondary fund oversubscribed at $900m

Pantheon has announced the final close of its second dedicated secondaries fund with $900m of commitments. Fundraising for Pantheon Global Secondary Fund II took less nine months and was significantly over subscribed.

'Secondaries are increasingly accepted as a tool for private equity portfolio management by institutions on both the buy and sell sides,' said Jay Pierrepont, a Pantheon partner. 'This factor, together with Pantheon's reputation in this highly specialised market segment, ensured high demand for the fund.'

'Although we could have raised substantially more for the new fund, we have agreed a cap level based on our expectations of supply and the types of investment we are looking to make,' Pierrepont continued. 'This gives our clients confidence that Pantheon will continue to be a highly selective investor.'

Approximately 60 investors committed to Pantheon's new fund, including institutions from the US, UK, Continental Europe, Scandinavia, Asia and Australia.

'We are delighted both by the continued support we have received from existing clients and by the number of investors new to Pantheon who have come in to the fund,' said Elly Livingstone, Pantheon partner. 'We remain excited by the prospects for the worldwide secondary market, where Pantheon has established a leading position through innovative structuring capabilities and our focus on delivering solutions tailored to sellers' needs and objectives.'

Pantheon has committed more than $1.3bn to secondary transactions worldwide since 1987. The firm has completed over 500 fund purchases and 50 portfolio transactions involving the full spectrum of private equity assets.

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