UK - Pantheon closed its second global private equity secondaries fund at $900m (£493) after raising cash from more than 60 institutional investors.
Pantheon says fund-raising for its PGSF II took less than nine months and its backers include UK, US, Europe, Asia and Australian investors. The fund is the first raised by Pantheon since it became part of Russell Investment Group earlier this year.
Partner Jay Pierrepont said: “Secondaries are increasingly accepted as a tool for private equity portfolio management by institutions on both the buy and sell sides. This factor, together with Pantheon’s reputation in this highly specialised market segment, ensured high demand for PGSF II.
“Although we could have raised substantially more for the new fund, we had agreed a cap level based on our expectations of supply and the types of investment we are looking for.”
Pantheon was launched as the world’s first quoted investor in private equity secondaries in 1987. Since then the firm has committed more than $1.3bn to secondary investments worldwide, completing over 500 fund purchases and 50 portfolio transactions.
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