Pantheon, a leading global private markets investor, announced the final close of Pantheon Secondary Opportunities Fund II (PSOF II) and related vehicles, with total commitments reaching $1.1 billion — nearly doubling the size of its $624 million predecessor. And PSOF II invests in companies with compelling ongoing growth and value creation potential, managed by high-quality managers who demonstrate high conviction and strong alignment of interest with secondaries buyers in continuation vehicles.
This strategy taps Pantheon’s extensive expertise in secondaries investments, and GP-led transactions in particular, along with its deep mid-market specialization and long-standing GP relationships, to offer investors the opportunity to capitalize on the rapidly growing GP-led secondaries market.
Pantheon has been a pioneer in GP-led secondaries, deploying $6.8 billion across GP-led deals over the past 14 years. And the firm has about $11.3 billion in assets under management across its flagship private equity secondaries funds, including a GP-led and a combined LP-led and GP-led fund. And these funds and Pantheon’s other pools of private equity capital enhance the firepower available to the private equity secondaries team to lead GP-led continuation vehicle transactions, setting pricing and terms.
Pantheon was an innovator in private equity secondaries and brings decades of experience to identifying and capitalizing on opportunities to access mature and high-quality assets at potentially attractive valuations.
The firm’s private equity secondaries track record dates to its first investments in the segment in 1988 and includes over $24.8 billion of commitments across 450 investments4, encompassing the full range of both traditional LP-led and GP-led secondaries opportunities. And in November 2023, Pantheon raised $3.25 billion for its largest-ever private equity secondaries program focused on its flagship secondaries strategy, which includes both LP-led and GP-led transactions, and reflecting the growing appeal of these strategies in recent years – particularly in the current market environment, with continued demand for liquidity from both investors and fund managers driving increased deal flow and favorable pricing for secondaries investors.
Pantheon has partnered with over 650 clients, including institutional investors of all sizes and a growing number of private wealth advisers and investors, with approximately $70.8 billion in discretionary assets under management (as of September 30, 2024).
KEY QUOTES:
“We greatly appreciate the confidence and support of our investors, and we are pleased with the results of the fundraise and the opportunities we see to create value for them. 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 private equity 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.”
– Amyn Hassanally, Global Head of Private Equity Secondaries at Pantheon
