Pantheon, a leading global private markets investor, has finalized the closing of Pantheon Credit Opportunities III (PCO III) and related vehicles, achieving total commitments of approximately $2.2 billion, over 2.5 times the initial target.
PCO III is a vital component of Pantheon’s integrated private credit secondaries platform, which includes dedicated capital pools for U.S. and European senior private credit, as well as opportunistic credit investments. This structure, along with a solutions-focused partnership approach and a credit-first underwriting philosophy, enables selective capital deployment and provides investors with targeted exposure to diverse strategies.
In April 2025, Pantheon raised $5.2 billion for its third senior credit secondaries program (PSD III), targeting senior secured, floating-rate investments, primarily those backed by sponsors. With PCO III included, Pantheon has raised a total of $8.3 billion for its third generation of senior and opportunistic programs.
PCO III attracted support from institutional and private wealth investors across North America, Europe, the Middle East, and Asia. Commitments came from various institutional entities, highlighting Pantheon’s appeal and strong track record in private credit secondaries.
The strategy of PCO III focuses on delivering attractive risk-adjusted returns through diversified secondary investments, targeting quality and downside protection while capitalizing on liquidity needs and market inefficiencies within the private credit landscape.
KEY QUOTES:
“Private credit secondaries are entering a new phase of maturity and growth, driven by increased deal flow, heightened liquidity needs and greater buyer and GP-led activity. As long-standing investors in both secondaries and private credit, our ability to provide creative solutions-oriented partnership capital to GPs and LPs is a key differentiator. We’re excited to leverage our flexible mandate and deep sourcing capabilities to identify and execute on the most compelling opportunities.”
Rakesh (Rick) Jain, Partner and Global Head of Private Credit at Pantheon
“We are grateful for the trust of our investors and proud to have built one of the most agile and diversified credit secondary platforms in the market. An experienced dedicated team manages both our senior and opportunistic credit secondaries strategies, ensuring consistency in underwriting and execution. Strong alignment, combined with our global reach and longstanding GP relationships, positions us to deliver strong outcomes across market cycles.”
Toni Vainio, Partner and Head of European Private Credit at Pantheon
