Pantheon has closed its latest global private equity secondaries program with $6 billion in commitments, significantly exceeding the strategy’s original $3.5 billion target.
Pantheon Global Secondaries Fund VIII and related vehicles finished fundraising approximately 71% above target, marking the firm’s largest private equity secondaries capital raise to date.
The program attracted continued support from existing investors while also bringing in new limited partners, including significant commitments from investors across Asia and the Middle East.
Pantheon said the fundraising reflects continued institutional demand for private equity secondaries as investors look for diversified exposure, portfolio liquidity, and access to established private equity assets.
The fund will invest across both LP-led and GP-led secondary transactions, with an emphasis on the global mid-market. Pantheon plans to use its existing relationships with private equity managers to target funds and companies it believes can be acquired at attractive valuations.
The strategy is designed to build a diversified portfolio across investment vintages, managers, and geographies, with a particular focus on buyout strategies.
Pantheon said it deployed approximately $3.35 billion across 17 private equity secondary transactions in 2025, highlighting the scale of deal flow available to the strategy.
The firm has been investing in private equity secondaries since 1988, making the strategy a longstanding component of its broader private equity platform. Pantheon’s private equity business represents approximately $41 billion of assets within a broader private markets platform managing roughly $84 billion.
The firm also invests across primary fund commitments and co-investments, in addition to secondaries. Pantheon believes this broader exposure gives it additional data, relationships, and sourcing capabilities when evaluating secondary transactions.
Its global private markets platform spans private equity, infrastructure, and private credit, allowing the firm to evaluate opportunities across multiple asset classes and transaction types.
Pantheon said the latest fundraising underscores investor appetite for experienced secondaries managers capable of sourcing proprietary transactions and selectively accessing hard-to-reach private equity managers.
KEY QUOTES:
“Pantheon is recognized for its early leadership in secondaries, and our private equity secondaries strategy continues to be a compelling way for our investors to access high-quality private equity exposure with the diversification benefits the asset class provides. The depth of our GP relationships and access to extensive data across private equity funds and companies amassed over decades enables us to have conviction and be disciplined about the assets we buy and the partners we back, particularly in the mid-market where access and selection matters most. We enter this next phase with strong conviction in our ability to keep identifying compelling opportunities for our investors.”
Amyn Hassanally, Partner And Global Head Of Private Equity Secondaries At Pantheon
“We are pleased to complete our largest private equity secondaries fundraise to date at $6bn, building on nearly four decades of experience in this market. Our clients value our ongoing focus on the mid-market and our differentiated, longstanding relationships with hard-to-access, top-performing GPs. We are grateful for the continued support of our long-term investors in our private equity secondaries strategy, and are pleased to welcome a strong cohort of new investors this cycle, including significant commitments from Asia and the Middle East.”
Florence Dard, Chief Client Officer At Pantheon
