Pantheon raises $5.2bn for third senior credit secondaries program

Pantheon has raised $5.2bn (£4bn) for its third senior credit secondaries program, Pantheon Senior Debt III.

The program consists of multiple vehicles, closed-end co-mingled funds, evergreen and rated insurance vehicles, and separately managed accounts.

It will target portfolios of senior secured, floating rate, primarily sponsor-backed investments across LP interests and GP solutions opportunities.

Pantheon has now raised a total of $10.1bn for its credit secondaries program since 2018, making it one of the largest credit secondaries investors in the world.

“The continued growth and range of opportunities in private credit secondary solutions are among the most robust we have seen,” said Rakesh Jain, portfolio manager and global head of private credit in New York.

“The closing of this fundraise, which creates one of the largest dedicated pools of credit secondary capital in the industry to date, furthers our market leadership and partnership with over 95 GPs and counting around the world.

“Pantheon has sourced, led, and completed a number of the industry’s largest and most complex transactions, including several muti-billion dollar continuation funds over the last few years.”

“We are grateful for the support we received from new and existing investors, and are particularly pleased with our accelerating presence in the insurance channel,” said Toni Vainio, portfolio manager and partner at Pantheon in London.

“Our credit secondaries strategy is attractive to insurance clients for its capital efficiency and, in our view, consistent return profile. We will continue working to deliver strong risk-adjusted returns to our investors through the consistent execution of our focused, selective investment approach.”