US pension set to back Pantheon secondaries fund

Pantheon Global Secondary Fund VI invests globally, but it has a focus on GP-led transactions in Europe and North America, according to Unquote Data. The fund targets opportunities in buyouts, growth equity and energy, among others.

Unquote understands that the fund is expected to hold a final close in 2020. The vehicle is on track to reach its $2bn target as part of the Global Secondary VI investment platform. This includes raised capital in the institutional fund, other investing entities, and listed investment vehicles. The fund had raised $444m from a US-based feeder vehicle by April 2019, according to an SEC filing.

Among the LPs that have committed to the fund are Cheshire County Council Pension Fund, Cumbria Local Government Pension Scheme, London Borough of Croydon Pension Fund, and Strathclyde Pension Fund (SPF).

The fund's predecessor, Pantheon Global Secondary Fund V, closed on $3.5bn in May 2016 and was 67% deployed as of April 2019. The fund focuses on secondaries of private assets, in addition to direct secondaries and co-investment portfolios.

This is not the first time that VCERA has committed to a secondaries fund; it previously committed to Abbott Secondary Opportunities II, Dover Street X, and Pantheon Global Secondary Fund V, among others.

The $6.1bn pension fund has invested 7.6% of its portfolio to private equity, versus a target allocation of 13%.

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• LPs
• Secondaries
• Pantheon
• Secondaries