Pantheon on road for next credit secondaries fund

Denise Ko Genovese
26 February 2020

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Asset manager Pantheon is back on the road for a second direct lending secondaries fund, immediately after closing its first effort on €250m earlier in February, Unquote has learned.

The target for the second dedicated private debt secondaries fund is believed to be in the region of €600m, said a source familiar with the situation.

The first vehicle, called Solutio Premium Private Debt I, closed in February. The hard-cap was raised to €250m to accommodate demand, a second source familiar added. The LP base is made up of German investors only.

The vehicle is a joint venture between Munich-based asset manager Solutio and London-headquartered Pantheon. The strategy is to invest in private debt funds – predominantly senior debt – across Europe and North America, as previously reported by Unquote sister publication Creditflux. The vehicle is in deployment mode, with investments in four direct lending funds already completed.

The asset manager first started talking to investors about a dedicated private debt secondaries strategy at the end of 2018.

An increasing number of managers are considering allocating resources to credit secondaries. According to Setter Capital's 2019 volume report, private debt secondaries made a notable surge last year with the aggregate value of deals amounting to $3.14bn, almost 105% more than the $1.5bn reported in 2018.

Pantheon declined to comment.