Pantheon Doubles Down on GP-Led Secondaries with $1.1 Billion Fund

What's happening:

Pantheon has raised $1.1 billion for its second Secondary Opportunities Fund (PSOF II), nearly doubling the size of its predecessor fund as it targets high-growth companies in the rapidly expanding GP-led secondaries market.

The key moves:

• Fund will invest exclusively in GP-led continuation vehicles with companies showing ongoing growth potential

• Expands Pantheon's global investor base beyond its first fund in this series

• Leverages the firm's 14-year track record in GP-led transactions and mid-market expertise

Key players:

• Amyn Hassanally - Global Head of Private Equity Secondaries at Pantheon

By the numbers:

• $1.1 billion raised vs. $624 million for predecessor fund

• $6.8 billion deployed across GP-led deals over past 14 years

• $24.8 billion committed across 450 private equity secondaries investments since 1988

Key quotes:

• "GP-led secondaries have quickly become an integral part of the private equity landscape, offering a compelling combination of flexibility, liquidity, and growth potential." - Amyn Hassanally

The wrap:

This fundraise highlights the growing institutionalization of GP-led secondaries as a mainstream liquidity solution in private markets, with Pantheon positioning itself as an early pioneer able to influence pricing and terms in an increasingly competitive landscape.