Key Takeaways
- • Pantheon closed its latest global private equity secondaries program with $6 billion in commitments, roughly 71% above its original $3.5 billion target and the firm's largest secondaries raise to date.
- • The program, centered on Pantheon Global Secondaries Fund VIII and related vehicles, will invest across LP-led and GP-led secondary transactions with an emphasis on the global mid-market and a particular focus on buyout strategies.
- • The fundraise drew continued support from existing investors and new limited partners in Asia and the Middle East.
- • Pantheon deployed approximately $3.35 billion across 17 private equity secondary transactions in 2025, per the firm.
- • Pantheon's private equity business manages roughly $41 billion within a private markets platform of about $84 billion.
Summary
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. According to the firm, Pantheon Global Secondaries Fund VIII and related vehicles finished fundraising approximately 71% above target, marking its 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 seek 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 invested in private equity secondaries since 1988. Its private equity business represents approximately $41 billion of assets within a broader private markets platform managing roughly $84 billion, which also spans infrastructure and private credit. Pantheon also invests in primary fund commitments and co-investments, which it says provide additional data, relationships, and sourcing capabilities when evaluating secondary transactions.
Amyn Hassanally, Partner and Global Head of Private Equity Secondaries at Pantheon, said the firm's GP relationships and decades of accumulated data enable it to be disciplined about the assets it buys, particularly in the mid-market. Florence Dard, Chief Client Officer at Pantheon, said the firm was pleased to welcome a strong cohort of new investors this cycle, including significant commitments from Asia and the Middle East. Pantheon said the raise underscores investor appetite for experienced secondaries managers capable of sourcing proprietary transactions and selectively accessing hard-to-reach private equity managers.
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 seek 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 invested in private equity secondaries since 1988. Its private equity business represents approximately $41 billion of assets within a broader private markets platform managing roughly $84 billion, which also spans infrastructure and private credit. Pantheon also invests in primary fund commitments and co-investments, which it says provide additional data, relationships, and sourcing capabilities when evaluating secondary transactions.
Amyn Hassanally, Partner and Global Head of Private Equity Secondaries at Pantheon, said the firm's GP relationships and decades of accumulated data enable it to be disciplined about the assets it buys, particularly in the mid-market. Florence Dard, Chief Client Officer at Pantheon, said the firm was pleased to welcome a strong cohort of new investors this cycle, including significant commitments from Asia and the Middle East. Pantheon said the raise underscores investor appetite for experienced secondaries managers capable of sourcing proprietary transactions and selectively accessing hard-to-reach private equity managers.
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