Pantheon, a London-headquartered fund-of-funds manager, has garnered $800 million for its Global Private Credit Fund series, according to two filings this month with the US Securities and Exchange Commission.
The filings revealed that, as of 16 September, the Pantheon Global Private Credit HO Fund had $320 million and the Pantheon Global Private Credit GT Fund $480 million. The firm declined to comment on the details of the fundraisings.
The manager has commingled funds and separately managed accounts investing in private credit strategies. Within those vehicles, Pantheon is focused on private credit secondaries (investing in LP interests and loan portfolios), credit co-investments and primary credit fund opportunities.
Rakesh Jain, a New York-based partner and global head of private credit at Pantheon, told Private Debt Investor in a separate interview that the majority of the firm’s private credit assets are currently focused on secondaries investments. “Our goal is to acquire seasoned credit assets across a range of credit strategies that include senior secured loans, junior capital, special situations, distressed and even equity-related interests where there’s a compelling risk-reward opportunity,” he said.
Pantheon has two sub-strategies within private credit secondaries: senior credit, which invests principally in first-lien debt; and credit opportunities, which targets the entire debt capital spectrum.
Jain added: “We have the flexibility to not only acquire LP interests, but we can also partner with credit manager GPs to provide solution capital to address a range of liquidity needs. For example, our capital can be used to support portfolio companies, pay down leverage in credit vehicles or establish continuation structures to enhance returns for LPs and GPs.”
Pantheon also pursues credit co-investment opportunities in partnership with credit and private equity GPs and commits capital to primary private debt funds in its capacity as a fund investor.
Last month, Pantheon paid PennantPark $35 million for a 28 percent stake in a special-purpose vehicle owned by the New York-based fund manager. The SPV held $356 million of senior loans at fair value at the time of the transaction. Under the arrangement, Pantheon will invest an additional $30 million in the SPV over time.
In March 2019, Pantheon led a restructuring of Avenue Capital Group’s 2011-vintage credit vehicle Europe Special Situations Fund II, according to reporting by sister publication Secondaries Investor. It is understood the deal was between $400 million and $450 million.
Pantheon’s private debt AUM in 2019 stood at about $1.5 billion, according to a statement by the firm on 3 December 2019. As of 30 March, Pantheon had $50.7 billion in assets, including assets subject to discretionary or non-discretionary management.