Private markets powerhouse Pantheon announced Wednesday it has wrapped funding for its third credit opportunities fund and affiliated vehicles, pulling in a hefty $2.2 billion—more than 2.5 times its original target. The fund, named Pantheon Credit Opportunities III, is the firm’s latest maneuver in a private credit secondaries market that is gaining steam amid liquidity strains and structural dislocations.
Pantheon’s bold fundraising move signals a bullish stance on credit secondaries, where distressed portfolios and tight liquidity are opening doors for savvy investors with deep pockets and sharper timing.
Navigating Dislocation: A New Era in Private Credit Secondaries
Designed to tap into “attractive absolute and risk-adjusted returns,” the fund will invest in diversified portfolios managed by private credit general partners. These portfolios span the credit spectrum—from senior and junior debt to asset-backed and opportunistic credit.
Pantheon will specifically aim to capitalize on limited partner/general partner transactions, market dislocations, and systemic inefficiencies—factors that have created fertile terrain in the shadowy backroads of the private credit space.
“Private credit secondaries are entering a new phase of maturity and growth,” said Rakesh Jain, Pantheon partner and global head of private credit. “With increased deal flow and liquidity needs, our ability to deliver solution-oriented partnership capital is a key differentiator.”
