Pantheon Prices $1B Private Equity CFO to Scale Secondaries Access

Pantheon has closed its first private equity collateralized fund obligation (CFO) at $1 billion, exceeding its $750 million target.

The vehicle provides professional investors, particularly insurance companies, with exposure to Pantheon’s flagship private equity secondaries and co-investment strategies, anchored by a seeded portfolio of predominantly middle-market assets. The portfolio is diversified across sectors, geographies and vintages.

The transaction builds on Pantheon’s longstanding presence in secondaries, where the firm has been investing since 1988 and today manages approximately $13.5 billion in private equity secondaries assets.

“This CFO draws on our long-standing leadership in private equity secondaries and our disciplined portfolio construction capabilities with the same rigor we apply across our platform,” said Jeffrey Miller.

The closing follows a series of large-scale secondary transactions led by Pantheon, including a $1 billion continuation vehicle for Audax Private Debt and a $3.2 billion liquidity solution for Crescent Capital Group investors, underscoring the firm’s role in providing liquidity and portfolio management solutions in private markets.

Evercore served as structuring advisor and placement agent, while Simpson Thacher & Bartlett acted as issuer counsel on the transaction.