Pantheon Raises $6B for Record PE Secondaries Program

Pantheon has closed its latest flagship private equity secondaries fund at $6 billion, the firm’s largest secondaries raise in nearly four decades. Pantheon Global Secondaries Fund VIII and associated vehicles beat their $3.5 billion target by 71%. The fund is about 85% larger than its predecessor, which closed at $3.25 billion in November 2023.

Pantheon, which manages about $84 billion, said the close followed record deployment of roughly $3.35 billion across 17 secondary transactions in 2025.

The fund targets mid-market buyout funds and companies globally, mixing LP-led deals, in which investors sell fund stakes, with GP-led deals, in which managers move assets into continuation vehicles.

“We enter this next phase with strong conviction in our ability to keep identifying compelling opportunities for our investors,” Amyn Hassanally, Partner and Global Head of Private Equity Secondaries at Pantheon, said.

Pantheon has invested in secondaries since 1988, and the strategy is a core part of its $41 billion private equity platform.

The raise comes as secondaries volume reaches new highs. The market posted a record $121 billion in the first half of 2026, up about 19% from a year earlier, according to Evercore. GP-led deals rose 35% to $65 billion, outpacing $56 billion in LP-led activity.

The market set a record of $240 billion in 2025, according to Jefferies, and advisors expect 2026 to top it as investors and managers increasingly use secondaries to generate liquidity and rebalance portfolios.

Pantheon has also raised funds for other strategies this year. It closed Pantheon Global Co-Investment Opportunities Fund VI and related vehicles at $3.2 billion, its largest program dedicated to co-investments. It also closed its first private equity collateralized fund obligation at $1 billion.

Pictured: Amyn Hassanally