Pantheon has announced the final close of Pantheon Credit Opportunities III (PCO III) and its related vehicles, raising approximately $2.2 billion in total commitments—more than 2.5x its initial target. 

PCO III serves as a cornerstone of Pantheon’s broader credit secondaries strategy, which encompasses U.S. and European senior private credit as well as opportunistic and asset-backed lending. The vehicle will invest across diversified secondary portfolios managed by “top-tier” private credit GPs, including senior, junior, and opportunistic credit, with an emphasis on high quality, downside protection, and liquidity-driven deal flow. 

The final close follows Pantheon’s $5.2 billion raise in April 2025 for its third senior credit secondaries program (PSD III), which targets senior secured, floating-rate, sponsor-backed exposures through both LP and GP-led transactions. Together, PCO III, PSD III, and affiliated vehicles represent $8.3 billion raised in Pantheon’s third-generation credit secondaries platform. 

“Private credit secondaries are entering a new phase of maturity and growth, driven by increased deal flow, heightened liquidity needs and greater buyer and GP-led activity,” said Rakesh (Rick) Jain, Partner and Global Head of Private Credit at Pantheon. 

PCO III attracted strong support from a global base of institutional and private wealth investors across North America, Europe, the Middle East, and Asia. Backers include pension funds, sovereign wealth funds, insurance companies, and high-net-worth individuals. 

The strategy is designed to deliver attractive absolute and risk-adjusted returns, benefiting from tailwinds such as growing demand for liquidity, structural inefficiencies in credit markets, and continued momentum behind secondary transactions involving private credit portfolios. 

As of December 31, 2024, Pantheon managed approximately $71 billion in discretionary assets.