Global private markets investor Pantheon has raised $5.3 billion for its infrastructure secondaries fund, marking the firm’s largest-ever fundraising, according to a company statement on Wednesday.
Pantheon Global Infrastructure Fund IV and associated vehicles, or PGIF IV, launched in 2021, garnered commitments from a wide range of institutional and private wealth investors across Asia, North America, Europe, and the Middle East.
Some of the fund’s limited partners (LPs) include Taiwan’s Cathay Life Insurance and Tacoma Employees’ Retirement System, which invested about $50 million each into the vehicle.
The flagship fund is 75% deployed, according to the statement, with more than 90% of capital committed to a range of both LP portfolios and GP-initiated secondaries.
The London-based firm closed its predecessor infrastructure secondaries fund in 2019 vintage with a $2.1 billion corpus. “Pantheon has a current pipeline of more than $12 billion in infrastructure secondaries,” said Andrea Echberg, partner and global head of infrastructure at Pantheon.
Pantheon had also raised $3.25 billion for Pantheon Global Secondaries Fund VII and associated vehicles (PGSF VII) in November 2023.
Amid the current market environment and a heightened demand for liquidity, infrastructure assets provide stable returns, and multiple global fund managers have launched specialised funds targeting the asset class.
KKR was reported to be aiming to raise $20 billion for its fifth infrastructure fund, after raising nearly $6 billion for its second Asia Pacific-focused infrastructure fund. While Canada’s Brookfield raised $28 billion for its largest-ever fund, and New Zealand’s government and BlackRock launched a joint $1.22 billion climate infrastructure fund.
Pantheon raised a separate $3.25 billion for its global private equity secondaries fund in November last year. It also announced the opening of new offices in Singapore as part of its global expansion plans, adding to its existing presence in Asia which includes Hong Kong, Seoul, and Tokyo.