Pantheon Ventures has acquired a portfolio of fund investments from Hermes GPE in the latest of a slew of secondaries deals within the private equity and asset management industries.
Although Pantheon declined to comment and Hermes could not be reached, a source close to the process said the portfolio mainly comprised buyout fund stakes. The portfolio was valued at between €600 million and €1 billion, and no intermediary was used as part of the sale process, the source added.
Secondaries activity has rocketed this year, driven by factors including regulations forcing banks to offload non-core assets, and LPs’ desire to consolidate their portfolios.
In the first six months of the year, for example, deal volume topped $14 billion. That was the busiest of “any year in secondary market history”, according to secondaries advisory group Cogent Partners.
Hermes GPE was launched in April last year as a joint venture between Hermes Private Equtiy and asset manager Gartmore. The latter has since been acquired by peer Henderson Group. Hermes GPE manages more than £4.6 billion of capital invested in private equity and infrastructure (as of 31 March this year), according to its website, and manages investments in 235 funds and 40 co-investments globally.
Pantheon has been an active secondaries investor since 1987, and now has almost $6 billion in secondary assets under management, according to the firm's website.