Pantheon buys US buyout portfolio

Pantheon Ventures, the UK-based fund of funds group, has acquired a portfolio of US buyout interests from its second global secondaries fund.

Pantheon Ventures, the global private equity fund of funds arm of Russell Investment Group, the US-based multi-manager investor, has acquired a portfolio of US buyout interests.

Pantheon partner Andrew Lebus said the portfolio was “relatively mature” and “predominantly” buyout-focused. The transaction involved more than 20 private equity funds, with approximately 90 percent of the portfolio focused on the US.

Lebus added that neither the consideration for the deal nor the identity of the underlying fund managers had been disclosed due to confidentiality agreements.

The deal came to light because of the involvement of the publicly listed Pantheon International Participations (PIP) investment trust. A statement said that PIP had committed approximately £39 million to the deal, alongside other Pantheon clients including the $909 million Pantheon Global Secondary Fund II, which closed in July 2004.

The latest deal is the second from Fund II to be disclosed, following the CHF400 million (€258 million) purchase of the majority of insurer Swiss Life’s private equity portfolio earlier this month. PIP contributed £60 million to that transaction.

Following the latest deal, PIP said it had extended its existing loan facility from the Royal Bank of Scotland to £80 million “to ensure adequate financing over the coming period”.