Pathway raises $700m for latest FoF

The fund of funds manager lost longtime director Cheryl Maliwanag in January.

Pathway Capital Management has collected $700 million for its latest fund of funds vehicle, Pathway Private Equity Fund XXV, according to documents filed with the US Securities and Exchange Commission.

Fund XXV has a $700 million target, according to the offering amount listed in the filing. Pathway manages single- and multi-investor private equity fund of funds on behalf corporate and public pension plans, government entities, and financial institutions. Limited partners in Pathway's previous funds include the Washington State Investment Board and the Alaska Retirement Management Board, according to Private Equity International’s Research and Analytics Division.

Pathway focuses on investing with private equity managers in both primary and secondary investment opportunities and has committed more than $55 billion to roughly 350 private equity funds since it was formed in 1991.

In January, Pathway director Cheryl Maliwanag, who had been with the firm for 16 years, stepped down and subsequently filed a claim against Pathway regarding her departure package, according to media reports.  Maliwanag still lists Pathway as her current employer on her LinkedIn profile, however she is no longer listed on the firm’s website.

Pathway was unavailable to comment at press time.

Pathway is headquartered in Irvine, California and has offices in Rhode Island, London and Hong Kong. The firm also operates out of Tokyo through a strategic alliance with Tokio Marine Asset Management, according to its website. Pathway is led by co-founders and senior managing directors Karen Jakobi, Douglas Le Bon and James Reinhardt, who previously worked at Wilshire Associates.