Pantheon raised $5.2bn for its third senior credit secondaries programme, marking another significant milestone for one of the world’s largest credit secondaries platforms.

Pantheon Senior Debt III comprises a series of vehicles including closed-end co-mingled funds, evergreen and rated insurance solutions, and separately managed accounts. The programme will target portfolios of senior secured, floating-rate, sponsor-backed assets across both LP-led and GP-led transactions.

With this latest close, Pantheon has raised $10.1bn for its credit secondaries platform since 2018, firmly positioning itself as a global leader in the asset class. The firm has partnered with over 95 general partners and completed some of the largest and most complex transactions in the market, including several multi-billion dollar continuation fund deals.

“The continued growth and range of opportunities in private credit secondary solutions are among the most robust we have seen,” said Rakesh Jain, portfolio manager and global head of private credit at Pantheon in New York. “This fundraise furthers our market leadership and deepens our partnerships with GPs around the world.”

Toni Vainio, portfolio manager and partner at Pantheon in London, highlighted increasing demand from insurance clients: “Our credit secondaries strategy is attractive to insurance clients for its capital efficiency and consistent return profile. We are particularly pleased with our accelerating presence in the insurance channel.”

Pantheon’s latest raise reinforces growing institutional appetite for credit secondaries, especially as private markets seek liquidity solutions and insurers allocate more to capital-efficient private strategies. The firm will continue executing its selective investment approach, targeting strong risk-adjusted returns for its global investor base.