Pantheon has begun raising $4bn for its latest infrastructure secondaries vehicle, the Pantheon Global Infrastructure Fund (PGIF) V, with commitments expected from leading South Korean institutional investors, according to a report by KED Global.

The strategy will focus on acquiring existing stakes in private infrastructure funds, offering investors exposure to mature portfolios with shorter holding periods and reduced risk.

Pantheon has established deep ties with Korean investors since opening its Seoul office in 2014. Its previous vehicle, the $5.3bn PGIF IV, closed in January 2024 with backing from the National Pension Service (NPS) and sovereign wealth fund Korea Investment Corporation (KIC). Earlier funds in the series have generated IRRs in the low-to-mid teens, according to sources familiar with the performance.

With $75bn in discretionary assets under management, Pantheon is recognised as a pioneer in infrastructure and private credit secondaries. The firm has deployed more than $28bn across secondaries globally.

The new fund underscores South Korea’s growing importance as a capital source for global private markets, particularly in secondaries strategies that offer diversification and resilience.

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