Deals

Pantheon took the lead on SMBC’s secondaries transaction to seed a private credit fund.

The Nordic PE firm, which was among the first private markets managers to embrace ESG, has raised €588m to acquire two assets from its fifth flagship fund.

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-advisory mandates have become an increasingly common trend in continuation fund deals.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

The single-asset continuation fund deal, which is around $400m-$625m in size, is in the process of closing, Secondaries Investor understands.

A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.

The deal is part of a series of large LP sales driven by liquidity concerns, the need to rebalance investment exposures in investment portfolios and strong pricing for high-quality private markets funds.

Secondaries Investor reported in May that CVC Secondary Partners and Pantheon were leading the transaction around TIC asset Normec.

The €255bn unit of French financial giant BNP Paribas Group wants to sell a bundle of private equity and infrastructure stakes, Secondaries Investor has learned.