Fundraising

The capital comprises $1.7bn for a fund – exceeding a $750m – as well as $3.8bn raised in bespoke mandates.

The multi-manager has already deployed $1bn out of its latest secondaries fund and related vehicles, with an early emphasis on data centre investments.

The firm’s inaugural vehicle launched in June 2023 with a $4bn target, Secondaries Investor data shows.

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

The London-headquartered manager has made hires from Ardian and UBS to co-lead the strategy, and has launched a debut fund, Secondaries Investor understands.

The vehicle, which surpassed both its $1bn target and its $345m predecessor, benefited from LPs’ increased sophistication around CVs, Carlyle AlpInvest’s Julian Rampelmann says.

The Keystone strategy is expected to remain relevant across fundraising cycles, says managing partner Ian Charles and partner Charlie Tingue.

The €2.3bn Fund V has raised more than double the amount of its 2021-vintage, €1bn predecessor.

Both Pantheon’s and Ardian’s latest flagships rank among the largest infra secondaries funds ahead of formal final closes.

The asset manager’s small-deal-focused secondaries unit is seeking to write cheques of between $100,000 and $10m.