Secondaries

Continuation vehicles backed by Pantheon will acquire a total of roughly $2bn of private credit investments.

Continuation vehicles present an interesting opportunity for fund finance, but concentration risk and a reluctant investor base pose a challenge.

Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets, prioritising performance opportunities over liquidity concerns.

During a PEI Group webinar, private debt LPs outline how they are responding to market volatility and growing dispersion of manager performance, with some increasingly wary of the sponsored direct lending space.

The new vehicle will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025.

The Switzerland-headquartered manager will seek to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending, Secondaries Investor understands.

The firm last year partnered with global life and health insurer Reinsurance Group of America to help capitalise its future funds and build its strategy.

The North America-focused fund exceeded its $886m target, with the fundraise expanding its private credit platform.

Continuation vehicles are emerging as a key liquidity tool in private credit, yet the majority of LPs are still opting to cash out amid rising market scrutiny.