Insights and Analysis
AI-washing – when AI hype becomes a litigation risk
Secondaries transactions are a key means for investors to access capital rather than waiting for the life of the fund to receive their return. We know the main players in this space: funds of funds, pension funds, endowment funds, sovereign wealth funds, family offices, and banks alike, and our Secondaries team of lawyers has an excellent track record advising on the full range of secondaries transactions. From conventional LP secondaries or more “structured” secondaries, including GP-led, direct secondaries, stapled secondaries, or preferred equity solutions and GP stakes.
In 2024, our global team advised on over 70 closed secondaries transactions with an aggregate value of over US$34bn. Notably, we advised on two of the top five secondaries deals of 2024, as featured in Secondaries Investor.
We advise LPs and GPs on the buy-side and sell-side across all asset classes, and have also represented intermediaries and Limited Partner Advisory Committees on large secondary transactions. Additionally, we have advised both GPs and investors on GP stake transactions.
Our dedicated team is deeply immersed in the secondaries sector – their day-to-day activities are all secondaries-related. This ensures we have an excellent overview and understanding of the secondaries market – we know the terms and we know the issues that (without proper management) go to value and/or execution.
Our Tax and Regulatory teams are an integral part of our Secondaries practice, and as a result, we have the right experience and skill to guide our clients on critical tax issues and considerations that are important to funds and investors in all relevant fund jurisdictions.
Representative experience
Pantheon as co-lead investor, alongside Temasek, on seeding a new European private credit fund, West Street European Middle Market Credit Fund, for Goldman Sachs Asset Management.
KSL Capital Partners in connection with its US$3bn structured secondary transaction for Alterra Mountain Company.
Pantheon and Eurazeo as lead investors on Astorg’s €1.4bn continuation fund to support portfolio company Normec.
Pantheon, acting on behalf of its managed funds and accounts, as co-lead investor on its investment in eStruxture Data Centers, the largest Canadian data center platform. Pantheon’s investment was part of an overall CAD$1.8bn transaction led by Fengate Asset Management in which Fengate significantly increased its equity stake in eStruxture.
Pantheon, as co-lead investor, and Atalaya Capital Management (now Blue Owl Capital) in connection with their investments in Guggenheim’s US$1.2bn private credit vehicle.
Committed Advisors as lead investor on Equip Capital’s raising of a €306m continuation fund to acquire Rush and iteam.
Pantheon as lead investor on seeding a new €450m private credit fund, European Middle Market Credit Fund, for SMBC.
Pantheon as lead investor on Wells Fargo’s approximately US$2bn sale of interests in private credit and private equity funds.
Eurazeo and Unigestion as lead investors in relation to capiton’s closing of its €248m continuation fund, involving the acquisition of Raith and AEMtec.
Eurazeo and Hayfin as lead investors on 21 Invest France's raising of a €220m continuation fund to support the next phase of its ownership of ProductLife Group.
Aberdeen, Golding Capital, Hayfin, and Lombard Odier as co-leads on the €235m GP-led of HRworks by Maguar Capital.
Pantheon on the formation of a strategic health care real estate platform with Elliott Bay Capital Trust.
