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Pantheon Global Credit Secondaries Fund

PGCS

Overview

Manager:
Pantheon Ventures
Website:
https://www.pantheon.com/
Fundraising Status:
Open
Domicile:
Luxembourg
Legal Form:
Lux SICAV (S.A.)
Regulatory Regimes:
Lux UCI (Part II)
Base Currency:
USD
Launch Year:
2025
Inception Date:
Jun 26, 2025
Size:
$757.3M (as of Dec 31, 2025)
No. of Investments:
3500 (as of Dec 31, 2025)
Administrator:
The Bank of New York Mellon SA/NV (Lux)
Investor Eligibility Segments:
Institutional, Professional / Accredited
Permitted Distribution Countries:
Austria, Belgium, Bulgaria, Croatia, Cyprus

Strategy

PGCS invests in private credit funds across North America and Europe, targeting a broad mix of private credit strategies anchored in senior secured middle‑market direct lending. The portfolio spans the full spectrum of private credit, including opportunistic credit, accessed via LP‑led secondary transactions, select co‑investments and primary commitments. Holdings are diversified by manager, fund type, deal type, asset type, sector and industry.

Asset Classes:
Private Credit
Strategy:
Diversified (PC), Direct Lending (PC)
Underlying Investment Type:
Secondaries
Geographic Focus Region:
North America
Geographic Focus:
U.S., Europe
Sector Focus (GICS):
Diversified
Sector Focus (not standardized):
Health Care, Financials, Information Technology, Industrials, Communication Services, Consumer Discretionaries, Real Estate, Consumer Staples, Materials

Performance

for S USD Acc share class

Total Returns (% Net of Fees)

Net returns (since inception)S USD Acc
Total Return9.8%
Annualized Return19.9%
Best Month(Oct 2025)3.1%
Worst Month(Aug 2025)0.8%
Risk metrics (since inception)
Volatility3%
Sharpe Ratio (4.3% risk-free)5.23
Yearly returns (since inception)

Allocations

Vintage allocation

Vintage

as of Dec 31, 2025
Target

Vintage

as of Dec 31, 2025

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Vintage

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Seniority allocation

Seniority

as of Dec 31, 2025
Target

Seniority

as of Dec 31, 2025

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Seniority

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Sector allocation

Sector

as of Dec 31, 2025
Target

Sector

as of Dec 31, 2025

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Sector

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Geography allocation

Geography

as of Dec 31, 2025
Target

Geography

as of Dec 31, 2025

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Geography

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Key terms

for S USD Acc share class
Share Class
Minimum Subsribtion:
$1M
Currency:
USD
Inception Date:
Jun 26, 2025
Distribution Type:
Accumulating
Investor Type:
Professional / Accredited
ISIN:
LU3047998201
Liquidity
Gate:
5% of NAV per quarter.
Gate Level:
Fund level NAV
Redemption Frequency:
Quarterly
Redemption Basis:
NAV as of the quarter end.
Subscribtion Frequency:
Monthly
Subscribtion Basis:
NAV per Share as of the last calendar day of the month
Fees
Management Fee:
1.00%
Reduced to 0.75% until 30 June 2026; 1% thereafter.
Performance Fee:
8.00%
5% hurdle; high water mark with 100% catch-up.
Performance Fee Basis:
Total Return
Hurdle rate:
5.00%
Catch-up:
100.00%
Back load (redemption):
2.00%
If redeemed within 12 months of subscription.

Share classes

NameMin. SubscriptionCurrencyInceptionDistributionInvestor TypeISINBBG Ticker
S USD Acc
1,000,000 USD
USD
2025-06-26
Accumulating
Professional / Accredited
LU3047998201
-

FAQ

What is Pantheon Global Credit Secondaries Fund?
Pantheon Global Credit Secondaries Fund is an evergreen Lux UCI fund focused on Private Credit and managed by Pantheon Ventures.
Who manages Pantheon Global Credit Secondaries Fund?
Pantheon Global Credit Secondaries Fund is managed by Pantheon Ventures, based in London, United Kingdom.
How big is Pantheon Global Credit Secondaries Fund?
Pantheon Global Credit Secondaries Fund has a size of $757.3M.
What type of fund is Pantheon Global Credit Secondaries Fund?
Pantheon Global Credit Secondaries Fund is an open-ended / evergreen Lux UCI fund investing in private credit and domiciled in Luxembourg.
When was Pantheon Global Credit Secondaries Fund launched?
Pantheon Global Credit Secondaries Fund was launched on Jun 26, 2025 and is structured as a Lux SICAV (S.A.) vehicle with no fixed termination date.
Where is Pantheon Global Credit Secondaries Fund domiciled and regulated?
Pantheon Global Credit Secondaries Fund is domiciled in Luxembourg under Lux UCI (Part II).

Data transparency

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