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Pantheon Global Credit Secondaries Fund (PGCS)

Pantheon Global Credit Secondaries Fund (PGCS) (“the Fund”) is a global semi-liquid credit secondaries solution, providing investors with exposure to a diversified portfolio, with a focus on the North American and European markets. The Fund invests across the full spectrum of private credit investment types, with a focus on secondaries. PGCS offers cost-efficiency and diversification by manager, fund type, deal type, asset type, geography and industry, all through a single allocation.

Fund in Focus

Pantheon’s Francesco di Valmarana joins Victor Mayer to discuss private debt secondaries, Pantheon’s investment approach, and the growing market opportunity. Learn how Pantheon leverages its global platform and primary relationships to source and execute differentiated private credit investments.

Fund Highlights

Diversified and Transparent Portfolio

The portfolio is highly diversified across managers, funds, and underlying loans.

Efficient Market Access

The Fund provides efficient access to the private credit market, with a focus on credit secondaries.

Risk-Adjusted Returns and J-Curve Mitigation

The Fund aims to generate returns by acquiring loans at a discount, which may contribute to an immediate uplift in value and enhanced yield. This approach also seeks to mitigate the J-curve effect commonly seen in primary investments.

Potential for Lower Risk Profile

The fund seeks to manage blind pool risk by acquiring mature portfolios of loans, benefiting from a lower weighted average maturity.

Fund Risks

Please see section 6 of the Product Disclosure Statement for more information about the Fund’s risks.
There are a number of risks associated with investing in the Fund, including, but not limited to:
Market risk
Currency risk
Investment risk
Liquidity Risk

Key Team Members

Toni Vainio

Partner

Toni is a Partner in Pantheon’s Global Private Credit Investment and European Investment Teams. He previously worked in the private markets team at Cambridge Associates, where he advised institutional investors on their private market investment programs and conducted research and due diligence on private market funds, managers, and markets. Toni has an MPhil in economics from the University of Oxford and a BEng in engineering with business finance, which was jointly taught at University College London and the London School of Economics and Political Science. He is fluent in Finnish, Spanish and English.

Rakesh (Rick) Jain

Partner

Rakesh (Rick) is a Partner and the Global Head of Private Credit at Pantheon. Since joining the firm in 2019 to build and lead the firm’s dedicated private credit strategy, the business has grown to become one of the largest providers of secondary solutions capital to private credit fund managers and investors globally. Throughout his career prior to Pantheon, Rick gained experience as a direct credit investor across a range of strategies, including unsponsored and sponsored direct lending, special situations and distressed, asset-based finance, specialty finance, mezzanine, and control/minority private equity. Previous roles include as a Managing Director and investment committee member at private credit firms including Stone Tower Capital (acquired by Apollo), Green Brook Capital, Star Mountain Capital and Citigroup Alternative Investments. Rick began his career in the Financial Institutions Group at Morgan Stanley. A native of Toronto, Rick received a bachelor’s degree in Economics and Finance from McGill University.

Francesco di Valmarana

Partner

Francesco is a Partner in Pantheon’s European Investment and Global Private Credit Investment Teams. Francesco is actively involved in all Pantheon’s European investment activities. Francesco was previously with Unigestion, where he managed the firm’s global secondaries program. Prior to Unigestion he was a partner and co-founder of the European venture capital firm DN Capital, before which he spent three years working in the European investment team at Advent International. He has a BA in East Asian studies from Princeton University, and received an MBA from Insead.

Victor Mayer

Managing Director

Victor is a Managing Director, Head of International Private Wealth, and a member of Pantheon’s European Investment team, where he focuses on private equity primary investments and co-investments. Prior to joining Pantheon, Victor was a Director at HSBC Alternatives Ltd, where he worked on primary fund investments, secondaries and co-investments across Private Equity, Private Debt and Impact. Before that, he spent 3 years at Access Capital Partners in Paris, having started his career in transaction services at Deloitte in Luxembourg. Victor holds a master’s degree in Corporate Finance from ESSCA in France.

Fund Facts

Class A – Accumulating

Key Fund Information

As at 30 September 2025
Unit Class Name
Pantheon Global Credit Secondaries (AUD) Class A – Accumulating
APIR
EVO9309AU
Fund Name
Pantheon Private Markets Fund Australia
ARSN
679 068 841
Inception Date
26 June 2025
Responsible Entity
Evolution Trustees Limited (ABN: 29 611 839 519, AFSL No: 486217)
Unit Price
$1.0302
Unit Class Size^
$334.9m
Minimum Investment
$50,000
Buy/Sell Spread
Nil
Pricing Frequency
Monthly
Applications
Monthly
Redemptions
Monthly
Distribution Frequency
Annual, if any

Target Market Strategy

This product is intended for use as a minor or satellite allocation for a consumer who is seeking capital growth, and has a high to very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5-year investment timeframe and who is unlikely to need to withdraw their money on less than three months’ notice. The product is not suitable for a consumer seeking capital preservation or income distributions, a consumer who is likely to require the proceeds of any withdrawals paid to them in less than 3 months, a consumer that has a low to medium risk and return profile and/or a consumer with an investment timeframe of less than five years. Although the product offers limited liquidity mechanisms, there is no guarantee that investors will be able to redeem their investment. For more information please see the Target Market Determination.

Class D – Distributing

Key Fund Information

As at 30 June 2025
Unit Class Name
Pantheon Global Credit Secondaries (AUD) Class D – Distributing
APIR
EVO9766AU
Fund Name
Pantheon Private Markets Fund Australia
ARSN
679 068 841
Inception Date
26 June 2025
Responsible Entity
Evolution Trustees Limited (ABN: 29 611 839 519, AFSL No: 486217)
Unit Price
$1.0301
Unit Class Size^
$311.7m
Minimum Investment
$50,000
Buy/Sell Spread
Nil
Pricing Frequency
Monthly
Applications
Monthly
Redemptions
Monthly
Distribution Frequency
Quarterly, subject to distributions paid by the Underlying Fund

Target Market Strategy

This Product is intended for use as a minor or satellite allocation for a consumer who is seeking income distribution and capital growth over the medium to long term and has a high to very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5-year investment timeframe and who is unlikely to need to withdraw their money on less than three months’ notice. The product is not suitable for a consumer seeking capital preservation or a consumer who is likely to require the proceeds of any withdrawals paid to them in less than 3 months, a consumer that has a low to medium risk and return profile and/or a consumer with an investment timeframe of less than five years. Although the product offers limited liquidity mechanisms, there is no guarantee that investors will be able to redeem their investment. For more information please see the Target Market Determination

Fund Performance

Class A – Accumulating*

*Past performance is not a reliable indicator of future returns. This performance figure is net of fees and costs, assumes distribution reinvestment, and does not take into consideration any tax you pay as an investor. Please request a copy of the Product Disclosure Statement for further information on fees and costs associated with the product. Pantheon Ventures (UK) LLP and/or any of its affiliates do not accept any responsibility or liability for any information contained on this webpage. ^Fund Size includes accepted but not yet unitised applications.

Class D – Distributing*

*Past performance is not a reliable indicator of future returns. This performance figure is net of fees and costs, assumes distribution reinvestment, and does not take into consideration any tax you pay as an investor. Please request a copy of the Product Disclosure Statement for further information on fees and costs associated with the product. Pantheon Ventures (UK) LLP and/or any of its affiliates do not accept any responsibility or liability for any information contained on this webpage. ^Fund Size includes accepted but not yet unitised applications.