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Pantheon Closes Record $6B Secondaries Fund, 71% Above Target
Quick Take: Pantheon's eighth flagship secondaries program closed at $6B, its largest private equity secondaries raise and nearly double the size of its predecessor.
Pantheon held the final close of Pantheon Global Secondaries Fund VIII and associated vehicles at $6B, beating its $3.5B target by 71%. The firm said the raise drew commitments from new investors in Asia and the Middle East. Fund VIII will invest across LP-led and GP-led transactions, focused on mid-market buyout strategies globally and diversified by vintage, GP, and geography.
By the numbers:
- $6B: Fund VIII final close, against a $3.5B target
- 71%: margin by which Fund VIII beat its target
- $3.25B: Fund VII's close in November 2023, more than 60% above its $2B target
- $3.35B: deployed across 17 secondary transactions in 2025
- $41B: Pantheon's private equity platform as of March 31, out of $84B in firmwide discretionary AUM
Pantheon's Secondaries Fund Lineup
|
Fund
|
Size
|
Target
|
Close
|
|
Pantheon Global Secondaries Fund VIII
|
$6B
|
$3.5B
|
October 2026
|
|
Pantheon Global Secondaries Fund VII
|
$3.25B
|
$2B
|
November 2023
|
Source: Dakota Marketplace
Why It Matters
Pantheon has now beaten its target by 60% or more on back-to-back secondaries programs, and Fund VIII is roughly 85% larger than Fund VII. The close comes as GP-led deals take a bigger share of the market: continuation funds made up just under half of the $121B in secondary transactions in the first half of 2026, according to an Evercore report. For allocators, Fund VIII offers LP-led and GP-led exposure through a single program.
Worth watching: how quickly Pantheon deploys Fund VIII, after putting $3.35B to work across 17 deals in 2025.
Maverick Silicon Raises $1.06B for Second Semiconductor and AI Fund
Quick Take: Maverick Capital's chip and AI infrastructure arm has raised more for Fund II than its debut fund reported in total, and the vehicle remains open.
Maverick Silicon, the semiconductor and AI infrastructure investing arm Maverick Capital launched in 2024, has raised just over $1.06B from 153 investors for Maverick Silicon Fund II, according to a Form D filing. The firm did not disclose a target. Fund II made its first sale October 1, requires a $5M minimum commitment, and is still raising.
By the numbers:
- $1.06B: raised for Fund II from 153 investors
- $812.7M: raised by Fund I from 155 investors as of its amended Form D in February
- $258.9M: raised by Fund I from 40 investors when it opened to outside capital in early 2025
- $400M: North Carolina Investment Authority's disclosed exposure, a $100M Fund I commitment plus a $300M separately managed account
- $1.5B: price Analog Devices agreed to pay for portfolio company Empower Semiconductor
Maverick Silicon's Fund Lineup
|
Fund
|
Raised
|
Investors
|
Status
|
|
Maverick Silicon Fund I
|
$812.7M as of February amended Form D
|
155
|
Opened to outside capital early 2025
|
|
Maverick Silicon Fund II
|
$1.06B
|
153
|
Open, first sale October 1
|
Source: Dakota Marketplace
Recent Deal Activity
|
Company
|
Round
|
Size
|
Date
|
Maverick Silicon's Role
|
|
Mueon Corporation
|
Series A
|
$65M
|
October 2026
|
Lead
|
|
Lyte
|
Series C ($1.6B valuation)
|
$165M
|
September 2026
|
Lead
|
|
Celera Semiconductor
|
Series B
|
$30M
|
August 2026
|
Sole investor
|
|
Kandou AI
|
Funding round
|
$225M
|
March 2026
|
Lead
|
Source: Dakota Marketplace
SoftBank, Synopsys, and Cadence joined the Kandou AI round as strategic investors. On the exit side, Analog Devices agreed in May to acquire Empower Semiconductor for $1.5B in an all-cash deal.
The So What
Maverick Silicon has outgrown its debut fund within weeks of Fund II's first sale, with nearly as many investors backing the new vehicle. It has kept deploying through 2026, leading three of its four disclosed rounds this year, and booked a $1.5B exit with Empower. For allocators, Fund II offers dedicated semiconductor and AI infrastructure exposure through a strategy that has already returned capital at scale.
Worth watching: whether an amended Form D shows Fund II's final size, as Fund I's February filing did.
This Week's Notable LP and GP Moves
Three senior moves stood out this week: Coatue hired a head of private wealth as it widens distribution of its CTEK fund; Soros Fund Management brought in CPP Investments' head of external portfolio management to run its external manager allocations; and GIC added a portfolio manager from Makena Capital Management.
|
Name
|
From
|
To
|
New Role
|
|
Nick Hertz
|
Pretium Partners
|
Coatue Management
|
Managing Director, Head of Private Wealth
|
|
Amy Flikerski
|
CPP Investments
|
Soros Fund Management
|
Head of External Manager Allocations and Partnerships
|
|
Stephanie Chang
|
Makena Capital Management
|
GIC
|
Portfolio Manager
|
Source: Dakota Marketplace
Coatue Hires Pretium's Nick Hertz as Head of Private Wealth
Coatue Management has hired Nick Hertz as managing director and head of private wealth, based in New York. The hire comes as Coatue expands distribution of its CTEK technology fund through iCapital and CAIS, platforms that connect the fund to independent financial advisors and wealth management firms.
Hertz joins from Pretium Partners, where he was a managing director focused on strategy and execution for private wealth and led Pretium Wealth Management. He joined Pretium in 2021. He was previously a senior vice president at Brookfield Asset Management and a director at UBS. His channel coverage spans banks, family offices, and RIAs. Hertz holds the CAIA designation and a bachelor's degree in business administration from Bucknell University.
Soros Fund Management Names Amy Flikerski Head of External Manager Allocations
Amy Flikerski has joined Soros Fund Management as head of external manager allocations and partnerships, based in New York. She oversees the family office's external allocations globally across hedge funds, private equity, venture capital, private credit, real assets, and public equities.
Flikerski joins from CPP Investments, where she spent 14 years. She was most recently managing director and global head of external portfolio management, based in London.
GIC Adds Makena's Stephanie Chang as Portfolio Manager
GIC has hired Stephanie Chang as a portfolio manager, based in New York, moving from Makena Capital Management this month. She supports portfolio management and manager selection across GIC's marketable asset classes: public equity, hedge funds, and fixed income.
Chang holds a BS in business administration, magna cum laude, from the University of Southern California.
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