SOLUTIO and Pantheon close EUR 250 million private debt secondary fund

20. Febru­ary 2020

Grün­wald near Munich / London — The invest­ment specia­lists SOLUTIO, Grün­wald near Munich, and Pantheon, London, have successfully closed their first joint private debt secon­dary fund. SOLUTIO PREMIUM Private Debt I invests in funds that pool private corpo­rate loans (private debt). This is the world’s first invest­ment program with this focus that we know of. The final closing took place in Febru­ary 2020 above the plan­ned hard cap target volume of EUR 250 million.

Between 75 and 85 percent of the funds raised will be used for senior loans (senior debt), inclu­ding unitran­che, and between 15 and 25 percent for subor­di­na­ted / other debt. The main focus is on loans for compa­nies held by private equity compa­nies (“corpo­rate spon­so­red deals”). In the past, these have mostly repor­ted low default rates.

SOLUTIO AG and Pantheon (UK) LLP operate the fund as part­ners in a joint venture. Pantheon is one of the leading fund of funds mana­gers with a global presence (Ameri­cas, Europe, Asia) and mana­ges $47 billion in client assets under manage­ment. The company has over 35 years of expe­ri­ence in private finan­cial markets.

“What makes the invest­ment approach special is that we get a clear infor­ma­tion advan­tage by acces­sing Pantheon’s invest­ment plat­form,” said SOLUTIO CEO Robert Massing (photo). “We gain insight into Pantheon’s exten­sive primary invest­ments in private equity, allo­wing us to best explore oppor­tu­ni­ties in the secon­dary private debt space.”

“Private debt is beco­ming incre­asingly popu­lar as an alter­na­tive asset class and is no longer a niche product. This is also shown by the growing secon­dary market in this segment,” said Ralph Günther, Part­ner and Head of DACH Region at Pantheon. Invest­ments in the secon­dary market are gene­rally less risky than in the primary market, as defaults and impairm­ents have alre­ady been facto­red into the valua­tion. “Such more secu­rity-orien­­ted tran­sac­tions have a place in a well-diver­­­si­­fied port­fo­lio.” Pantheon has inves­ted more than 1.5 billion euros in credit-orien­­ted funds since 1997.

SOLUTIO PREMIUM Private Debt I invests in medium-sized compa­nies (mid market) prima­rily in Europe and North America.

SOLUTIO AG, foun­ded in Munich in 1998, deve­lops inno­va­tive invest­ment concepts espe­ci­ally for the needs of German and Austrian insti­tu­tio­nal inves­tors in the field of real assets. SOLUTIO initia­tes invest­ment concepts exclu­si­vely toge­ther with mana­gers who have a proven track record of above-average success. The company itself also parti­ci­pa­tes in all invest­ment concepts. Over the past two deca­des, SOLUTIO AG and its joint venture part­ners have laun­ched a total of 16 invest­ment programs in the asset clas­ses of private equity, infra­struc­ture and private debt with a total volume of over 4.7 billion euros.

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