About This Fund
Pantheon Credit Opportunities III (PCO III) is Pantheon’s third-generation opportunistic private credit secondaries fund, final-closed in July 2025 with approximately $2.2 billion in commitments—well above its $750 million target. The fund focuses on acquiring seasoned senior, junior, asset-backed, and special-situation credit portfolios via GP- and LP-led secondaries, alongside select co-investments.
Investments span over 10 GPs and more than 1,000 underlying loans, with ~80–100% allocated to secondary purchases and up to 20% for co-investments. Geographically, it targets North America primarily, with 20–40% exposure to Europe and up to 10% in Asia and other regions.
PCO III aims for net IRRs of 15–20% over an eight-year term. It features an 8% preferred return hurdle, a 1.25% management fee on invested capital, and 10% carry. The strategy is driven by Pantheon’s credit-first underwriting philosophy and flexible mandate designed to capture value from market dislocations and liquidity demands.