Hermes GPE Sells Large Portfolio to Pantheon Ventures

by Antonia Lee

  • 18 Aug 2011
  • PE

The UK-based private equity fund of funds manager has sold a portfolio of private equity fund stakes (speculated to be between €600mn and €1bn) to Pantheon Ventures. The portfolio is said to predominantly consist of buyout funds. Hermes GPE is also an active buyer on the secondary market through its fund of funds vehicle, Hermes GPE Environmental Innovation Fund, which has the capacity to invest up to 30% of its capital in the secondary market. It is opportunistic with regards to fund type; however for 2011 it is primarily targeting late-stage venture investments that focus on the cleantech industry. The buyer of the Hermes GPE portfolio, Pantheon Ventures, is a very active participant in the secondary market, investing through its dedicated secondaries funds and its fund of funds vehicles.

Hermes GPE is one of several private equity fund of funds managers looking to exit private equity fund stakes via the secondary market. There are currently 28 private equity fund of funds managers considering selling private equity fund interests within the next 24 months, representing 10% of all potential sellers. 27% of the private equity fund of funds managers looking to sell are planning to do so immediately and a further 69% are considering doing so within the next 12 months.

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