UK-based private equity firm Pantheon has reached first close on its first infrastructure fund of funds with $150 million of commitments, Infrastructure Investor understands.
The Pantheon Global Infrastructure Fund, which was launched earlier this year, has a total target size of $300 million-$500 million.
The $150 million raised so far includes commitments from large UK and European pension funds, a source close to the fund confirmed.
The fund will invest in high-quality infrastructure funds through primary and secondary investments with a focus on the value creation segment, with at least 80 percent of the fund dedicated to assets in developed countries.
Pantheon is part of US group Russell Investments. It has over $21 billion of assets under management.