Strategic View:
Eurazeo partners with Pantheon to close a €480 million private debt continuation vehicle. The deal provides liquidity to existing LPs while giving Pantheon access to a curated portfolio of performing European senior credit assets.
Full Story:
Eurazeo and Pantheon have executed a sophisticated secondary transaction, closing a €480 million continuation fund on February 2, 2026. This deal underscores the growing liquidity crunch in private markets and the creative solutions GPs are employing to solve it. Rather than selling assets at a discount in the secondary market, Eurazeo has “rolled” a portfolio of high-performing loans into a new vehicle, anchored by Pantheon.
The portfolio consists of senior secured loans to mid-market European companies, a segment that has shown resilience despite macroeconomic headwinds. For Pantheon, this “Club Deal” of sorts—partnering directly with the GP to create a bespoke vehicle—offers immediate deployment into a mature, yielding portfolio without the “J-curve” effect of a new fund. For Eurazeo, it secures long-term management fees and validates the quality of their underwriting.
Why It Matters Summary:
Continuation funds are moving from Equity to Debt. This €480M deal signals that credit secondaries are becoming a mainstream liquidity tool. It allows GPs to hold onto good assets longer while offering LPs an option to cash out.
