Secondaries platform Tangible has advised Paris-based investment house Edmond de Rothschild on the sale of private credit stakes to funds managed by Pantheon.
The structure of the deal enabled the transaction to be executed entirely within Edmond de Rothschild’s wealth management ecosystem, with the underlying assets acquired by Pantheon remaining inside the feeder structure.
This deal represents the first at-scale liquidity solution for a feeder vehicle invested by wealth solutions clients, which preserves the feeder’s structure while maintaining compliance with its fiduciary responsibilities.
Tangible conducted a two-step closed-ended bidding process for the stake held through Edmond de Rothschild’s feeder fund, which was won by Pantheon’s specialist credit secondaries team.
Nathan Sutton, co-founder of Tangible, said: “By empowering wealth management professionals with the tools to deliver liquidity to clients in existing feeder structures, we are eradicating the time and administrative burden that have historically hindered access to secondary markets.
“We believe this deal’s ramifications could have huge significance for our industry because wealth management clients now have enhanced liquidity options leaning towards those of some of the largest institutional investors.”
