Pantheon adds principal to real assets team

Janice Ince will source, evaluate and execute real assets primary and secondaries deals from the firm's San Francisco office.

Pantheon has made a senior appointment to its San Francisco-based real assets team.

Janice Ince joins the global infrastructure and real assets investment team as principal, according to a statement from the firm. She spent 10 years at SteelRiver Infrastructure where she was a principal focused on North American core infrastructure investments.

Her role at Pantheon involves sourcing, evaluating and executing deals in the primary and secondaries markets, according to sister publication Secondaries Investor.

Pantheon formed its specialist infrastructure and real assets practices in 2009 and 2015, respectively, having previously invested in the strategies via its private equity commingled funds. The combined entity had 20 investment professionals and more than $11 billion in assets under management as of the end of last year. The division is co-managed by US head Kathryn Leaf Wilmes and head of Europe Andrea Echberg.

Pantheon is in market targeting $2 billion for its sixth flagship secondaries fund, Secondaries Investor reported in June.

The fund was 22 percent invested as of 30 September and had acquired its assets at an average effective discount to net asset value of 12 percent, according to documents from Ventura County Employees’ Retirement Association.

Predecessor Fund V, which raised $2.1 billion by final close in 2016, delivered a net internal rate of return of 23.1 percent and a net multiple of 1.4x as of 30 September, Secondaries Investor reported.

Real assets deals the firm has backed include the $250 million restructuring of a renewable energy fund managed by Luxembourg-headquartered Marguerite, in 2017.