Global private markets investment firm Pantheon said in a statement on Thursday it has raised $6bn for its private equity secondaries fund, its biggest ever.

It said its Pantheon Global Secondaries Fund VIII (PGSF VIII) well exceeded the initial $3.5bn target with significant commitments from new investors in Asia and the Middle East.

Pantheon said the fund will give investors exposure to hard-to-access GPs through a portfolio focused on the mid-market, acquiring what it views as high-quality funds at attractive valuations.

It said the fund will be diversified by vintage, GP and geography, with a focus on buyout strategies.

Florence Dard, chief client officer at Pantheon, said: “Our clients value our ongoing focus on the mid-market and our differentiated, longstanding relationships with hard-to-access, top-performing GPs.”

“We are grateful for the continued support of our long-term investors in our private equity secondaries strategy, and are pleased to welcome a strong cohort of new investors this cycle, including significant commitments from Asia and the Middle East.”

This fundraise comes as global investors seek to bolster their allocation alternatives to diversify their portfolios from growing concentration risks in public market equities and bonds.

Amyn Hassanally, partner and global head of private equity secondaries at Pantheon, said: “Pantheon is recognized for its early leadership in secondaries, and our private equity secondaries strategy continues to be a compelling way for our investors to access high-quality private equity exposure with the diversification benefits the asset class provides.”

“The depth of our GP relationships and access to extensive data across private equity funds and companies amassed over decades enables us to have conviction and be disciplined about the assets we buy and the partners we back, particularly in the mid-market where access and selection matters most.”