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The Stamford-headquartered firm aims to be 'the biggest small guy' in secondaries, targeting inefficiencies in the lower-mid market.
The London-based secondaries buyer is targeting $585m for Keyhaven Secondaries Fund III, Secondaries Investor reported in November last year.
Buyers should beware of sponsors using the GP-led market to drive undeservedly favourable terms, said Pantheon secondaries co-head Rudy Scarpa.
The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.
There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.
VC Secondaries Fund V is being raised by the recently acquired Greenspring Associates team, whose last independent secondaries fund was $800m in size.
The above-target close is the culmination of a multi-year rebuilding process at the German asset management giant.
The secondaries giant was expecting a first close on its LCP X flagship in the third quarter of this year, documents seen by Secondaries Investor show.
The asset manager returns to the market less than a year after closing its $3.9bn fifth programme in February.
The private investment arm of the EU has collected €100m for secondaries and is set to sell a portfolio of stakes next year.