Pantheon International Participations has become the latest listed private equity fund to carry out dramatic steps to repair its balance sheet with the sale of a pool of assets at a discount. The sale marks the first of a number of planned moves intended to restore the solvency of the battered fund.

The listed fund, ran by UK private equity fund manager Pantheon Ventures, said today it has sold the assets to a group of unnamed institutional investors at a £68m (€78m) loss.