Managers/Private credit/California/Pathway Capital Management

Pathway Capital Management

Pathway Capital Management is a private credit and private equity manager in Irvine, CA. It is registered with the SEC as an investment adviser with $97.8B in regulatory assets and 248 staff. It has 4 funds on file, the latest reported in September 2026.

Funds on file
4
Raised, all funds
$1.1B
Regulatory assets
$97.8B
Staff
248
Pension investors
3
See the adviser's own filing →

Latest fund filing

Funds

DateFundTypeRaisedTarget
Sep 2026 Pathway Secondaries Fund IV, LP Private equity $0 Not given
Sep 2026 Pathway Secondaries Fund IV (Offshore), LP Private equity $0 Not given
Feb 2026 Pathway Strategic Credit Fund III, LP Private credit $50M $50M
Apr 2024 Pathway Private Credit Fund II, LP Private credit $1B $1B

What it invests in

SectorsPrivate Equity, Private Credit, Infrastructure
SituationsPrimaries, Secondaries, Co-Investments, Direct Credit

As the firm describes itself, November 2026.

History

Pathway Capital Management is based in Irvine, California, and runs private credit and private equity funds. Private credit funds lend money directly to companies. The firm is a registered investment adviser with $97.8B in regulatory assets and 248 staff as of August 2026.

Pathway Strategic Credit Fund III, LP has been raising since October 2021 and had raised $50M against a $50M target, reported in February 2026. Pathway Private Credit Fund II, LP has been raising since February 2022 and had raised $1B against a $1B target, reported in April 2024. The firm also has two other smaller vehicles on file.

The newer of the two main funds, Pathway Private Credit Fund II, LP, has reached its $1B target as of April 2024. Washington PERS Plan 2/3 committed $1B to Pathway Portfolio in 1997. Oregon PERS made commitments including $250M in 2001, $400M in 2008, $250M in 2019, $600M in 2020, $600M in 2021, $500M in 2022 and $500M in 2024.

Adviser record

RegistrationRegistered with the SEC as an investment adviser.
Regulatory assets$97.8B
Employees248
Clients103 private funds, 8 pension plans, 7 government and 2 insurers.
Control personsKaren, Jane Jakobi, William, Francis Jakobi, Douglas, Kent Le Bon, Eva, Marie Le Bon, James, Herbert Reinhardt, Suzanne, Martinez Reinhardt.
Private funds92 private funds holding $36.3B in gross assets.

Private funds it reports

FundTypeGross assets
Pathway Private Equity Fund XXV Private equity $9.1B
Pathway Private Equity Fund Xxiii Private equity $3.2B
Pathway Private Equity Fund Iii - Private equity $2.6B
Pathway Private Credit Fund II Private equity $1.6B
Pathway Private Equity Fund V-E Private equity $1.2B
Pathway Private Equity Fund V-D Private equity $1.1B
Pathway Co-investment Partners Fund V Private equity $1B
Pathway Private Equity Fund CV-B Private equity $938M
Pathway Private Equity Fund V-F Private equity $933.1M
Pathway Private Equity Fund Xxix Private equity $887.3M
Pathway Private Equity Fund V-G Private equity $877.9M
Tmam/pathway Global Opportunities Usd Fund Private equity $680.9M
Tmam/pathway Global Opportunities Usd Fund Iii Private equity $676.9M
Pathway Private Equity Fund Xvii-b Private equity $670.3M
Tmam/pathway Global Opportunities Usd Fund II Private equity $631.1M