Key Takeaways
- • Pantheon announced the upcoming launch of the Pantheon Global Private Equity Fund (PGPE), an open-ended, evergreen fund offering a single-investment route into a diversified private equity portfolio.
- • PGPE will be available to investors in more than 20 countries outside the US and includes a quarterly liquidity mechanism.
- • The fund focuses on secondaries and co-investments in the mid-market across US and European assets, sourced through Pantheon's global platform.
- • Pantheon's private wealth platform is described as roughly $7bn in size, with the AMG Pantheon Fund (P-PEXX) holding close to $2.4bn in US assets.
- • Pantheon reports approximately $62bn in discretionary assets under management as of the announcement, with $94.6bn in assets managed or advised as of June 30, 2023.
Summary
Pantheon, a global private markets investor, announced the upcoming launch of the Pantheon Global Private Equity Fund (PGPE), the latest addition to its expanding global private wealth platform, according to the firm's press release. PGPE is structured as an open-ended, evergreen fund that gives private and institutional investors exposure to a diversified private equity portfolio through a single investment. The fund will soon be offered to investors in more than 20 countries outside the United States.
The fund will concentrate on high-quality, hard-to-access assets and fund managers with a mid-market focus. It will draw on Pantheon's deal flow in secondaries and co-investments, which the firm describes as increasingly attractive given potentially favorable secondary pricing and fee efficiency. PGPE includes a quarterly liquidity mechanism. Victor Mayer, Managing Director at Pantheon and portfolio manager of PGPE, said the fund offers diversified access to US and European mid-market private equity without the high minimums and long lock-ups typical of traditional funds. He added that a slowdown in exit activity and a more challenging fundraising environment were increasing the flow of secondary and co-investment opportunities.
The launch builds on what Pantheon describes as a $7bn global private wealth platform with a 35-year track record. That platform includes the AMG Pantheon Fund, one of the largest registered private equity funds in the US, with close to $2.4bn under management. Pantheon, which has more than 40 years of experience, reports about $38bn in discretionary assets in its private equity platform, supported by 87 investment professionals and an annual commitment pace of $4-5bn. The firm states it has committed $18.2bn to secondaries since 1988 and $6.6bn across more than 290 co-investment transactions since 2009. Susan Long McAndrews, Partner and Global Head of Business Development, said the firm aims to broaden access to private markets for prospective investors.
The announcement is a pre-marketing communication and does not constitute an offer. Interests in the fund have not been registered under the US Securities Act of 1933, and the fund is not offered to US persons except under an applicable exemption. Figures cited are as stated by Pantheon in its release.
The fund will concentrate on high-quality, hard-to-access assets and fund managers with a mid-market focus. It will draw on Pantheon's deal flow in secondaries and co-investments, which the firm describes as increasingly attractive given potentially favorable secondary pricing and fee efficiency. PGPE includes a quarterly liquidity mechanism. Victor Mayer, Managing Director at Pantheon and portfolio manager of PGPE, said the fund offers diversified access to US and European mid-market private equity without the high minimums and long lock-ups typical of traditional funds. He added that a slowdown in exit activity and a more challenging fundraising environment were increasing the flow of secondary and co-investment opportunities.
The launch builds on what Pantheon describes as a $7bn global private wealth platform with a 35-year track record. That platform includes the AMG Pantheon Fund, one of the largest registered private equity funds in the US, with close to $2.4bn under management. Pantheon, which has more than 40 years of experience, reports about $38bn in discretionary assets in its private equity platform, supported by 87 investment professionals and an annual commitment pace of $4-5bn. The firm states it has committed $18.2bn to secondaries since 1988 and $6.6bn across more than 290 co-investment transactions since 2009. Susan Long McAndrews, Partner and Global Head of Business Development, said the firm aims to broaden access to private markets for prospective investors.
The announcement is a pre-marketing communication and does not constitute an offer. Interests in the fund have not been registered under the US Securities Act of 1933, and the fund is not offered to US persons except under an applicable exemption. Figures cited are as stated by Pantheon in its release.
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