Key Takeaways
- • Pantheon announced the upcoming launch of the Pantheon Global Private Equity Fund (PGPE), an open-ended, evergreen vehicle offering diversified private equity exposure through a single investment, available to investors in more than 20 countries outside the US.
- • PGPE carries monthly subscriptions starting at $25,000 and a quarterly liquidity mechanism capped at 5% of total NAV, with a hard lockup of the first 12 months and a soft lockup with a 5% penalty in years two and three.
- • The fund targets mid-market US and European private equity, with a focus on secondaries and co-investments, which Pantheon argues offer attractive pricing as exit activity slows and fundraising becomes more difficult.
- • Pantheon manages approximately $62bn in discretionary AUM across private equity, real assets and private credit, including a $38bn private equity platform and a $7bn global private wealth platform.
- • Portfolio manager Victor Mayer and Partner Susan Long McAndrews lead the launch, which builds on the AMG Pantheon Fund, a US-registered private equity fund with close to $2.4bn under management.
Summary
Pantheon, a global private markets investor, has announced the upcoming launch of the Pantheon Global Private Equity Fund (PGPE), the latest addition to its global private wealth platform. According to the firm's announcement, PGPE is an open-ended, evergreen fund designed to give private and institutional investors access to a diversified private equity portfolio through a single investment. The fund will be offered to investors in more than 20 countries outside the United States.
PGPE will construct a concentrated portfolio of high-quality, hard-to-access assets and fund managers with a focus on the mid-market. It will draw on Pantheon's proprietary deal flow in secondaries and co-investments, which the firm describes as increasingly compelling given potentially attractive secondary pricing and fee efficiency. Monthly subscriptions start at $25,000, and the fund includes a quarterly liquidity mechanism. Redemptions are subject to a limit of 5% of total NAV of the vehicle, with a hard lockup for the first 12 months of all subscriptions and a soft lockup with a 5% penalty in years two and three.
The launch builds on Pantheon's $7bn global private wealth platform, which has 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 and quarterly liquidity. Pantheon states it has more than 40 years of experience across private markets and approximately $62bn in discretionary AUM as of June 30, 2023. Its private equity platform holds about $38bn in discretionary AUM and a team of 87 investment professionals, overseeing an annual commitment pace of $4-5bn, though the firm notes this pace is not guaranteed to persist.
Victor Mayer, Managing Director at Pantheon and Portfolio Manager of PGPE, said that the firm's offering combines diversified access to US and European mid-market private equity with immediate participation, without the high minimums and long capital lock-ups typical of traditional funds. He argued that a slowdown in exit activity and a more challenging fundraising environment are increasing secondary and co-investment opportunities at potentially attractive valuations. Susan Long McAndrews, Partner and Global Head of Business Development, said the launch deepens the firm's commitment to opening private markets to a wider range of investors.
Pantheon has committed $18.2bn to secondaries since its first investments in the segment in 1988, and $6.6bn across more than 290 co-investment transactions since launching its dedicated strategy in 2009, according to the firm. The announcement carries standard disclaimers stating that PGPE interests are not registered under the US Securities Act and are not offered to US Persons, and that investors should review the prospectus before investing.
PGPE will construct a concentrated portfolio of high-quality, hard-to-access assets and fund managers with a focus on the mid-market. It will draw on Pantheon's proprietary deal flow in secondaries and co-investments, which the firm describes as increasingly compelling given potentially attractive secondary pricing and fee efficiency. Monthly subscriptions start at $25,000, and the fund includes a quarterly liquidity mechanism. Redemptions are subject to a limit of 5% of total NAV of the vehicle, with a hard lockup for the first 12 months of all subscriptions and a soft lockup with a 5% penalty in years two and three.
The launch builds on Pantheon's $7bn global private wealth platform, which has 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 and quarterly liquidity. Pantheon states it has more than 40 years of experience across private markets and approximately $62bn in discretionary AUM as of June 30, 2023. Its private equity platform holds about $38bn in discretionary AUM and a team of 87 investment professionals, overseeing an annual commitment pace of $4-5bn, though the firm notes this pace is not guaranteed to persist.
Victor Mayer, Managing Director at Pantheon and Portfolio Manager of PGPE, said that the firm's offering combines diversified access to US and European mid-market private equity with immediate participation, without the high minimums and long capital lock-ups typical of traditional funds. He argued that a slowdown in exit activity and a more challenging fundraising environment are increasing secondary and co-investment opportunities at potentially attractive valuations. Susan Long McAndrews, Partner and Global Head of Business Development, said the launch deepens the firm's commitment to opening private markets to a wider range of investors.
Pantheon has committed $18.2bn to secondaries since its first investments in the segment in 1988, and $6.6bn across more than 290 co-investment transactions since launching its dedicated strategy in 2009, according to the firm. The announcement carries standard disclaimers stating that PGPE interests are not registered under the US Securities Act and are not offered to US Persons, and that investors should review the prospectus before investing.
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