New commitment boosts Pantheon’s AUM to $4 bln in Asia and emerging markets

The AUM figure includes separate accounts, two dedicated emerging markets comingled primary funds, and seven dedicated Asia commingled primary funds. Pantheon said its AUM across all platforms and regions was $32.2 billion as of June 30.

The firm got a boost recently when it won a $125 million separate account from Valtion Eläkerahasto, the Finnish state pension fund, Pantheon said. It marked the first time Valtion chose a separate account manager.

Pantheon was one of more than 40 firms that submitted bids to Valtion. Its pitch focused on its overseas infrastructure, which includes new offices in Seoul and Bogota, and its track record in emerging markets, rather than focusing on any specific fund, said Kevin Albert, managing director at Pantheon.

“We anticipate interest in separate and customized programs to continue to grow,” he added.

The separate account for Finland will be committed in three to four years to a portfolio of primary buyout and growth funds across Asia and the emerging markets.

Pantheon typically works on about a half-dozen prospects for large separate accounts, which fall into two categories: discrectionary, which gives Pantheon leeway to invest, or non-discretionary, which usually requires more oversight by LPs. The separate accounts program by Finland falls into the discretionary camp, Albert said.