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Pantheon Closes F-of-F III With $505M

Pantheon Ventures announced Monday that it has held a final close on Pantheon Europe Fund III, its latest European fund-of-funds, with $505 million. Europe Fund III, which has limited partners from Europe, North America, Asia and Australia, will be full invested by the end of 2004.

While the fund-of-funds collected capital from all over, 65% of the LPs are from Europe and 25% are from North American. Moreover, 60% of the LPs are pensions.

“It took us 12 months to raise this fund, but it has closed above its target,” says Colin Wimsett, a partner in Pantheon’s London office.

The fund will invest in 25 to 30 funds. “There are not many sector funds in Europe. The funds here are more opportunistic, so we will invest this by region,” Wimsett says.

Roughly 35% of the capital will go to U.K. funds, 20% will be invested in German funds, 12% will go to funds in France and Italy and the remainder will be invested in funds located Spain and Luxembourg.

About 75% of Europe Fund III will go into buyouts and the remaining 25% will be invested in venture funds. “Of the buyout funds about 60% will go mid-market buyouts and the rest to large-market buyouts,” Wimsett says. “We do think the large-buyout market is attractive, but the middle market is less competitive and offers a good return,”

Contact Danielle Fugazy