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Pantheon raises more than $900 mln for latest Access fund

Assets Under Management: $38.8 billion

  • Primary strategy: $22 bln
  • Secondary strategy: $11 bln
  • Co-Investments: $2.6 bln
  • Why is this important: Pantheon continues to find innovative ways to lower minimum commitments for investors

 

Pantheon Ventures, the fund-of-funds specialist owned by Affiliated Managers Group Inc, has raised over $900 million for its Pantheon Access platform, touted as a low-cost way for investors to gain exposure to a customized pool of private equity funds.

Since the Pantheon Access (US) LP fund opened in 2016, 29 investors have committed $904.2 million, the Form D shows.

The filing does not list a target for the pool, and it is not clear whether the fund is still open. Executives at Pantheon couldn’t be reached for comment.

The Pantheon Access platform is designed to give limited partners the ability to customize their PE portfolio without having to create a separately managed account.

While managed accounts often require $100 million or $200 million from an investor, LPs in the 2013 Pantheon Access platform, which targeted $750 million, could put in an estimated $20 million or $30 million.

It is one of the latest products from Pantheon to come with minimum commitments that are lower than typical.

In 2014 Pantheon created the AMG Pantheon fund, open to accredited investors with as little as $25,000 to invest. The fund is diversified across primary, secondary and co-investments, in various geographies, vintage years and managers.

As of March 2018, the top five holdings were in funds by Providence Strategic Growth, H.I.G. Capital, Insight Venture Partners, BroadRiver and Vistra Group and Apollo Global, according to the website.

Pantheon has also been working on PE products that could be incorporated into target-date funds available through U.S. defined-contribution plans.

Pantheon had $38.8 billion assets under management as of Dec. 31, 2017.

Action Item: Read Pantheon’s Form ADV here https://bit.ly/2Js9gfh