Pantheon closes US FoF V on $313m

Ten years after launching its first US fund of funds, Pantheon Ventures has closed its fifth fund on $313m, significantly above its $200m target.

( Private equity fund-of-funds manager Pantheon Ventures has held a final close for its Pantheon USA Fund V fund-of-funds on $313m, well in excess of its $200m target.

According to a press release, the new fund-of-funds, which drew support from investors in North America, Europe and Australia, will invest pro rata alongside other Pantheon clients and funds-of-funds over a three-year period.


Investors in PUSA V include public and corporate pension plans, endowments, foundations and family partnerships.


“Pantheon set out to attract new investors, especially those with consultant-led mandates, into PUSA V and we are delighted to have initiated a significant number of relationships through the new fund,” San Francisco-based senior partner Dave Braman said in a statement.


“In today’s challenging fund-raising market, PUSA V demonstrates Pantheon’s proven ability to deliver performance to investors as well as institutional confidence in the potential of US private equity to generate attractive returns,” Braman added.


“We are also proud that the close of PUSA V coincides with the tenth anniversary of Pantheon’s first US fund-of-funds,” Pantheon founder and senior partner Rhoddy Swire said in the statement.


“Notwithstanding the difficult conditions prevailing in the U.S. private equity market, we are continuing to see a strong flow of quality fund opportunities,” Pantheon partner Gary Hiatt said in the statement. “Pantheon takes a highly selective approach to investment, aiming to identify ‘best of breed’ managers to build a risk-managed, diversified portfolio for PUSA V and other clients within our North American investment program.”


In total, Pantheon has raised more than $1.7bn across its five US-focused fund vehicles. The final close of PUSA V takes the total assets the firm manages globally on behalf of more than 120 institutions worldwide to $6.7bn.


Pantheon was founded 21 years ago and has been investing in US private equity funds since 1983.The firm’s US program will give broadly equal weighting to buyout funds – with an emphasis on smaller buyouts – and to venture funds as well as special situations opportunities.


While its main focus will be on established managers, Pantheon also expects to make a small number of commitments to partnerships managed by emerging groups.


Founded in 1982, Pantheon manages $6.7bn on behalf of a worldwide client base through its regional funds-of-funds, separate accounts, a dedicated global secondaries program and Pantheon International Participations, an investment trust company listed on the London Stock Exchange. The group, with a worldwide team of more than 60, has offices in London, San Francisco, Hong Kong and Brussels.


In January, Pantheon Pantheon Ventures announced a final close on E470m for its Pantheon Europe Fund III. The final close was more than double the fund’s original E200m target. The firm closed its latest Asian fund-of-funds vehicle, Pantheon Asia Fund III, in October.