Pantheon Europe Fund III approaches final close

The global fund of funds investor has received commitments in excess of E270m for its latest European fund of funds.

Global private equity investor Pantheon Ventures has so far attracted E272m for its latest European fund-of-funds, Pantheon Europe Fund III, as it targets a November final closing on E300m. 

The investment strategy for the firm’s latest fund will follow that established by Pantheon Europe II, which raised E458m for investments in January 2001. The third fund will invest alongside Fund II, with the majority of investments going to later-stage and buyout funds. Commitments to venture capital as well as possible contributions to secondary funds are also expected.

Pantheon Ventures has to date raised in excess of E1bn for European fund investment since it raised its first fund Europe Fund I, which received commitments totalling E214m in 1997. A spokesperson for the fund said that a fourth European was likely to be raised in 2003.

In June the firm appointed Daniela Konrath as a senior investment professional to its Brussels team. It also concluded an agreement with investment client Crédit Agricole Asset Management (CAAM), whereby CAAM's new E110.5m fund, the Green Way Private Equity Europe fund, will invest alongside other Pantheon funds.

The firm also announced first closing of the firm’s latest US fund, Pantheon USA Fund V, which has attracted commitments of E127m. The new fund is targeting a final close of between $200m-$300m, less than half the amount raised by the firm’s previous fund, which raised $800m in 2001. The Daily Deal reports that five of the six contributors to the fund, which is looking to invest in US venture capital funds, are new investors.