Pantheon exceeds target for Europe Fund III

The global private equity firm has held a final close at E470m for its third European FoF, over 50 per cent above the original target.

Pantheon Ventures, the UK-headquartered private equity investor specialising in fund of fund investments, has completed a successful round of financing for its latest fund targeting European fund of funds opportunities.


Pantheon Europe Fund III (P€uro III), has raised E470m, attracting investors from Europe, North America, Asia and Australia. The vehicle will invest alongside other Pantheon clients within the framework of the group’s current three-year regional European fund program, which is expected to total some E2bn.


“We are very pleased to report that a significant number of investors new to Pantheon are participating via P€uro III in our European programme alongside existing clients,” said senior partner Rhoddy Swire. “This reflects continuing institutional confidence in the long-term potential of European private equity and in Pantheon’s proven ability to deliver superior performance.”


Pantheon says it will continue to weight its investment strategy towards later-stage and buyout funds, but will also make commitments to venture capital funds and special situation. The firm has recently committed capital to Barclays E1.2bn buyout fund, as well as Indigo Capital's E475m mezzanine fund. 


“Pantheon is continuing to see strong deal flow from which we select ‘best of breed’ opportunities to build a diversified portfolio on behalf of P€uro III and the many other clients for whom we implement European strategies,” said Brussels-based partner Serge Raicher. The fund's main focus will be on the more established private equity markets within Western Europe.


Founded in 1982, Pantheon now manages in excess of $5.7bn through its regional funds-of-funds, secondary fund and Pantheon International Participations, an investment trust listed on the London Stock exchange. The group has offices in London, San Francisco, Hong Kong and Brussels.