Pantheon Ventures

Pantheon Ventures: A Pioneer in Global Private Markets Investing

In 1982, Pantheon Ventures formed itself into what is now one of the largest specialist private markets investment managers in the world. As of 30 June 2025, Pantheon managed c.$82bn of discretionary capital. Pantheon has offices in London and San Francisco, and 12 offices globally in 10 countries across 4 continents. Pantheon’s roots begin in 1981 when the private equity division of GT Management was established. A management buyout in 1988 formed the modern Pantheon business. In 2004, Russell Investments acquired Pantheon. In 2010 AMG became Pantheon’s parent company. Over 40 years, Pantheon has become a pre-eminent provider of services to institutional and private investors. Pantheon offers access to a wide range of private markets asset classes via primary fund investments, secondaries and co-investments. Pantheon’s client base comprises over 1,000 institutional and private clients across the world and Pantheon’s staff of c.500 comprises 140 dedicated investment professionals.

Investment Platform & Strategies

The investment programmes offered by the Pantheon platform include: covering the full spectrum of private markets opportunities, from primaries to secondaries and co-invests across the spectrum of asset classes. - having $26 billion of total primary fund commitments across 460+ investments across every stage of private equity – from venture to large cap buyout. - being one of the largest infrastructure and real assets platforms in the world with ~$24-$26bn of discretionary assets under management (AUM) and further leading the way in infrastructure secondaries and co-invests. - being an innovation leader in private credit secondaries as the firm launched the world’s first credit secondaries fund in 2018, and has since raised over $10 billion across credit secondaries programs, investing with over 90 private credit GPs across ~5,400 underlying companies globally. Pantheon also offers a range of bespoke and fund of separate accounts solutions including: Pantheon’s Global Private Wealth business, which has built the first $10.6 billion global private wealth portfolio via a mix of evergreen and semi-liquid fund of funds offerings, including the AMG Pantheon Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, and LSE listed trusts Pantheon International Plc (PIN) and Pantheon Infrastructure Plc (PINT) Custom institutional separate accounts offering the flexibility to design and deliver bespoke client portfolios across all private markets asset classes.

• Approximately $82 billion in discretionary AUM as of June 30, 2025, reflecting 49% growth over five years from $55 billion in June 2020
• 12 global offices across London, San Francisco, New York, Chicago, Bogotá, Dublin, Geneva, Berlin, Hong Kong, Singapore, Seoul, and Tokyo
• Over 140 investment professionals and approximately 500 total employees worldwide
• Pioneer in private credit secondaries with over $10.1 billion raised since launching the market's first dedicated credit secondaries fund in 2018
• One of the world's largest private infrastructure investment platforms with ~$24-26 billion in discretionary AUM
• Early signatory to the UN Principles for Responsible Investment in 2007 — the second private equity firm globally to sign
• $10.6 billion global private wealth platform offering evergreen, semi-liquid, and listed fund structures
• Historical track record spanning 644+ primary fund commitments, 360+ secondary transactions, and 155+ co-investments since inception

Track Record & Notable Investments

Last week, we announced the closing of our Pantheon Global Infrastructure Fund IV in January 2024 at $5.3 billion, the firm’s largest fund to date, with c75% of commitments allocated to infrastructure secondaries. Since then, we have continued to bring opportunistic investment products to market: in April 2025, Pantheon Senior Debt III closed at $5.2 billion, another record for private credit secondaries, having been launched in September 2023; in July 2025, Pantheon Credit Opportunities III brought in $2.2 billion having exceeded its target by more than 2.5 times, which was launched in October 2023; and in March 2025, Pantheon Secondary Opportunities Fund II was launched with $1.1 billion of commitments to be invested in GP-led transactions in private equity secondaries, having reached the same level for its predecessor fund in record time. Also worth recalling is that our flagship PE secondaries fund, Pantheon Global Secondaries Fund VII, closed in November 2023 at $3.25 billion, having reached its target of $2.0 billion. We have also brought over 14 years of experience in GP-led secondaries transactions, having so far deployed $6.8 billion across 340+ co-investment transactions. We pride ourselves in our ability to consistently source interesting opportunities across market cycles, as well as to bring to bear a comprehensive suite of products that provide institutional clients with differentiated access to the private markets. We are, as we have been, proud of our awards and recognition, including this year being named SecondaryLink’s Best Infrastructure Buyer of 2023 as well as our CEO Kathryn Leaf being named one of PEI’s Women of Influence in Private Markets for 2025.

Market Position & Competitive Distinction

Having broad expertise with scale in secondaries, co-investments and primary fund investments across private equity, infrastructure and private credit, Pantheon Ventures is one of only a handful of firms to have bridged that gap over 43 years. With over $15.7 billion in commitments to 644 primary funds and the completion of over 360 secondary transactions since its inception, Pantheon has developed unique insight, sourced from its proprietary dataset, and built relationships with hundreds of GPs. In 2007 Pantheon became one of the first firms to sign up to the UN PRI and continues to drive ESG innovation through its work on the Private Markets Sustainability Index and numerous other initiatives. A majority ownership by AMG ensures Pantheon has the institutional backing required to grow and develop its business, while management maintains a significant equity stake and the business retains full operational independence. Having grown AUM by 21% yoy, an expanding private wealth business, which is already $10.6 billion, and the creator of the credit secondaries segment through its innovative strategies, Pantheon is not just participating in the evolving private markets landscape, but rather is at the forefront of its development. With a truly global presence and a diversified portfolio of assets, Pantheon is one of the most influential private markets managers operating today.