Pantheon sold to AMG for $775 million

Pantheon's existing management team will stay on post the transaction, and take a share in the new partnership, while all the sale proceeds will go to Russell. The new ownership is being described as an MBO, with incumbent Pantheon management apparently taking a greater share of the operation than under Russell, though AMG has reportedly taken a roughly 85% stake. According to Pantheon, all 21 of its senior managers will invest in the business through the deal.

Pantheon manages some $22 billion of private equity investments on behalf of institutions. The firm, founded in 1982, has a long-standing presence in Asia Pacific, operating regionally out of Hong Kong. AMG has apparently been seeking for some time to expand its multi-strategy coverage to include private equity, and opted for a fund of funds as the best approach. Russell reportedly took all Pantheon management equity participation out of the structure post its 2004 acquisition, and subsequently the new ownership scheme apparently encountered problems. Russell and the Pantheon partners had both ostensibly been seeking a new owner for the business, with other private equity firms cited as strong contenders.

"Pantheon operates with a distinct and highly collaborative culture, and it is of paramount importance to our clients and staff that our new partner provide operational autonomy and a stable ownership model through long-term commitments and partnership equity incentives," Alastair Bruce, Managing Partner at Pantheon in London, said of the deal.

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• Topics
• Fund-of-funds
• Fundraising
• LPs
• Alastair Bruce
• Pantheon