Pantheon targets $750M for new managed account platform

While managed accounts often require $100 million or $200 million from an investor, limited partners in the Pantheon Access platform could put in $20 million or $30 million and choose from a variety of private equity fund investments to customize their holdings.

The program offers the efficiency of a fund-of-funds, but with greater flexibility. Pantheon is taking a page from the hedge fund industry, which sometimes offers a menu of options among a larger universe of investment assets under management, a source said.

With the fund-of-funds business reaching a more mature stage and general partners in the space working harder to raise commitments, the strategy is aimed at fulfilling the diverse needs of LPs.

Separately, Pantheon raised $200 million through two separate accounts for one institutional investor, according to Form D filings and a source familiar with the firm.

The Pantheon Access and separate account programs come along with another effort launched this summer to manage private equity investments for 401 (K) investors. Target-date retirement funds would include private equity options for retirement fund sponsors to add to the traditional mix of stocks and bonds. Investors could begin to gain access to private equity by the beginning of 2014, Pantheon said in May.

With 69 investment professionals included in total staff of 188, Pantheon manages about $24 billion with a presence in Europe, Asia and the U.S.