Affiliated Managers Group has reached an agreement with Russell Investments to acquire Russell subsidiary Pantheon Ventures for $775 million, with the potential for additional payments over the next five years, contingent on Pantheon’s growth.

Pantheon is a 25-year-old private equity fund-of-funds manager that currently manages $22 billion for more than 300 clients around the globe, including pensions, endowments, governments and insurance companies.

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