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.
“We are excited to partner with Pantheon, a global leader in private equity fund-of-funds,” said AMB President and CEO Sean M. Healey. “Private equity is a core element of institutional investors’ overall asset allocation, and we believe that the asset class will continue to produce superior returns and attract new clients worldwide.
“We view the fund-of-funds structure as an especially attractive way to participate in this important asset class,” Healey added, “given the stability and consistency of its revenue stream, as well as the scalability of its investment platform.”