Pantheon closes largest-ever co-investment fund at $3.2B
Pantheon, a global private markets investor with about $84 billion in assets under management, has closed its Pantheon Global Co-Investment Opportunities Fund VI (PGCO VI) at $3.2 billion. It is the firm's largest program raised for its dedicated co-investment strategy.
The fund gives investors access to mid-market companies alongside leading general partners, focusing on non-bank financials, industrials and business services, and technology. Like its predecessors, PGCO VI will emphasise efficient deployment and diversification by manager, sector, and vintage.
The close follows Pantheon's record deployment of roughly $1.3 billion across 30 co-investment deals in 2025. The firm cited strong proprietary deal flow and rising demand for direct co-investment as a route into private equity.
PGCO VI has been part of Pantheon's $41 billion private equity platform since the strategy launched in 2009. "We are pleased to complete our largest dedicated co-investment program to date at $3.2bn, reflecting our 17-year track record of consistent execution across market cycles," said Jeff Miller, chief investment officer and global head of private equity.
The investor base grew across all regions, with the strongest expansion in Asia and several new countries added. Pension funds remain the largest source of capital, but the base has broadened to include sovereign wealth funds, insurance companies, asset managers, family offices, and endowments.
"Co-investments continue to be a compelling component of private equity allocations, and our investors value the direct exposure they offer," said Florence Dard, chief client officer.
Co-investing lets institutions put capital directly into deals alongside fund managers, often with lower fees than traditional funds. A record raise and record deployment suggest investors want that direct exposure — and the diversification a large, multi-manager program provides.
Read more: Associated Press
