Pantheon Global Private Equity
The Pantheon Global Private Equity Fund (PGPE) aims to provide professional investors around the world with unique exposure to a diversified private equity portfolio sourced by Pantheon’s global investment team. PGPE focuses on secondaries and co-investments, offering diversification by manager, stage, geography, vintage year and industry, all through a single allocation.
- High-conviction private equity portfolio accessed via a single allocation
- Concentrated in secondaries and co-investments, with a buyout and growth equity focus
- Evergreen allocation tool with immediate exposure and quarterly liquidity
General risk: Prospective investors are deemed to acknowledge the existence of the risks set out below and in the prospectus (the “Prospectus”) relating to Pantheon Global Private Equity Fund, a sub-fund of Pantheon Private Markets SICAV SA Fund (the “Fund”), and to have waived any claim with respect to, or arising from, the existence of any such risks. An investment in the Fund involves a substantial degree of risk and should be considered only by eligible investors whose financial resources are sufficient to enable them to assume such risk and the possible loss of some or all of their investment, and who have no immediate need for liquidity in their investment in the Fund. Prior to making any investment in the Fund, prospective investors should read this section and the Prospectus in their entirety and carefully consider the risk factors set out within this section and the Prospectus in light of their personal circumstances. Investors should consult their professional advisors to assist them in making their own legal, tax, regulatory, accounting and financial evaluation of the merits and risks of investment in the Fund in light of their own circumstances and financial condition.
Pantheon funds and allocation: An investment does not guarantee an investor access to any particular Pantheon underlying fund. Any investment allocation targets of the Fund set out in the Prospectus represent the overall approach to allocation only, and the actual allocation of investment may materially differ at any time. As a result, the Fund may miss out on certain Pantheon underlying funds which may adversely affect returns of the Fund.
Concentration risk: The Fund’s returns may be substantially affected by the unfavourable performance of a single Pantheon underlying fund or a single direct or co-investment opportunity. In addition, the Pantheon underlying funds may invest exclusively or primarily in a particular asset type or category, which may reduce the overall diversification of the Fund’s portfolio and potentially increase risk.
Lack of liquidity: Pantheon underlying funds and their respective investments may from time to time become less liquid, leading to valuation losses on the investments making it difficult to acquire or dispose of them at prices the Portfolio Manager considers to be fair value. Liquidation of portions of the Fund’s portfolio under these circumstances could produce realised losses. The size of the Fund’s positions may magnify the effect of a decrease in market liquidity for such instruments. Settlement of transactions may be subject to delay and uncertainty. The Fund is generally expected to invest a substantial portion of its assets in illiquid fund interests in the underlying Pantheon funds. Currently, there is generally no public trading market for such interest and a disposal by the Fund of such interests on demand or at a time the Portfolio Manager does not consider to be suitable may adversely impact the Fund’s ability to realise such interests for their full value. Redemptions will be offered during the first twelve months of the subscription date.
Illiquid investments: Investment in the Fund requires a long-term commitment, with no certainty of return. The Fund’s investments are expected to be predominantly illiquid and there can be no assurance that the Fund will be able to generate returns for shareholders, that the returns will be commensurate with the risks of investing in the type of transactions and investments described in the Prospectus or that the Portfolio Manager’s methodology for evaluating risk-adjusted return profiles for investments will achieve the Fund’s objectives. An investor must have the financial ability to understand and the willingness to accept the extent of its exposure to the risks and lack of liquidity inherent in an investment in the Fund.
Leverage: The use of leverage magnifies both the favourable and unfavourable effects of price movements in the Fund’s investments. The leveraged capital structures of such Pantheon underlying funds and their investments will increase their (and thus the Fund’s) exposure to adverse economic factors such as rising interest rates, downturns in the economy or deterioration in the condition of the affected companies or their industries.
Multiple levels of fees and expenses: In addition to the direct fees, costs and expenses borne by the Fund, the Fund may also bear its pro rata share of certain fees, costs and expenses incurred directly or indirectly by Pantheon funds and/or direct co-investments in which the Fund invests (including organisational and operating expenses). These various levels of fees, costs and expenses will be charged whether or not the performance of the Fund generates positive returns. As a result, the Fund, and indirectly the Fund’s investors, may bear multiple levels of expenses, which in the aggregate could exceed the expenses which would typically be incurred by an investment in a single fund investment.
Secondary market purchases: The overall performance of the Fund’s secondary market purchases of existing interests in established portfolio funds will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain such secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to carve out from such purchases those investments that the Portfolio Manager considers less attractive. Where the Fund acquires a portfolio fund interest as a secondary investment, (i) the Fund will generally not have the ability to modify or amend such portfolio fund’s governing documents or otherwise negotiate the economic terms of the interests being acquired and (ii) the Fund may acquire contingent liabilities associated with such interest. The Fund may acquire secondary investments as a member of a purchasing syndicate, so could be exposed to additional risks including, among other things, counterparty risk, reputation risk, breach of confidentiality by a syndicate member, and execution risk.
Conflicts: Investors should be aware that there will be situations where the Portfolio Manager and its affiliates may encounter conflicts of interest in connection with the Fund’s investment activities and these should be carefully considered before making an investment in the Fund. The Portfolio Manager has established and implemented a conflict of interest policy which deals with, among other things, the identification of circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of the Fund or the investors.
Investors’ rights include economical rights such as redemption rights and proﬁt rights, but also rights to fair information and equal treatment, as well as complaints rights and the right to participate in general meetings of shareholders if the investor is registered under her or his own name in the register of shareholders of Pantheon Global Private Equity Fund, a sub-fund of Pantheon Private Markets SICAV SA.
Quarterly redemptions subject to 5% limit of total NAV of the vehicle.
Interests in Pantheon Global Private Equity Fund, a sub-fund of Pantheon Private Markets SICAV SA Fund (the “Fund”) have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the applicable securities laws of any United States state or any non-United States jurisdiction. The interest in the Fund may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “U.S. Person” except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state laws. As such, any “U.S. Person” may not receive and should not act or rely on this page or any other materials related to the Fund.
The information contained in this page is being made available solely for information purposes. Any potential investors are urged to carefully read the applicable Prospectus and other materials in their entirety before making an investment decision.
Any potential investors should conduct their own investigations and analysis of Pantheon, the Fund and the information set forth in the applicable Prospectus and other materials. Nothing in this page or the other applicable materials should be construed as a recommendation to invest in any securities or as legal, accounting or tax advice. Before making any decision to invest in the Fund, potential investors should carefully review information relating to Pantheon and the Fund and consult with their own legal, accounting, tax and other advisors when considering the merits of any investment.