Pantheon Closes Its Largest-Ever Co-Investment Program at $3.2 Billion

• Final close of Pantheon Global Co-Investment Opportunities Fund VI (PGCO VI) and related vehicles exceeds $3bn
• Fund’s focus on the mid-market draws on Pantheon’s differentiated expertise and position in key segment of the market
• Closing follows a record 2025 of approximately $1.3bn¹ of co-investment deployment, reflecting the quality and volume of Pantheon’s proprietary deal flow

LONDON & NEW YORK--(BUSINESS WIRE)--Pantheon, a leading global private markets investor with approximately $84bn in AUM, today announced the final close of the Pantheon Global Co-Investment Opportunities Fund VI (PGCO VI) and related vehicles. At $3.2bn, the Fund is Pantheon’s largest program raised for its dedicated co-investment strategy.

Since its inception as a dedicated strategy in 2009, PGCO VI has been a core component of Pantheon's $41bn¹ private equity platform, providing investors with access to a curated portfolio of high-quality mid-market companies alongside leading general partners in select market segments. The fund maintains a strategic focus on non-bank financials, industrials and business services, and technology, and continues Pantheon's approach of pairing each opportunity with the general partner best positioned to drive value creation in that segment. PGCO VI, like its predecessor funds, will focus on efficient deployment and disciplined portfolio construction, including diversification by manager, sector, and vintage.

The closing follows Pantheon’s record deployment of approximately $1.3bn across 30 co-investment deals in 2025, reflecting the firm’s robust proprietary deal flow and the continued demand for direct co-investment as a strategy for accessing private equity opportunities.

Jeff Miller, Chief Investment Officer and Global Head of Private Equity at Pantheon, said: “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. This was achieved through our differentiated edge built on the depth and breadth of our relationships, the volume and quality of our proprietary deal flow, and our ability to identify and underwrite high quality opportunities across the mid-market. We are entering this next phase with a high-quality portfolio and strong conviction in our ability to continue identifying compelling opportunities for our investors.”

Florence Dard, Chief Client Officer at Pantheon, added: “Co-investments continue to be a compelling component of private equity allocations, and our investors value the direct exposure they offer, the depth of diligence Pantheon brings, and the diversification a program like PGCO VI provides. The fund's investor base has grown across all regions, with the strongest expansion coming from Asia, and now includes several new countries for the first time. Pension funds remain PGCO VI's largest source of capital, but the base has broadened to include sovereign wealth funds, insurance companies, asset managers, family offices and endowments. We are grateful for the continued support of our existing clients and are delighted to welcome new investors into the program.”

Pantheon’s global private equity platform has a 40-year track record of investing across the full lifecycle from primary fund commitments to co-investments and secondaries. This breadth of expertise across private equity, infrastructure, and private credit provides the access, relationships, and structuring capability to source and execute across the widest range of opportunities to create value for investors.

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Notes to Editors

About Pantheon

Pantheon* has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, infrastructure, and private credit. For more information, please visit www.pantheon.com.

We have partnered globally with institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of December 31, 2025).

Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.

* Pantheon refers to the subsidiaries and subsidiary undertakings of Pantheon Ventures Inc. and AMG Plymouth UK Holdings Limited and includes operating entities principally based in the US (San Francisco and New York), UK (London), Hong Kong, Guernsey, Tokyo, Dublin and Singapore. Pantheon Ventures Inc. and Pantheon Ventures (US) LP are registered as investment advisors with the US Securities and Exchange Commission (“SEC”); Pantheon Securities, LLC is a broker dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”). Pantheon Ventures (UK) LLP is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. Pantheon Ventures (Guernsey) Ltd and a number of other Pantheon entities incorporated in Guernsey are regulated by the Guernsey Financial Services Commission.  Pantheon Ventures (Asia) Limited is registered as a Type II Financial Instruments Business and Investment Advisory and Agency Business Operator with the Kanto Local Finance Bureau in Japan (KLFB). Pantheon Ventures (Ireland) DAC is regulated by the Central Bank of Ireland (“CBI”) and is an appointed representative of Pantheon Ventures (UK) LLP in respect of activities carried out in the United Kingdom. Pantheon Ventures (Singapore) Pte. Ltd holds a capital markets service license from the Monetary Authority of Singapore (“MAS”) to conduct fund management with accredited and institutional investors.

This press release is not an offer of securities for sale. Securities may not be offered or sold in the United States absent registration or an exemption from registration. © 2026

This is a marketing communication, please refer to the Prospectus before making any final investment decision.

¹ As of December 31, 2025.