Pantheon Closes Flagship Co-Investment Fund VI at $3.2B
Pantheon has completed the final close of its Pantheon Global Co-Investment Opportunities Fund VI (PGCO VI) and related vehicles at $3.2 billion, marking the largest capital raise in the firm’s dedicated private equity co-investment strategy.
The fund builds on Pantheon’s long-standing co-investment platform, which launched as a dedicated strategy in 2009 and now forms a key component of the firm’s $41 billion private equity platform. PGCO VI will focus on investments in non-bank financials, industrials and business services, and technology, while maintaining a diversified portfolio across managers, sectors and investment vintages.
The closing follows a record year for the strategy, with Pantheon deploying approximately $1.3 billion across 30 co-investment transactions in 2025.
“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,” said Jeff Miller, chief investment officer and global head of private equity at Pantheon.
Investor demand broadened significantly during the fundraising process, particularly across Asia.
“The fund’s investor base has expanded across every region, with the strongest growth coming from Asia, and now includes investors from several new countries,” said Florence Dard, Pantheon’s chief client officer. “While pension funds remain our largest source of capital, we’ve also seen growing participation from sovereign wealth funds, insurance companies, asset managers, family offices and endowments.”
Pantheon manages approximately $84 billion in assets globally and has more than 40 years of experience investing across the private equity lifecycle, including primary fund commitments, co-investments and secondaries.
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