Fund database › Private Equity
Pantheon VenturesLU2756308701Class S USD acc
The Pantheon Global Private Equity Fund combines secondaries, primaries and co-investments across Europe, North America and Asia — carried by one of the oldest fund-of-funds houses, as a Luxembourg Part II SICAV with a parallel structure, launched in 2024, accumulating.
Monthly subscription; quarterly redemption with roughly one month's notice; the quarterly gate is measured on a consolidated basis across the entire structure. Redemptions in the first year incur a charge. Dealing takes place at a NAV unknown at the time of the order.
Subscription from EUR 25,000, exclusively for institutional and professional investors outside the US; not registered for distribution in Germany.
What stands out is the performance fee, moderate by field standards — Pantheon positions itself through cost discipline rather than liquidity promises; the structure-wide gate measurement is shared with the other aggregator constructions of the US houses.
Figures for class S USD acc (LU2756308701) · product data 9 Oct 2026 · sources: prospectus (as at August 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Jun 2026, the unit price has gained 5.5% (cumulative, 0.2 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
3 monthly values · Source: price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Mar 2024; a reliable NAV series of the class is available from Jun 2026.
What the prospectus permits: Secondaries plus co-investments (main focus), primaries; buyout/growth mid-market
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
263 holdings; the five largest account for 32.4% of the fund. 19.7% is held in the liquidity reserve — enough for 12 months of maximum redemptions.
How the reserve is invested: JPM USD Treasury Money Market Fund 14.8%. It covers 12 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 4 LP secondaries, 4 co-investments, 2 GP-led secondaries; 10 names not disclosed.
Undisclosed diversified LP-led secondary transaction code-named "Arrow", closed in June 2026 and topped up with additional positions in July.
Undisclosed LP-led secondary portfolio of interests in buyout funds focused on North America and the rest of the world, acquired by Pantheon in March 2026.
Undisclosed, globally diversified LP-led secondary package of interests in buyout and growth equity funds with a focus on North America and Europe.
Undisclosed LP-led secondary transaction (“Pivot”) in which Pantheon acquired interests in European growth equity funds from an existing investor in 2026.
Undisclosed GP-led continuation vehicle of a North American buyout manager; the underlying company or companies are not named.
Undisclosed North American buyout-backed software company held through a GP-led single-asset continuation vehicle.
Positions and shares according to the provider; 5 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 31 Jul 2026, reserve as at 31 Dec 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. On top comes a performance fee of 8% above a hurdle of 5% — with a high-water mark.
For 25,000 USD, no charge on purchase and up to 500 USD on redemption.
Based on the PRIIPs key information document of class S USD acc, hence comparable across providers.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 20 business days later.
KYC/AML and tax forms complete by the cut-off, 5 business days before the valuation day
Waiver of the notice period at the discretion of the Portfolio Manager.
Price = NAV at the end of the previous month.
Valuation day = last calendar day of the month.
pre-funding: 3 business days before Valuation day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | last calendar day of the month |
| Cut-off | 6 business days before Valuation day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | Valuation day = last calendar day of the month; NAV per unit generally by the 20th business day of the following month (NAV Release Date) |
| Payment | pre-funding: 3 business days before Valuation day |
| Minimum investment | USD 25,000 (Class A USD Acc); per class differing as per Schedule 1 |
| Subscription limit | The PM may reject or defer subscriptions in whole or in part, including for an entire month; the Board may close the sub-fund to new subscriptions; no quantitative cap |
| KYC / documents | KYC/AML and tax forms complete by the cut-off, 5 business days before the valuation day |
| Revocation | until 17:00 CET on the last business day before the dealing day, thereafter at the PM's discretion |
| Business day | securities markets in each of Luxembourg, Ireland, the United States and the United Kingdom are open (p. 60) |
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU, US); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Gate of 5% per calendar quarter on the aggregate NAV of PGPE including Parallel Entities and …
NAV per unit less redemption fee (up to 2%)
The aggregate of redemptions - consolidated and without double counting across the entire PGPE structure …
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 115 days from decision to cash.
Rank 49 of 112 · rank 14 of 38 in Private Equity · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 115 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Aug 2026 · score run 16 Oct 2026 · How 115 days become 31 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 30 calendar days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 5 business days after NAV publication |
| Gate | 5% gross of net assets of the previous period per quarter |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | Force Majeure, market closure, valuation impossible |
| Liquidity tools | Extension of the notice periods, redemption in kind (professional investors only), suspension of redemptions and subscriptions in exceptional cases |
| Switch / transfer | permitted with the consent of the Board within 30 calendar days (silence = refusal); Listed Shares (Class S-L, Euro MTF) freely transferable |
| Compulsory redemption | in the case of a Prohibited Person and where the minimum holding is not maintained (1 month's notice); an Early Redemption Deduction may be incurred |
The aggregate of redemptions - consolidated and without double counting across the entire PGPE structure including all Parallel Entities and the PGPE Aggregator, disregarding the Early Redemption Deduction - is limited per calendar quarter to 5% of that aggregate NAV, measured as at the end of the month immediately BEFORE the redemption date.
The 5% gate is measured on a GROSS basis (the sum of all redemptions, without netting against subscriptions), but on a consolidated basis across the entire PGPE structure including all Parallel Entities and the PGPE Aggregator. The reference figure is the aggregate NAV as at the end of the month BEFORE the redemption date, not as at quarter end.
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU, US); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
4 classes. All cost and risk figures on this page refer to the basis class S USD acc.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Aug 2026 | — |
| Key information document (PRIIPs KID) as at 30 Jun 2026 | 30 Jun 2026 | — |
| NAV series price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Jul 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 30 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 115 days from decision to cash under the prospectus deadlines; a gate is not factored in.
25,000 USD in class S USD acc.
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Pantheon Global Private Equity Fund. Under the prospectus a gate of 5% per quarter applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.