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AMG buys private equity FoF firm Pantheon

US-based Affiliated Managers Group is to buy private equity find of funds manager Pantheon from Russell Investments in a $775m deal.

Under the terms of the deal, Russell Investments may also receive additional payments from AMG over the next five years, depending on the growth of Pantheon’s business.

Pantheon’s management team will own a substantial stake in the business and will continue running the business on a day-to-day basis.

The deal will be funded through a combination of AMG’s available cash and its existing credit facility.

AMG chief executive officer Sean Healey says:  “We view the fund-of funds structure as an especially attractive way to participate in this important asset class, given the stability and consistency of its revenue stream, as well as the scalability of its investment platform.”

Pantheon managing partner Alastair Bruce says: “We are enthusiastic about our partnership with AMG. Pantheon operates with a distinct and highly collaborative culture, and it is of paramount importance that our new partner provides operational autonomy and a stable ownership model through long-term commitments and partnership equity incentives.”



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