Pantheon Prepares To Wrap Fund III –

SAN FRANCISCO – Pantheon Ventures in early April was awaiting the completion of paperwork by a few limited partners before declaring a final wrap on its third fund-of-funds.

Pantheon USA Fund III, launched in mid-1998, was the firm’s first major fund raising effort to include investors in the United States (VCJ, September 1998, page 21). In addition to its California presence, Pantheon has offices in Hong Kong and London.

The firm had met its $300 million goal by press time and was awaiting additional commitments totaling roughly $60 million, said Managing Director Jay Pierrepont. About half the capital was raised from North American investors.

Mr. Pierrepont declined to name limited partners but said the fund drew a mix of public and private pension plans, endowments and foundations. A few high-net-worth individuals also invested.

Pantheon USA Fund III will back venture capital partnerships, buyout firms and special-situations groups. The fund already has backed vehicles managed by Summit Partners, Weston Presidio Capital, Worldview Technology Partners, Polaris Venture Partners, InterWest Partners, Geocapital Partners, Advanced Technology Ventures, Thomas H. Lee Co. and Thoma Cressey Equity Partners.