# Pantheon

> Pantheon is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2010, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 14, 2026.

- CRD: 153425
- Filed as: PANTHEON
- Legal name: Pantheon Ventures (US) LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: July 14, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/153425
- AdvisorCensus page: https://advisorcensus.com/firm/pantheon-san-francisco-ca-153425

## Quick answers

**How is Pantheon compensated?**
On its Form ADV (Item 5.E, October 2026), Pantheon reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**How much does Pantheon charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.25% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Pantheon located?**
Pantheon's principal office is in San Francisco, CA, according to its Form ADV; the August 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Pantheon registered with the SEC or a state?**
Pantheon is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 153425.

**How much does Pantheon manage?**
Pantheon reports $87,688,577,202 in regulatory assets under management in its Form ADV filing dated July 14, 2026 (66% discretionary).

**How have Pantheon's assets and staff changed since 2021?**
In the Form ADV data for Pantheon: Regulatory assets under management: $32,788,052,924 in the October 2021 data and $87,688,577,202 in the October 2026 data, up 167%. Total employees: 80 in October 2021 and 129 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pantheon serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (139); pension and profit sharing plans (but not the plan participants or government pension plans) (11); state or municipal government entities (including government pension plans) (3).

**Which custodians does Pantheon use?**
Pantheon's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street as a custodian holding 10% or more of its separately managed account assets.

**Does Pantheon report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/153425

**What changed in Pantheon's recent Form ADV filings?**
In the August 2026 filing data: Changed its office addresses in New York, NY.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 0.25% to 1.5% a year (a range, as the brochure states it)

> Typically, the basic fee schedule for our funds is an annual management fee (payable to PV US ) that can range from 0.25% to 1.50% of aggregate capital commitments

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- State Street

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $87,688,577,202
- Discretionary: $57,570,814,272
- Non-discretionary: $30,117,762,930

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 2 | $6,251,134,271 |
| Pooled investment vehicles (other than investment companies and business development companies) | 139 | $46,021,256,447 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 11 | $22,657,964,982 |
| Charitable organizations | 1 | $11,693,668,830 |
| State or municipal government entities (including government pension plans) | 3 | $1,050,585,599 |
| Corporations or other businesses not listed above | 1 | $13,967,073 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2010 (16 years)
- Employees: 129 total, 56 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Bogota
- Chicago, IL
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- pantheon.com
- vimeo.com/PANTHEON
- LinkedIn @PANTHEON-VENTURES

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $32,788,052,924 | 80 | July 2, 2021 |
| October 2022 | $45,900,535,817 | 93 | August 10, 2022 |
| October 2023 | $54,085,991,054 | 110 | July 31, 2023 |
| October 2024 | $71,532,004,176 | 110 | July 24, 2024 |
| October 2025 | $75,291,773,328 | 103 | July 18, 2025 |
| October 2026 | $87,688,577,202 | 129 | July 14, 2026 |

Regulatory assets under management: $32,788,052,924 in the October 2021 data and $87,688,577,202 in the October 2026 data, up 167%.
Total employees: 80 in October 2021 and 129 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Changed its office addresses in New York, NY.

### April 2026
- Employees performing advisory functions went from 52 to 56.
- Regulatory assets under management went from $75,291,773,328 to $87,688,577,202 (+16%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pantheon (CRD 153425): Form ADV filing data as of October 2026.