# Pantheon Multi-Strategy Program
The Pantheon Multi-Strategy Program is a private equity co-investment program run by Pantheon Ventures and structured not as a company but as a family of Delaware limited partnerships, most prominently Pantheon Multi-Strategy Program 2014 (US) L.P. and Pantheon Multi-Strategy Program 2014 (ERISA) L.P., both administered from 600 Montgomery Street, 23rd Floor, San Francisco, California.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm) The general partner of both vehicles is Pantheon Multi-Strategy Program 2014 US GP, LLC, and the adviser and promoter is Pantheon Ventures (US) LP.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm)
| Key fact | Detail |
| --- | --- |
| What it is | Co-investment program of Pantheon Ventures, structured as Delaware limited partnerships (pooled private equity funds)[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) |
| Headquarters | 600 Montgomery Street, 23rd Floor, San Francisco, CA 94111[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm) |
| Manager | Pantheon Ventures (US) LP, promoter and adviser; Pantheon Ventures Inc. sole member of the general partner[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) |
| Offering size | USD 1,010,000,000 total offering stated in the 2019 Form D/A for the (US) vehicle; first sale 2014-09-30[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) |
| ERISA vehicle | Separate L.P. (CIK 0001603329) with its own Form D filed 2015-12-18 under Section 3(c)(7)[2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm) |
| Exemption | Rule 506(b) / Section 3(c)(7), restricted to institutional and other qualified purchasers[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) |
| Status (2026) | The (US) vehicle last reported gross asset value of about USD 1.3 billion with a filing on 2026-03-31 (directory data, unverified against the underlying filing)[3](https://fundvendors.com/funds/805-8657531734) |
## Program structure and people
Each vehicle is a pooled investment fund classified in its SEC filing as a private equity fund.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) The 2014 (US) L.P. is registered under CIK 0001603120 (IRS number 465128169); the 2014 (ERISA) L.P. is a separate filer under CIK 0001603329 with EIN 465098578 and a December 31 fiscal year end.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm)
**Shared governance across both vehicles.** The filings show that the ERISA and non-ERISA partnerships use the same general partner, Pantheon Multi-Strategy Program 2014 US GP, LLC, whose sole member is Pantheon Ventures Inc.; Pantheon Ventures (US) LP acts as promoter and adviser to the issuer.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm) The 2019 Form D amendment was signed on 2019-09-06 by Susan Long McAndrews, Director of Pantheon Ventures Inc.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) The amendment also discloses that recipients listed in Item 12 receive fees generally for providing marketing services for funds sponsored by the investment manager.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt)
## Funds raised, by the numbers
The primary record is thin but concrete. The amended Form D filed for Pantheon Multi-Strategy Program 2014 (US) L.P. in 2019 states a total offering amount of USD 1,010,000,000, covering limited partnership interests in multiple series of the issuer, with an indefinite offering duration and the first sale occurring on 2014-09-30 under exemptions 506(b) and 3(c)(7).[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) The ERISA vehicle filed its own Form D on 2015-12-18 under SEC file number 021-253408, also under Section 3(c)(7).[2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm) Directory data reports the (US) vehicle's most recent gross asset value at about USD 1.3 billion, higher than the Form D offering amount would suggest, consistent with appreciation and subsequent series issuance; this figure is unverified against the underlying SEC filing.[3](https://fundvendors.com/funds/805-8657531734)
## Strategy in context
The program sits inside Pantheon's private equity platform, which the firm describes as investing across the private equity lifecycle in secondaries, co-investments, and primary fund investments, from venture through buyout with a focus on small and mid-market buyouts.[4](https://www.pantheon.com/investment-approach/private-equity/) Pantheon states it has been investing in global secondaries since 1988, launched a dedicated GP-led strategy in 2021, and launched a dedicated co-investment strategy in 2009 that it reports as having USD 9.6 billion committed and more than 330 deals completed.[4](https://www.pantheon.com/investment-approach/private-equity/)
These figures describe Pantheon's platform and its dedicated co-investment strategy; the filings and available public sources do not document the 2014 program's own deal list, sector targets or performance, so the platform description is a manager statement rather than a program-specific record.
**Why a separate ERISA vehicle.** U.S. pension money subject to the Employee Retirement Income Security Act faces specific fiduciary and prohibited-transaction rules, and managers commonly admit ERISA investors through a parallel partnership. The filings establish that Pantheon ran exactly this parallel structure, with the ERISA vehicle sharing the same general partner and address as the non-ERISA fund; the public record does not state the rationale in so many words.[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) • [2](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm)
## Current status
The 2014 program never formally closed in the regulatory record: the offering was declared indefinite in the 2019 amendment,[1](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt) and directory data shows the (US) vehicle first filed regulatory reports on 2015-03-27 and has made 28 filings, most recently on 2026-03-31, with a last reported gross asset value of about USD 1.3 billion and Pantheon Ventures (US) LP as adviser.[3](https://fundvendors.com/funds/805-8657531734) At the firm level, Pantheon reports closing a USD 5.3 billion secondaries-focused infrastructure program, which the firm describes as its largest-ever fundraise, and launching two semi-liquid evergreen funds, P-SECC in the US and PGPE internationally.[5](https://www.pantheon.com/who-we-are/)
## References
1. [SEC Form D/A — Pantheon Multi-Strategy Program 2014 (US) L.P.](https://www.sec.gov/Archives/edgar/data/1603120/000156761919018009/0001567619-19-018009.txt)
2. [SEC EDGAR — Form D filing index, Pantheon Multi-Strategy Program 2014 (ERISA) L.P.](https://www.sec.gov/Archives/edgar/data/1603329/000160332915000001/0001603329-15-000001-index.htm)
3. [Pantheon Multi-Strategy Program 2014 (US) L.P. — Fund Vendors](https://fundvendors.com/funds/805-8657531734)
4. [Private Equity — Pantheon](https://www.pantheon.com/investment-approach/private-equity/)
5. [Who We Are — Pantheon](https://www.pantheon.com/who-we-are/)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Secondaries and fund-of-funds*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license