Compared against all funds.
1Y return
+9.3%
59th pctile · ahead of most peersas of 2026-06-09
Since inception
+11.8%
annualized, as reported
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$6.65B
as of 2026-06-09
Net expenses
1.41%
15th pctile · cheaper than median
Repurchase
5% quarterly (expected, at Board discretion)
1 of 293 peers matchLevel 3
4.9%
27th pctile · less model-priced than peersLast offer
no offer yet
40 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.7% management fee)1.41%
Minus interest on borrowings, the cost of portfolio leverage0.23%
Ongoing cost, determined from the filings1.18%
Investors pay 0.70% a year to the manager and 0.20% to the administrator, and after duplicate fees charged inside the two wholly owned subsidiaries are waived, total running costs were 1.41% of assets. Removing 0.23% of credit facility fees, which are debt financing, leaves 1.18% a year. Fees charged inside the underlying private equity funds are on top of that.
Sales loadnone
Total drag per year1.18%
This is the cost for units (single class).
Based on fiscal year ended March 31, 2026 (full year, annual N-CSR). Base is the annual report's own stated net expense ratio of 1.41% excluding the deferred i.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (The Fund pays no incentive fee to its own manager; underlying Investment Funds in which it invests may charge a management fee of 1.00% - 2.00% and approximately 10% to 20% of net profits as a carried interest allocation, subject to a preferred return and a claw back.) apply only to returns earned. Net expenses reflect a fee waiver expiring One year anniversary of the Initial Closing Date; the gross ratio is 2.13%. How this is calculated
Against all funds
Total drag
15th pctile · cheaper than most
1Y return
59th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Fiscal year ended March 31, 2026 (full year, annual N-CSR). Base is the annual report's own stated net expense ratio of 1.41% excluding the deferred income tax item; the credit facility component was converted by me from dollars ($12,275,481) using the same average net asset base. The interim report to September 30, 2025 shows the same 0.70% management fee, 0.20% administration fee and 0.75% expense cap; the one change that persists is the credit facility being upsized from $800 million to $1.5 billion on December 18, 2025, which raises facility fees going forward..
Open the filing on sec.gov (0001193125-26-264015)Size and leverage
Net assets$6.65B?
Borrowings$0?
Leveragedebt to equity0.00x?
Started2014-09-30?
What the manager charges
Management feeof net assets0.70%?
Expense cap0.75%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly (expected, at Board discretion)?
Share of the fund offered5.00%?
Notice required75 days?
Where distributions come from
Paid out of income0.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position1.40%?
Priced by the managerno market price available4.90%?
MostlyInformation Technology (26%)?
Who is involved
AdviserPantheon Ventures (US) LP?
AuditorKPMG LLP?
Valuedmonthly?
Independent valuation agentNo?
Deals with affiliatesYes?
Also worth knowing
- Unfunded commitments outstanding: 1,761,852,575 USD (26.5% of net assets) (Capital calls must be met on demand or the Fund forfeits investments; the $533 million money market position plus the undrawn $1.5 billion facility are the liquidity sources behind these commitments and behind any tender offers.)
- Credit facility upsized to $1.5 billion, undrawn all year but fees still paid: 12,275,481 USD of credit facility fees (0.23% of average net assets) (The facility was never drawn, yet commitment, structuring and agency fees cost investors 0.23% of assets; the December 2025 increase from $800 million to $1.5 billion means those fees will be larger in future periods even with no borrowing.)
- Duplicate fees inside the two subsidiaries, offset by waivers: 44,406,044 USD waived in FY2026 (Management and administration fees are charged at the Master Fund and at both wholly owned subsidiaries; only the waiver keeps the effective rate at 0.70% plus 0.20%. If the waiver lapsed, gross fees would be roughly double the net figure.)
- Underlying private fund fees are excluded from the cap and not quantified: 1.00%-2.00% management fee and approximately 10%-20% of net profits as carried interest at the Investment Funds terms, not an accrual (These are the second layer of costs an investor bears; they sit outside the 0.75% expense cap and outside the reported expense ratio, so the true all-in cost is materially higher than 1.18%.)
- Items excluded from the 0.75% expense cap: management fees, underlying fund fees and carried interest, transaction costs, interest, credit facility fees, taxes, extraordinary expenses, subsidiary audit, custody and administration fees (The cap does not limit the largest cost items, which is why net expenses ran at 1.41% of assets against a headline 0.75% cap.)
- Tax leakage through the Corporate Subsidiary blocker: 5,764,387 USD total income tax expense (current $12,714,782 expense, deferred $6,950,395 benefit) (Roughly 9.2% of net assets sit in a taxable blocker whose entity-level tax reduces returns and swings the reported expense ratio between 1.30% and 1.41% depending on unrealized gains.)
- Share of portfolio valued at underlying manager NAV rather than market prices: 5,754,271,490 USD (86.4% of total investments) (Most of the portfolio is priced off general partner statements, so monthly NAV, and therefore the price at which units are bought and repurchased, depends on third-party estimates that can be revised.)
- No unit repurchases during the fiscal year; growth entirely from new money: 37,347,836 units sold for $1,009,976,852 plus 5,457,249 units from reinvested distributions; no repurchases shown USD and units (The vehicle is in heavy inflow with no realized redemption experience in the period, so the liquidity mechanism at 5% quarterly tenders remains untested at the current asset size.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 5 filingsAdviser as valuation designee
Independent valuation firmunchanged, 5 filingsEngaged, name in filing
Valuation frequencychanged from Monthly · Mar 2026monthly
Structure
Legal structurechanged · Mar 2026LLC
Use of derivativesYes; options held ($2,807,264 at value)
Tax reporting formchanged from 1099 · Mar 2026K-1
Stated benchmarkunchanged, 5 filingsMSCI World Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-03-312026-06-09
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$6.65B
Total annual expenses, net of waiver1.41%
Total annual expenses, gross2.13%
Distributions exceed net investment incomeyes
Total return, 1 yearraised from 7.7% · Jun 20269.29%
Since inception, annualizedlowered from 12.2% · Mar 202611.78%
Level 1 inputs10.3%
Level 3 inputslowered from 5.4% · Jun 20264.9%
Offer dateOfferedRequestedAcceptedSource
2026-09-04···SC TO-I
2026-04-23···SC TO-I
2026-01-27···SC TO-I/A
2025-10-24···SC TO-I/A
2025-07-25···SC TO-I/A
2025-04-24···SC TO-I/A
2025-01-28···SC TO-I/A
2024-10-25···SC TO-I/A
2024-07-26···SC TO-I
2024-04-23···SC TO-I/A
2024-01-25···SC TO-I/A
2023-10-24···SC TO-I
2023-07-27···SC TO-I/A
2023-04-26···SC TO-I/A
2023-01-26···SC TO-I
2022-10-27···SC TO-I/A
2022-07-28···SC TO-I/A
2022-04-22···SC TO-I/A
2022-01-26···SC TO-I/A
2021-10-26···SC TO-I/A
2021-07-29···SC TO-I/A
2021-04-22···SC TO-I/A
2021-01-26···SC TO-I/A
2020-10-26···SC TO-I/A
2020-07-30···SC TO-I/A
2020-04-23···SC TO-I/A
2020-01-27···SC TO-I/A
2019-10-24···SC TO-I/A
2019-08-01···SC TO-I
2019-04-24···SC TO-I
2019-01-23···SC TO-I
2018-10-26···SC TO-I
2018-07-24···SC TO-I/A
2018-04-25···SC TO-I/A
2018-01-25···SC TO-I/A
2017-10-24···SC TO-I/A
2017-07-25···SC TO-I/A
2017-04-20···SC TO-I
2017-01-24···SC TO-I/A
2016-10-22···SC TO-I/A
2026-08-10SC TO-IIssuer tender offer2026-08-07SC TO-I/AAmended issuer tender offer2026-06-12N-CENAnnual census of service providers2026-06-09N-CSRAnnual shareholder report2026-04-06SC TO-I/AAmended issuer tender offer2026-03-23SC TO-IIssuer tender offer2026-01-07SC TO-I/AAmended issuer tender offer2025-12-22SC TO-IIssuer tender offer2025-12-08N-CSRSSemiannual shareholder report2025-10-07SC TO-I/AAmended issuer tender offer2025-09-22SC TO-IIssuer tender offer2025-07-08SC TO-I/AAmended issuer tender offer2025-06-23SC TO-IIssuer tender offer2025-06-09N-CSRAnnual shareholder report2025-04-04SC TO-I/AAmended issuer tender offer2025-03-24SC TO-IIssuer tender offer2025-01-07SC TO-I/AAmended issuer tender offer2024-12-23SC TO-IIssuer tender offer2024-12-09N-CSRSSemiannual shareholder report2024-10-04SC TO-I/AAmended issuer tender offer2024-09-23SC TO-IIssuer tender offer2024-07-05SC TO-I/AAmended issuer tender offer2024-06-24SC TO-IIssuer tender offer2024-06-10N-CSRAnnual shareholder report2024-04-05SC TO-I/AAmended issuer tender offer2024-03-21SC TO-IIssuer tender offer2024-01-05SC TO-I/AAmended issuer tender offer2023-12-20SC TO-IIssuer tender offer2023-10-04SC TO-I/AAmended issuer tender offer2023-09-20SC TO-IIssuer tender offer2023-07-07SC TO-I/AAmended issuer tender offer2023-06-23SC TO-IIssuer tender offer2023-04-07SC TO-I/AAmended issuer tender offer2023-03-24SC TO-IIssuer tender offer2023-01-06SC TO-I/AAmended issuer tender offer2022-12-21SC TO-IIssuer tender offer2022-10-04SC TO-I/AAmended issuer tender offer2022-09-23SC TO-IIssuer tender offer2022-07-08SC TO-I/AAmended issuer tender offer2022-06-24SC TO-IIssuer tender offer2022-04-08SC TO-I/AAmended issuer tender offer2022-03-22SC TO-IIssuer tender offer2022-01-06SC TO-I/AAmended issuer tender offer2021-12-21SC TO-IIssuer tender offer2021-10-04SC TO-I/AAmended issuer tender offer2021-09-22SC TO-IIssuer tender offer2021-07-09SC TO-I/AAmended issuer tender offer2021-06-25SC TO-IIssuer tender offer2021-04-08SC TO-I/AAmended issuer tender offer2021-03-22SC TO-IIssuer tender offer2021-01-08SC TO-I/AAmended issuer tender offer2020-12-21SC TO-IIssuer tender offer2020-10-09SC TO-I/AAmended issuer tender offer2020-09-22SC TO-IIssuer tender offer2020-07-08SC TO-I/AAmended issuer tender offer2020-06-26SC TO-IIssuer tender offer2020-04-07SC TO-I/AAmended issuer tender offer2020-03-23SC TO-IIssuer tender offer2020-01-09SC TO-I/AAmended issuer tender offer2019-12-20SC TO-IIssuer tender offer2019-10-04SC TO-I/AAmended issuer tender offer2019-09-20SC TO-IIssuer tender offer2019-07-05SC TO-I/AAmended issuer tender offer2019-06-28SC TO-IIssuer tender offer2019-04-12SC TO-I/AAmended issuer tender offer2019-03-22SC TO-IIssuer tender offer2019-01-10SC TO-I/AAmended issuer tender offer2018-12-19SC TO-IIssuer tender offer2018-10-05SC TO-I/AAmended issuer tender offer2018-09-24SC TO-IIssuer tender offer2018-07-06SC TO-I/AAmended issuer tender offer2018-06-20SC TO-IIssuer tender offer2018-04-09SC TO-I/AAmended issuer tender offer2018-03-23SC TO-IIssuer tender offer2018-01-16SC TO-I/AAmended issuer tender offer2017-12-20SC TO-IIssuer tender offer2017-10-06SC TO-I/AAmended issuer tender offer2017-09-20SC TO-IIssuer tender offer2017-07-07SC TO-I/AAmended issuer tender offer2017-06-21SC TO-IIssuer tender offer2017-04-06SC TO-I/AAmended issuer tender offer2017-03-22SC TO-IIssuer tender offer2017-01-03SC TO-I/AAmended issuer tender offer2016-12-21SC TO-IIssuer tender offer2016-09-22SC TO-IIssuer tender offer2014-05-28N-2Registration statement and prospectus
Request the six-factor report on AMG Pantheon Master Fund, LLC
A dated report covering performance, fees, liquidity, valuation, benchmarks, and complexity, with every value sourced to the filing it came from and the fund placed against its category. Built for the evaluation file an advisor keeps. Tell us what it is for and we will follow up with timing.
Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.