Pantheon: Kathryn Leaf Becoming CEO In 2025

By Amit Chowdhry • Mar 25, 2024

Pantheon (a leading specialist global private markets investor) announced that Kathryn Leaf will become CEO. This move reflects the ongoing evolution of the firm’s leadership structure and the increasing scale of its global business. Leaf will succeed Paul Ward, who will become Executive Chairman following a successful decade-plus tenure heading Pantheon through substantial growth and expansion. The transition will be effective from January 1, 2025, subject to regulatory approval.

Ward will step down following a 20-year career at Pantheon, joining as a VP in the private equity secondaries team in 2003. And in his 11 years as Managing Partner, Ward oversaw a period of significant expansion for Pantheon, including growth in discretionary AUM from approximately $24 billion to more than $62 billion, driven by the diversification of its business to include private equity, private credit, infrastructure and real estate, with an established, leading presence in global secondaries across its strategies.

Pantheon will continue to benefit from Ward’s expertise and experience as he transitions to a senior advisory role as Executive Chairman.

Plus, Jeff Miller, who has served as Co-Head of Investment alongside Leaf since 2022, will become Chief Investment Officer. Miller is also a 15-year veteran of the firm and currently serves as Global Head of Private Equity, and a member of the firm’s Executive Committee and Partnership Board. He was instrumental in the launch and growth of Pantheon’s private equity co-investment business, and its fast-growing private credit business.


“Kathryn has played a leading role developing our business during a critical period in our 40-year history, both in terms of the increasing scale and success of our diverse private market investment strategies, as well as our enhanced operating structure and growth trajectory. She is a trusted and seasoned private markets investor with a strong track record of innovation. I am very pleased that Kathryn will lead Pantheon through this next exciting phase of growth as we look to continue to deliver market-leading strategies to our investors.”

– Paul Ward

“Pantheon’s business is exceptionally well-positioned, with differentiated investment strategies underpinned by a talented, entrepreneurial team. I look forward to the ongoing partnership with our clients as we continue to pioneer new approaches to investing in private markets. Paul’s vision has made Pantheon a leader in private markets investing and in offering our innovative strategies to a wider range of global investors. I am excited to work alongside Jeff Miller and all of my colleagues at Pantheon to capitalize on our leadership as a secondaries specialist across asset classes, and continue to drive access to private markets for institutional and private wealth investors around the world.”

– Kathryn Leaf