The Fund's investment objective is to seek long-term capital appreciation. The Fund invests substantially all of its assets in AMG Pantheon Master Fund, LLC, which invests primarily in private equity of any type: primary and secondary investments in private equity, infrastructure and other private asset funds, and co-investments in portfolio companies alongside those funds. To date the private equity portfolio has been invested primarily in co-investments and secondaries. The Master Fund holds ETFs, cash and short-term investments for liquidity and capital calls, may use equity options and swaps for hedging, and uses a revolving credit facility for repurchases, capital calls and temporary liquidity.