The case discusses the strategy of Pantheon, a UK-based fund of funds investing in private equity. Client demands and preferences had changed in the aftermath of the 2008 global financial crisis and Pantheon had to adapt its business model to accommodate requests for new asset classes and customized portfolios. The challenge was to keep an eye on the fee structure, as clients also put pressure on the costs. Pantheon had extended its offer into infrastructure, real assets, and private debt, and had found a way to offer customized portfolio solutions at an acceptable cost level, but the very long-term nature of private asset classes was making it difficult to assess the success of this strategic turnaround.