Performance Update at 28 February 2026
26/03/2026 07:01
RNS Number : 1542Y
Pantheon International PLC
26 March 2026
26 March 2026
For immediate release
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.
Pantheon International Plc
("PIN" or the "Company")
Performance Update at 28 February 2026
Distribution Pool and Share Buybacks
The Board remains committed to buying back the Company's shares when discounts are wide to take advantage of the compelling value on offer.
During the month, PIN invested £8.3m in share buybacks, repurchasing 2,273,144 shares at a weighted average price of 365.9p per share. This price reflected an average discount of 28.1% to the prevailing net asset value (NAV) per share at the time of the transactions.
PIN has established a Distribution Pool with an opening balance of £60.0m. In the financial year to date, a further £4.4m has been allocated to the Distribution Pool, which is equivalent to 20% of the gross distributions received during the period. Share buybacks completed in the nine months to 28 February 2026 were £61.5m. The Distribution Pool balance as at 28 February 2026 was £51.3m, providing a strong source of liquidity to support PIN's active capital management and allocation policies.
Performance Update at 28 February 2026
519.1p NAV per share
+3.1% NAV per share movement for the month
£2.2bn Net asset value
+65% Total NAV per share return (5Y)*
£1.5bn Market capitalisation
+47% Total shareholder return (5Y)*
£14.5m Net portfolio cash flow**
4.5x Financing cover***
Month to 28 February 2026
PIN announced an unaudited net asset value ("NAV") per share of 519.1p as at 28 February 2026, an increase of +15.6p (+3.1%) from the NAV per share as at 31 January 2026.
In the month to 28 February 2026, valuation movements** were +6.6p (+1.3%), investment income** added +0.1p (+0.0%), foreign exchange movements** were +9.2p (+1.9%), share buybacks added +0.7p (+0.1%) and expenses and taxes**** were -1.0p (-0.2%).
PIN's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIN has holdings. In the case of PIN's valuation as at 28 February 2026, 7% of reported valuations are dated 28 February 2026 or later, 32% are dated 31 December 2025, 59% are dated 30 September 2025 and 2% are dated 30 June 2025. Of the 7% of valuations dated 28 February 2026 or later, 4.8% reflect the mark-to-market fair value adjustment for listed company holdings.
At 28 February 2026, PIN's private equity assets stood at £2,451m, whilst net available cash balances^ were £23m. The Asset Linked Note^^ ("ALN") outstanding as at 28 February 2026 amounted to £20m. Undrawn commitments to investments stood at £647m as at 28 February 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 28 February 2026, £111m was drawn down under the credit facility and $150m (£111m GBP equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 8.9%.^^^^
Net Portfolio Cash Flow
PIN received distributions of £22.1m relative to £7.6m of calls from existing commitments to private equity funds. Therefore, PIN's portfolio generated net cash of £14.5m during the month.
New Investments
PIN made £11.7m in new commitments during the month, comprised of:
· a £4.8m co-investment alongside Arbor Partners in Furlani, a North American bakery specialising in garlic bread, garlic toast and breadsticks.
· a £6.9m co-investment alongside Hg in OneStream, a global provider of enterprise software specialising in financial planning & analysis.
Nine months ended 28 February 2026
Performance
The unaudited NAV per share of 519.1p as at 28 February 2026 is an increase of +22.6p (+4.6%) relative to the NAV per share as at 31 May 2025. Valuation movement* added +14.5p (+2.9%), investment income* added +4.4p (+0.9%), foreign exchange movements* were +6.1p (+1.3%), share buybacks added +6.5p (+1.3%) and expenses and taxes**** were -8.9p (-1.8%).
Portfolio Net Cash Flow
PIN achieved an annualised distribution rate of 15% during the period, with £263.9m of distributions versus £130.2m of calls, generating net portfolio cash flow of £133.7m.
New Commitments
PIN made 11 new investments during the nine months ended 28 February 2026, amounting to £125.2m in new commitments. These commitments were to four primary funds (£66.5m), three manager-led secondaries (£34.7m) and four co-investments (£24.0m).
Share Buybacks
During the nine months ended 28 February 2026, PIN invested £61.5m in share buybacks, acquiring 17,875,057 shares at a weighted average price of 344.3p per share. This price represented an average discount of 32.0% to the prevailing NAV per share at the time of the transactions.
*Based on the change in the NAV per share and ordinary share price over the period.
**Figures are stated net of movements associated with the ALN share of the reference portfolio. Valuation movement includes the mark-to-market fair value adjustment of listed company holdings.
***Ratio of net available cash, portfolio value and undrawn credit facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £36.8m as at 28 February 2026.
****Operating expenses, financing costs and withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds.
^^^ PIN maintains a £400m multi-currency credit facility. The overall credit facility comprises facilities of US$402.3m and €115.2m and had a sterling equivalent value of £400.4m as at 28 February 2026. As at 28 February 2026, PIN had drawn down £111.1m of the credit facility.
^^^^Net debt calculated as borrowings (excluding the outstanding balance of the Asset Linked Note) less net available cash. The ALN is not considered in the calculation of gross borrowings or the loan-to-value ratio, as defined in PIN's credit facility and note agreements. If the ALN is included, net debt to NAV was 9.8% as at 28 February 2026.
Annualised Performance as at 28 February 2026^^^^^
| 1 Year (% p.a.) | 3 Years (% p.a.) | 5 Years (% p.a.) | 10 Years (% p.a.) | Since Inception (% p.a.) | |
| NAV per share | 3.1% | 3.9% | 10.5% | 11.5% | 11.5% |
| Ordinary share price | 9.4% | 10.7% | 8.0% | 11.6% | 10.6% |
| FTSE All-Share, TR | 27.3% | 14.9% | 13.5% | 9.6% | 8.1% |
| MSCI World TR, (£) | 14.1% | 17.0% | 13.9% | 14.3% | 8.9% |
| 28/02/2025 - 28/02/2026 | 29/02/2024 - 28/02/2025 | 28/02/2023 - 29/02/2024 | 28/02/2022 - 28/02/2023 | 28/02/2021 - 28/02/2022 | |
| NAV per share | 3.1% | 4.1% | 4.4% | 11.0% | 32.4% |
| Ordinary share price | 9.4% | 3.2% | 20.3% | -13.1% | 24.6% |
| FTSE All-Share, TR | 27.3% | 18.4% | 0.6% | 7.3% | 16.0% |
| MSCI World TR, (£) | 14.1% | 16.7% | 20.2% | 3.2% | 15.9% |
| Company | Country | Sector | % of portfolio |
| Action | Netherlands | Consumer | 1.4% |
| Visma | Norway | Information Technology | 1.4% |
| Kaseya | Switzerland | Information Technology | 1.3% |
| Smile Doctors | USA | Healthcare | 1.1% |
| Valantic | Germany | Information Technology | 0.9% |
| Manager | Region | % of portfolio |
| Insight Partners | USA | 6.5% |
| Index Ventures | Global | 5.1% |
| HgCapital | Europe | 4.4% |
| Advent International Group | Global | 2.7% |
| IK Investment Partners | Europe | 2.6% |