REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

29/08/2025 07:02

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RNS Number : 1304X  Pantheon International PLC  29 August 2025

29 August 2025

 

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The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, Canada,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 31 July 2025

 

Share buybacks and Capital Allocation

 

During the month, PIN invested £7.0m in share buybacks, repurchasing
2,172,766 shares at a weighted average price of 321.1p per share. This price
reflected an average discount of 35.0% to the prevailing net asset value (NAV)
per share at the time of the transactions.

 

In recognition of the continued wide discount on PIN's shares and in light of
currently anticipated cash flows, the Board has allocated £30m to share
buybacks to be deployed between 1 June 2025 and the August NAV publication
date, which is expected to be in September. To date, the Company has invested
£19m of the £30m that has been allocated to share buybacks in this financial
year.

 

Performance Update at 31 July 2025

 

510.4p                         NAV per share

+3.7%                          NAV per share movement
for the month

£2.3bn                         Net asset value

+87%                           Total NAV per share
return (5Y)*

£1.4bn                        Market capitalisation

+60%                           Total shareholder
return (5Y)*

£8.6m                          Net portfolio cash
flow**

4.0x                             Financing
cover***

 

Month to 31 July 2025

 

PIN announced an unaudited net asset value ("NAV") per share of 510.4p as at
31 July 2025, an increase of 18.1p (+3.7%) from the NAV per share as at 30
June 2025.

 

In the month to 31 July 2025, valuation gains** were +4.2p (+0.9%), investment
income** added +0.2p (+0.0%), foreign exchange movements** were +13.9p
(+2.8%), share buybacks added +0.8p (+0.2%) 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 31 July 2025, 14% of reported valuations are
dated 30 June 2025 or later, 80% are dated 31 March 2025, 6% are dated 31
December 2024. Of the 14% of valuations dated 30 June 2025 or later, 5.4%
reflect the mark-to-market fair value adjustment for PIN's listed company
holdings.

 

At 31 July 2025, PIN's private equity assets stood at £2,498m, whilst net
available cash balances^ were £4m. The Asset Linked Note^^ ("ALN")
outstanding as at 31 July 2025 amounted to £21m. Undrawn commitments to
investments stood at £732m as at 31 July 2025, calculated using exchange
rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 31 July 2025, £105m was drawn down under the
credit facility and $150m (£113m GBP equivalent as at month end) of private
placement notes were outstanding, resulting in a net debt to NAV ratio of
9.5%.^^^^

Net Portfolio Cash Flow

PIN received distributions of £23.1m relative to £14.5m of calls from
existing commitments to private equity funds. Therefore, PIN's portfolio
generated net cash of £8.6m during the month.

 

New Investments

 

PIN made a total of £47.3m of commitments during the month. These consisted
of:

·      £6.9m in a co-investment with Shamrock Capital Advisors
in Penta Group, a US-based communications and intelligence firm.

·      £16.8m in a manager-led secondary transaction alongside Five
Arrows, investing in six companies: Calypso - an education technology company
based in North America; Alpina Group - an insurance distribution platform in
the Benelux region; Radiologie - a radiology clinic group in Germany; Centric
Health - Ireland's largest primary care GP network; Opus 2 - a UK-based
provider of legal software and services; and iad - a French provider of real
estate software.

·      A £23.6m primary commitment to Hg Genesis 11, a European
buyout fund focused on software and services companies across Europe.

 

 

*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 £41.4m as
at 31 July 2025.

****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$393.0m and €120.0m and had a sterling
equivalent value of £400.8m as at 31 July 2025. As at 31 July 2025, PIN had
drawn down £105.0m 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 10.4% as at 31 July 2025.

 

Annualised Performance as at 31 July 2025^^^^^

 

                       1 Year     3 Years    5 Years    10 Years   Since Inception

                       (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)

 NAV per share         5.0%       2.8%       13.4%      12.7%      11.6%
 Ordinary share price  0.5%       8.0%       9.9%       9.6%       10.5%
 FTSE All-Share, TR    12.1%      10.5%      12.5%      6.9%       7.7%
 MSCI World TR, (£)    12.8%      13.2%      14.1%      13.0%      8.8%

^^^^^PIN was launched on 18 September 1987. The performance figures for PIN
includes the effects of share repurchases, dividends, share splits, capital
repayments and warrants. NAV figure based upon adjusted NAV per share where
applicable.

Discrete Performance as at 31 July 2025

 

                       31/07/2024 - 31/07/2025  31/07/2023 - 31/07/2024  31/07/2022 - 31/07/2023  31/07/2021 - 31/07/2022  31/07/2020 - 31/07/2021
 NAV per share         5.0%                     7.4%                     -3.6%                    32.8%                    29.8%
 Ordinary share price  0.5%                     23.1%                    1.7%                     -0.4%                    27.8%
 FTSE All-Share, TR    12.1%                    13.5%                    6.1%                     5.5%                     26.6%
 MSCI World TR, (£)    12.8%                    19.1%                    7.9%                     4.3%                     28.1%

 

Largest Holdings

 

Largest companies by value as at 31 May 2025(†)

 

 Company        Country      Sector                  % of portfolio
 Kaseya         Switzerland  Information Technology  1.3%
 Visma          Norway       Information Technology  1.3%
 Action         Netherlands  Consumer                1.3%
 Smile Doctors  USA          Healthcare              1.1%
 Valantic       Germany      Information Technology  1.0%

 

†The schedule showing largest companies by value was adjusted to reflect
post period distributions.

 

Largest managers by value as at 31 May 2025

 

 Manager                     Region  % of portfolio
 Insight Partners            USA     6.5%
 Index Ventures              Global  4.4%
 HgCapital                   Europe  4.1%
 Parthenon Capital           USA     3.1%
 Providence Equity Partners  USA     3.0%

 

Monthly Report

 

The July 2025 newsletter can be accessed on PIN's website at www.piplc.com
(http://www.piplc.com) in the Investor Relations section under the heading
"Newsletters".

 

This announcement contains inside information.

 

Ends

 

LEI: 2138001B3CE5S5PEE928

 

For more information please visit PIN's website at www.piplc.com or contact:

 

Pantheon

Helen Steers MBE / Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

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NOTES

 

PIN

PIN is a listed FTSE 250 private equity investment trust, overseen by
an independent Board of Directors and managed by Pantheon, one of the leading
private equity investment managers globally. PIN offers investors a liquid,
differentiated entry point to the excellent growth potential of global private
equity, with access to the primary, secondary and co-investment opportunities
of some of the best managers in the world. The Company has a track record of
NAV outperformance over the long term and manages risk strategically through
diversification and rigorous selection based on Pantheon's extensive
experience and international platform, and robust investment due diligence and
decision-making processes.

 

Pantheon

PIN is managed and advised by Pantheon, a specialist global private markets
investor. Pantheon has been at the forefront of private markets investing for
more than 40 years, earning a reputation for providing innovative solutions
covering the full lifecycle of investments, across private equity, real assets
and private credit. The firm has partnered with more than 740 clients, with
approximately $75.7bn in discretionary assets under management (as at 31 March
2025).

 

Important Information

A copy of this announcement will be available on the Company's website at
www.piplc.com (http://www.piplc.com) . Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published by means of a recognised
information service, should any such content be relied upon in reaching a
decision as to whether or not to acquire, continue to hold, or dispose of,
securities in the Company.

John Singer CBE

Chair, Pantheon International Plc

Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS

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