REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

26/09/2025 07:05

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RNS Number : 9130A  Pantheon International PLC  26 September 2025

For immediate release

The information contained in this announcement is restricted and is not for
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distribution is or may be unlawful.

Pantheon International Plc

("PIN" or the "Company")

Performance Update at 31 August 2025

 

Share buybacks and Capital Allocation

During the month, PIN invested £5.2m in share buybacks, repurchasing
1,588,831 shares at a weighted average price of 327.3 pence per share. This
price reflected an average discount of 33.7% to the prevailing net asset value
(NAV) per share at the time of the transactions. In the financial year to
date, the Company has invested £29m in share buybacks.

As announced on 17 September 2025, PIN has enhanced its capital allocation
policy and 20% of gross distributions will be allocated to a distribution
pool.

PIN has allocated £75m to launch the distribution pool, including £15m which
is equivalent to 20% of the gross distributions received during the first
quarter of this financial year. The pool will be deployed over time at the
Board's discretion in the interests of shareholders, taking into account the
prevailing level of discount, market conditions and the Board's restricted
appetite for increased use of overall leverage

 

Performance Update at 31 August 2025

510.8p                   NAV per share

+0.1%                    NAV per share movement for the
month

£2.3bn                  Net asset value

+79%                     Total NAV per share return
(5Y)*

£1.5bn                  Market capitalisation

+46%                     Total shareholder return (5Y)*

£1.7m                    Net portfolio cash flow**

4.2x                        Financing cover***

 

Month to 31 August 2025

PIN announced an unaudited net asset value ("NAV") per share of 510.8p as at
31 August 2025, an increase of +0.4p (+0.1%) from the NAV per share as at 31
July 2025.

In the month to 31 August 2025, valuation gains** were +7.9p (+1.5%),
investment income** added +0.2p (+0.0%), foreign exchange movements** were
-7.5p (-1.3%), share buybacks added +0.7p (+0.1%) and expenses and taxes****
were -0.9p (-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 August 2025, 6% of reported valuations
are dated 31 August 2025 or later, 82% are dated 30 June 2025, 10% are dated
31 March 2025 and 2% are dated 31 December 2024. Of the 6% of valuations dated
31 August 2025 or later, 5.2% reflect the mark-to-market fair value adjustment
for PIN's listed company holdings.

At 31 August 2025, PIN's private equity assets stood at £2,496m, whilst net
available cash balances^ were £14m. The Asset Linked Note^^ ("ALN")
outstanding as at 31 August 2025 amounted to £22m. Undrawn commitments to
investments stood at £698m as at 31 August 2025, calculated using exchange
rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 31 August 2025, £121m 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 9.7%.^^^^

Net Portfolio Cash Flow

PIN received distributions of £15.4m relative to £13.7m of calls from
existing commitments to private equity funds. Therefore, PIN's portfolio
generated net cash of £1.7m during the month.

New Investments

Although the Company made no significant new commitments during the month,
PIN's pipeline points to an active period for new commitments in the months
ahead.

Quarter to 31 August 2025

Performance

The unaudited NAV per share of 510.8p as at 31 August 2025 is an increase of
+14.3p (+2.9%) relative to the NAV per share as at 31 May 2025. Valuation
gains* added +11.2p (+2.3%), investment income* added +0.9p (+0.2%), foreign
exchange movements* were +2.5p (+0.5%), share buybacks added +2.5p (+0.5%) and
expenses and taxes**** were -2.8p (-0.6%).

Portfolio Net Cash Flow

PIN received distributions of £76.4m relative to £47.5m of calls from
existing commitments to private equity funds. Therefore, PIN's portfolio
generated net cash of £28.9m during the quarter.

New Commitments

PIN made five new investments during the quarter ended 31 August 2025,
amounting to £77.1m in new commitments. These commitments were to two primary
funds (£45.6m), two manager-led secondaries (£24.6m) and one co-investment
(£6.9m).

Share Buybacks

During the quarter ended 31 August 2025, PIN invested £19.2m in share
buybacks, acquiring 6,069,685 shares at a weighted average price of 316.2p per
share. This price represented an average discount of 35.9% 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 £37.3m as
at 31 August 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 £393.8m as at 31 August 2025. As at 31 August 2025, PIN
had drawn down £121.4m 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 10.6% as at 31 August 2025.

 

Annualised Performance as at 31 August 2025^^^^^

 

                       1 Year     3 Years    5 Years    10 Years   Since Inception

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

 NAV per share         5.3%       2.2%       12.4%      12.3%      11.6%
 Ordinary share price  3.0%       6.7%       7.9%       10.0%      10.5%
 FTSE All-Share, TR    12.6%      11.5%      12.2%      7.6%       7.7%
 MSCI World TR, (£)    13.0%      13.3%      13.2%      13.7%      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 August 2025

 

                       31/08/2024- 31/08/2025  31/08/2023- 31/08/2024  31/08/2022- 31/08/2023  31/08/2021- 31/08/2022  31/08/2020- 31/08/2021
 NAV per share         5.3%                    5.7%                    -4.1%                   23.2%                   36.4%
 Ordinary share price  3.0%                    14.7%                   3.0%                    -6.2%                   28.2%
 FTSE All-Share, TR    12.6%                   17.0%                   5.2%                    1.0%                    26.9%
 MSCI World TR, (£)    13.0%                   20.5%                   6.7%                    0.9%                    26.8%

 

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 August 2025

 

 Manager                     Region  % of portfolio
 Insight Venture Partners    USA     6.2%
 Index Ventures              Global  4.6%
 HgCapital                   Europe  4.1%
 IK Investment Partners      Europe  2.6%
 Advent International Group  Global  2.6%

 

Monthly Report

The August 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

Follow us on
LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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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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