Pantheon International Plc (LON:PIN) recognises that the discount on PIP’s shares continues to be wide and this has been further exacerbated by market volatility. As set out in recent Chair’s Statements, step three of the Company’s three-step corporate programme focuses on stimulating demand for PIP’s shares through a number of initiatives. These initiatives form part of the Board’s objective to narrow the discount and are underpinned by their priority of continuing to put shareholders first. The Board remains confident in the valuations reported by our underlying private equity managers and the quality of its underlying portfolio. In order to capture the compelling value offered by the discount, the Company announced on 28 March 2025 that the Board had allocated a further £35.0m to share buybacks, to be deployed by 31 May 2025, bringing the aggregate share buyback allocation for the financial year-to-date to £50.0m. The allocation to share buybacks in the financial year-to-date is significantly greater than the amount that was due to be allocated under the Company’s Capital Allocation Policy (CAP), reflecting the Board’s continuing commitment to delivering for shareholders.
As at 23 April 2025, of the £50.0m allocated to share buybacks in the current financial year, PIP has invested a total of £20.2m. The amount of cash committed to share buybacks during the fourth quarter of PIP’s financial year (£35.0m) significantly exceeds the amount of cash deployed into new investments during the same period. As at 23 April 2025, the amount of cash deployed into new investments during the fourth quarter of PIP’s financial year was £5.0m.
Performance Update at 31 March 2025
501.2p NAV per share
-0.5% NAV per share movement for the month
£2.3bn Net asset value
+79% Total NAV per share return (5Y)*
£1.4bn Market capitalisation
+79% Total shareholder return (5Y)*
£8.0m Net portfolio cash flow**
4.1x Financing cover***
Month to 31 March 2025
Pantheon International announced an unaudited net asset value (“NAV”) per share of 501.2p as at 31 March 2025, a decrease of -2.4p (-0.5%) from the NAV per share as at 28 February 2025.
In the month to 31 March 2025, valuation gains** were +6.3p (+1.3%), investment income** added +0.2p (+0.0%), foreign exchange movements** were -8.6p (-1.7%), share buybacks added +0.5p (+0.1%) and expenses and taxes**** were -0.8p (-0.2%).
PIP’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP’s valuation as at 31 March 2025, 6% of reported valuations are dated 31 March 2025 or later, 81% are dated 31 December 2024, 13% are dated 30 September 2024. Of the 6% of valuations dated 31 March 2025 or later, 5.1% reflect the mark-to-market fair value adjustment for PIP’s listed company holdings.
At 31 March 2025, PIP’s private equity assets stood at £2,494m, whilst net available cash balances^ were £21m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 March 2025 amounted to £22m. Undrawn commitments to investments stood at £734m as at 31 March 2025, calculated using exchange rates at that date. PIP maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 March 2025, £73m was drawn down under the credit facility and $150m (£116m GBP equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 7.3%.^^^^
Net Portfolio Cash Flow
PIP received distributions of £24.2m relative to £16.2m of calls from existing commitments to private equity funds. Therefore, PIP’s portfolio generated net cash of £8.0m during the month.
New Investments
PIP made a total of £45.2m of commitments during the month.
· A £7.6m co-investment, alongside Lovell Minnick Partners, in Fortis Payments, a US-based payment processing software company. Of the £7.6m committed, £5.0m was funded at the time of completion.
· A primary commitment of £19.1m to Hg Saturn 4, a European buyout fund focusing on investing in the software and services sector.
· A primary commitment of £9.1m to ChrysCapital X, a growth fund focused on small and mid-market companies in India.
· Primary commitments, amounting to £9.4m in total, to three Lightspeed Venture Partners funds. Lightspeed Venture Capital Partners invests in disruptive technology companies globally.
Share Buybacks during the month
PIP invested £3.5m in share buybacks during the month, acquiring 1,124,776 shares at a weighted average price of 307.5p per share. This price represented an average discount of 39.5% 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 £43.8m as at 31 March 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.
^^^Pantheon International 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 £404.8m as at 31 March 2025. As at 31 March 2025, PIP had drawn down £72.8m 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 PIP’s credit facility and note agreements. If the ALN is included, net debt to NAV was 8.2% as at 31 March 2025.
Annualised Performance as at 31 March 2025^^^^^
| 1 Year(% p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 2.7% | 5.2% | 12.4% | 12.2% | 11.7% |
| Ordinary share price | -6.1% | -1.6% | 12.3% | 8.3% | 10.4% |
| FTSE All-Share, TR | 10.5% | 7.2% | 12.0% | 6.2% | 7.5% |
| MSCI World TR, (£) | 5.2% | 8.8% | 15.7% | 11.6% | 8.6% |
^^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends and capital.
Discrete Performance as at 31 March 2025
| 31/03/2024- 31/03/2025 | 31/03/2023- 31/03/2024 | 31/03/2022- 31/03/2023 | 31/03/2021- 31/03/2022 | 31/03/2020- 31/03/2021 | |
| NAV per share | 2.7% | 6.9% | 5.9% | 31.6% | 17.2% |
| Ordinary share price | -6.1% | 36.6% | -25.8% | 19.8% | 56.3% |
| FTSE All-Share, TR | 10.5% | 8.4% | 2.9% | 13.0% | 26.7% |
| MSCI World TR, (£) | 5.2% | 23.1% | -0.5% | 15.9% | 39.1% |
Largest Holdings
Largest companies by value as at 28 February 2025
| Company | Country | Sector | % of portfolio |
| Kaseya | Switzerland | Information Technology | 1.3% |
| Visma | Norway | Information Technology | 1.2% |
| Action | Netherlands | Consumer | 1.2% |
| Smile Doctors | USA | Healthcare | 0.9% |
| John Staurulakis | USA | Industrials | 0.9% |
Largest managers by value as at 28 February 2025
| Manager | Region | % of portfolio |
| Insight Partners | USA | 6.5% |
| Index Ventures | Global | 4.1% |
| HgCapital | Europe | 3.8% |
| Providence Equity Partners | USA | 3.1% |
| Parthenon Capital | USA | 2.6% |
Monthly Report
