Pantheon International Plc (LON:PIN) announced an unaudited net asset value (NAV) per share of 517.9p as at 31 May 2026, an increase of +5.9p (+1.2%) from the NAV per share as at 30 April 2026.
Performance Update at 31 May 2026
517.9p NAV per share
+1.2% NAV per share movement for the month
£2.1bn Net asset value
+50% Total NAV per share return (5Y)*
£1.7bn Market capitalisation
+50% Total shareholder return (5Y)*
£16.5m Net portfolio cash flow**
4.5x Financing cover***
Month to 31 May 2026
In the month to 31 May 2026, valuation movements** were +0.6p (+0.1%), investment income** added +0.2p (+0.0%), foreign exchange movements** were +3.5p (+0.8%), share buybacks added +2.6p (+0.5%) and expenses and taxes**** were -1.0p (-0.2%).
Pantheon International Plc’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which Pantheon International Plc has holdings. In the case of Pantheon International Plc’s valuation as at 31 May 2026, 7% of reported valuations are dated 31 May 2026, 76% are dated 31 March 2026, 12% are dated 31 December 2025, 5% are dated 30 September 2025. Of the 7% of valuations dated 31 May 2026 or later, 4.6% reflect the mark-to-market fair value adjustment for listed company holdings.
As at 31 May 2026, Pantheon International Plc’s private equity assets stood at £2,365m, whilst net available cash balances^ were £25m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 May 2026 amounted to £17m. Undrawn commitments to investments stood at £625m as at 31 May 2026, calculated using exchange rates at that date. Pantheon International Plc maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 May 2026, £112m 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 9.2%.^^^^
Net Portfolio Cash Flow
Pantheon International Plc received distributions of £27.7m relative to £11.2m of calls from existing commitments to private equity funds. Therefore, Pantheon International Plc’s portfolio generated net cash of £16.5m during the month.
New Investments
Pantheon International Plc made £38.5m in new commitments during the month, comprised of:
- A £14.8m primary commitment to Water Street Healthcare Partners VI, a North American mid-market buyout fund focused on healthcare companies operating across medical products and diagnostics, pharmaceutical and life sciences, and healthcare services.
- A £11.0m primary commitment to Index Ventures XIII, and a £4.7m primary commitment to Index Origin Fund III. Both global venture funds are focused on fintech, consumer, gaming and enterprise software.
- A £8.0m co-investment alongside Five Arrows Principal Investments in n2y, a cloud-based curriculum and workflow solutions provider to the special education market in the USA.
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 value on offer.
Pantheon International Plc has established a Distribution Pool with an opening balance of £60.0m. During the financial year ended 31 May 2026, a further £78.3m was allocated to the Distribution Pool, representing 20% of the gross distributions received during the period. In May, Pantheon International Plc announced the sale of a targeted portfolio of assets in the secondary market, generating proceeds of £224.0m. Of these proceeds, 80% (£180.0m) have been allocated to the Distribution Pool and will be used for share buybacks.
During the month, Pantheon International Plc invested £38.0m in share buybacks, repurchasing 9,579,085 shares at a weighted average price of 396.6p per share. This price reflected an average discount of 25.3% to the prevailing net asset value (NAV) per share at the time of the transactions. Share buybacks completed in the financial year ended 31 May 2026 were £118.4m with 32,664,320 shares acquired at a weighted average price of 362.5p per share. This price represented an average discount of 29.5% to the prevailing NAV per share at the time of the transactions.
The Distribution Pool balance as at 31 May 2026 was £199.9m, providing a strong source of liquidity to support Pantheon International Plc’s active capital management and allocation policies.
Year to 31 May 2026
Performance
The unaudited NAV per share of 517.9p as at 31 May 2026 is an increase of 21.4p (+4.3%) relative to the NAV per share as at 31 May 2025. Valuation movements** added +13.3p (+2.7%), investment income** added +5.3p (+1.1%), foreign exchange movements** were +3.5p (+0.7%), share buybacks added +11.1p (+2.2%) and expenses and taxes**** were -11.8p (-2.4%).
Highlights
During the period, Pantheon International Plc’s annualised distribution rate was 16%, with £391.5m of distributions received. There were £176.6m of calls during the period. Therefore, Pantheon International Plc’s portfolio generated net cash flow of £214.9m.
During the year, Pantheon International Plc announced a significant step forward in the execution of its strategy: a targeted sale of assets in the secondary market, generating proceeds of £224.0m, of which at least 80% will be used for share buybacks to enhance shareholder value and generate liquidity. At the time of writing, 95% of the proceeds have been received.
New Investments
Pantheon International Plc made 16 new investments during the year ended 31 May 2026, amounting to £168.7m in new commitments. These commitments were to seven primary funds (£97.0m), six co-investments (£37.0m) and three manager-led secondaries (£34.7m).
Annualised Performance as at 31 May 2026
| 1 Year(% p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 4.3% | 3.9% | 8.5% | 11.5% | 11.4% |
| Ordinary share price | 37.5% | 14.4% | 8.4% | 12.1% | 10.9% |
| FTSE All-Share, TR | 21.6% | 15.4% | 10.8% | 8.9% | 8.0% |
| MSCI World TR, (£) | 28.0% | 19.0% | 13.7% | 14.5% | 9.1% |
Discrete Performance as at 31 May 2026
| 31/05/2025 – 31/05/2026 | 31/05/2024 – 31/05/2025 | 31/05/2023 – 31/05/2024 | 31/05/2022 – 31/05/2023 | 31/05/2021 – 31/05/2022 | |
| NAV per share | 4.3% | 1.2% | 6.1% | 2.4% | 31.0% |
| Ordinary share price | 37.5% | -9.2% | 19.9% | -8.0% | 8.6% |
| FTSE All-Share, TR | 21.6% | 9.4% | 15.4% | 0.4% | 8.3% |
| MSCI World TR, (£) | 28.0% | 7.8% | 22.2% | 4.3% | 7.8% |
*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. The year to 31 May 2026 valuation movements include the impact of the secondary asset sale that was announced in May for completion in June.
***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 £30.1m as at 31 May 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.
^^^ Pantheon International Plc 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 £398.2m as at 31 May 2026. As at 31 May 2026, Pantheon International Plc had drawn down £112.1m 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 Pantheon International Plc’s credit facility and note agreements. If the ALN is included, net debt to NAV was 10.0% as at 31 May 2026.
^^^^^Pantheon International Plc was launched on 18 September 1987. The performance figures for Pantheon International Plc include the effects of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable.
Largest Holdings
Largest companies by value as at 28 February 2026
| Company | Country | Sector | % of portfolio |
| Visma Group | Norway | Information Technology | 1.4% |
| Action | Netherlands | Consumer | 1.4% |
| Kaseya | Switzerland | Information Technology | 1.2% |
| Smile Doctors | USA | Healthcare | 1.0% |
| Valantic | Germany | Information Technology | 1.0% |
Largest managers by value as at 31 May 2026
| Manager | Region | % of portfolio |
| Insight Partners | USA | 5.7% |
| Index Ventures | Global | 4.9% |
| HgCapital | Europe | 4.6% |
| Advent International | Global | 2.6% |
| IK Investment Partners | Europe | 2.6% |
Foreign Exchange Exposure
At 31 May 2026, the value of the private equity investment assets stood at £2,365m. Of the private equity investment assets at Pantheon International Plc’s holding level, 78% were represented by funds reporting values denominated in US dollars, 18% denominated in euros, and 4% denominated in sterling currencies.
Of the 78% of investment assets denominated in US dollars, approximately 9% (expressed as a proportion of Pantheon International Plc’s total portfolio) are invested in funds investing mainly in Europe and approximately 5% (expressed as a proportion of Pantheon International Plc’s total portfolio) in funds investing mainly in Asia.
As 31 May 2026, the GBP/USD exchange rate was 1.3478 and the GBP/EUR exchange rate was 1.1550.
On 30 June 2026, Pantheon International Plc published its 2025 Sustainability Report, which can be accessed by clicking here Pantheon-International-Report-2025.pdf
Monthly Report
