Pantheon International Plc (LON:PIN) has announced its Performance Update at 30 April 2025.
Share buybacks and Capital Allocation
In the current financial year, PIP has invested £50m in share buybacks which was the amount allocated by PIP’s Board for completion by 31 May 2025, and in the fourth quarter PIP invested £35m in share buybacks, which significantly exceeds the amount of cash deployed into new investments during the same period (as at 29 May 2025, the amount of cash deployed into new investments during the fourth quarter of PIP’s financial year was £5.0m).
In recognition of the continued wide discount on PIP’s shares, and the compelling value that this offers to shareholders, the Board has opted to allocate a further £10m to share buybacks from 1 June 2025 which will be deployed by the publication of the Company’s full year NAV in early July 2025. This brings the total amount allocated to share buybacks for the period from 28 March to early July to £45m, which is significantly greater than the amount that was due to be allocated under the Company’s Capital Allocation Policy, reflecting the Board’s continuing commitment to delivering for shareholders.
Performance Update at 30 April 2025
492.9p NAV per share
-1.7% NAV per share movement for the month
£2.2bn Net asset value
+81% Total NAV per share return (5Y)*
£1.3bn Market capitalisation
+38% Total shareholder return (5Y)*
£8.9m Net portfolio cash flow**
4.2x Financing cover***
Month to 30 April 2025
Pantheon International announced an unaudited net asset value (“NAV”) per share of 492.9p as at 30 April 2025, a decrease of -8.3p (-1.7%) from the NAV per share as at 31 March 2025.
In the month to 30 April 2025, valuation gains** were +1.1p (+0.2%), investment income** added +0.3p (+0.0%), foreign exchange movements** were -10.7p (-2.1%), share buybacks added +1.9p (+0.4%) and expenses and taxes**** were -0.9p (-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 30 April 2025, 6% of reported valuations are dated 30 April 2025 or later, 5% are dated 31 March 2025, 83% are dated 31 December 2024 and 6% are dated 30 September 2024. Of the 6% of valuations dated 30 April 2025 or later, 4.8% reflect the mark-to-market fair value adjustment for PIP’s listed company holdings.
At 30 April 2025, PIP’s private equity assets stood at £2,440m, whilst net available cash balances^ were £10m. The Asset Linked Note^^ (“ALN”) outstanding as at 30 April 2025 amounted to £22m. Undrawn commitments to investments stood at £705m as at 30 April 2025, calculated using exchange rates at that date. PIP maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 April 2025, £70m was drawn down under the credit facility and $150m (£112m GBP equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 7.7%.^^^^
Net Portfolio Cash Flow
PIP received distributions of £22.6m relative to £13.7m of calls from existing commitments to private equity funds. Therefore, PIP’s portfolio generated net cash of £8.9m during the month.
New Investments
Pantheon International made a £5.2m co-investment, alongside Arbor Investments, in Rubix Food, a US-based provider of custom flavours and functional ingredients for restaurants and food manufacturers.
Share Buybacks during the month
PIP invested £10.8m in share buybacks during the month, acquiring 3,910,747 shares at a weighted average price of 276.7p per share. This price represented an average discount of 44.9% 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 £43.1m as at 30 April 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.
^^^PIP 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 £396.4m as at 30 April 2025. As at 30 April 2025, PIP had drawn down £70.4m 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 PIP’s credit facility and note agreements. If the ALN is included, net debt to NAV was 8.6% as at 30 April 2025.
Annualised Performance as at 30 April 2025^^^^^
| 1 Year(% p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 0.7% | 3.3% | 12.5% | 12.4% | 11.6% |
| Ordinary share price | -15.8% | -4.5% | 6.7% | 7.8% | 10.2% |
| FTSE All-Share, TR | 7.5% | 7.0% | 10.9% | 5.8% | 7.5% |
| MSCI World TR, (£) | 5.6% | 9.3% | 13.2% | 11.5% | 8.5% |
^^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends and capital.
Discrete Performance as at 30 April 2025
| 30/04/2024- 30/04/2025 | 30/04/2023- 30/04/2024 | 30/04/2022- 30/04/2023 | 30/04/2021- 30/04/2022 | 30/04/2020- 30/04/2021 | |
| NAV per share | 0.7% | 8.1% | 1.2% | 33.5% | 22.8% |
| Ordinary share price | -15.8% | 29.8% | -20.4% | 19.2% | 33.2% |
| FTSE All-Share, TR | 7.5% | 7.5% | 6.0% | 8.7% | 25.9% |
| MSCI World TR, (£) | 5.6% | 19.4% | 3.6% | 6.9% | 33.0% |
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% |
