Pantheon International Plc (LON:PIN) has announced its performance update at 31 July 2026:
Performance Update at 31 July 2026
521.3p NAV per share
-0.9% NAV per share movement for the month
£2.0bn Net asset value
+47% Total NAV per share return (5Y)*
£1.5bn Market capitalisation
+52% Total shareholder return (5Y)*
-£0.9m Net portfolio cash flow**
4.2x Financing cover***
Month to 31 July 2026
In the month to 31 July 2026, valuation movements** were -0.1p (-0.0%), investment income** added +0.1p (+0.0%), foreign exchange movements** were -5.9p (-1.2%), share buybacks added +2.4p (+0.5%) and expenses and taxes**** were -0.9p (-0.2%).
Pantheon International’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which it has holdings. In the case of Pantheon International’s valuation as at 31 July 2026, 8% of reported valuations are dated 31 July 2026, 5% are dated 30 June 2026, 80% are dated 31 March 2026, 7% are dated 31 December 2025. Of the 8% of valuations dated 31 July 2026 or later, 4.2% reflect the mark-to-market fair value adjustment for listed company holdings.
As at 31 July 2026, Pantheon International’s private equity assets stood at £2,158m, whilst net available cash balances^ were £43m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 July 2026 amounted to £16m. Undrawn commitments to investments stood at £637m as at 31 July 2026, calculated using exchange rates at that date. Pantheon International maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 July 2026, £29m was drawn down under the credit facility and $150m (£112m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 4.8%.^^^^
Net Portfolio Cash Flow
Pantheon International received proceeds of £5.8m relative to calls of £6.7m from existing commitments to private equity funds. Therefore, Pantheon International had a negative net cash flow of -£0.9m during the month.
New Investments
Pantheon International made £68.5m in new commitments during the month, which comprised:
· A £39.0m primary commitment to JF Lehman Equity Investors VII, a North American lower mid-market buyout fund focused on aerospace, defence, government, maritime, environmental and infrastructure services.
· A £15.0m primary commitment to ECI 13, a UK and Ireland mid-market buyout fund pursuing a majority-ownership strategy across established technology and services subsectors.
· A £14.5m primary commitment to Five Arrows Principal Investments V, a European mid-market buyout fund focused on data and software, healthcare and education, and tech-enabled business services.
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.
During the month, Pantheon International invested £27.0m in share buybacks, repurchasing 6,933,059 shares at a weighted average price of 389.0p per share. This price reflected an average discount of 24.9% to the prevailing net asset value (NAV) per share at the time of the transactions.
The Distribution Pool opened the financial year on 1 June 2026 with a balance of £199.9m, carried forward from 31 May 2026. In the two months to 31 July 2026, a further allocation of £5.7m was made representing 20% of the gross distributions received. Share buybacks in the two months to 31 July 2026 totalled £90.9m. After these movements, the Distribution Pool balance as at 31 July 2026 was £114.7m.
Annualised Performance as at 31 July 2026^^^^^
| 1 Year(% p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 2.1% | 4.8% | 8.1% | 10.7% | 11.4% |
| Ordinary share price | 21.2% | 14.4% | 8.7% | 10.6% | 10.7% |
| FTSE All-Share, TR | 21.6% | 15.7% | 11.6% | 8.6% | 8.0% |
| MSCI World TR, (£) | 18.9% | 16.9% | 12.4% | 13.1% | 9.0% |
Discrete Performance as at 31 July 2026
| 31/07/2025 – 31/07/2026 | 31/07/2024 – 31/07/2025 | 31/07/2023 – 31/07/2024 | 31/07/2022 – 31/07/2023 | 31/07/2021 – 31/07/2022 | |
| NAV per share | 2.1% | 5.0% | 7.4% | -3.6% | 32.8% |
| Ordinary share price | 21.2% | 0.5% | 23.1% | 1.7% | -0.4% |
| FTSE All-Share, TR | 21.6% | 12.1% | 13.5% | 6.1% | 5.5% |
| MSCI World TR, (£) | 18.9% | 12.8% | 19.1% | 7.9% | 4.3% |
*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 £29.5m as at 31 July 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 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 £397.5m as at 31 July 2026. As at 31 July 2026, Pantheon International had drawn £29.4m 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 Pantheon International’s credit facility and note agreements. If the ALN is included, net debt to NAV was 5.6% as at 31 July 2026.
^^^^^Pantheon International was launched on 18 September 1987. The performance figures for Pantheon International 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 31 May 2026
| Company | Country | Sector | % of portfolio |
| Action | Netherlands | Consumer | 1.5% |
| Visma | Norway | Information Technology | 1.4% |
| Kaseya | Switzerland | Information Technology | 1.4% |
| Smile Doctors | USA | Healthcare | 1.1% |
| Revolut | UK | 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% |
