Pantheon International Plc (LON:PIN) announced an unaudited net asset value (“NAV”) per share of 525.7p as at 30 June 2026, an increase of +7.8p (+1.5%) from the NAV per share as at 31 May 2026.
In the month to 30 June 2026, valuation movements** were -1.8p (-0.3%), investment income** added +0.4p (+0.1%), foreign exchange movements** were +5.6p (+1.0%), share buybacks added +4.6p (+0.9%) 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 it has holdings. In the case of Pantheon International Plc’s valuation as at 30 June 2026, 8% of reported valuations are dated 30 June 2026, 79% are dated 31 March 2026, 12% are dated 31 December 2025, 1% are dated 30 September 2025. Of the 8% of valuations dated 30 June 2026 or later, 4.2% reflect the mark-to-market fair value adjustment for listed company holdings.
As at 30 June 2026, PIN’s private equity assets stood at £2,184m, whilst net available cash balances^ were £258m. The Asset Linked Note^^ (“ALN”) outstanding as at 30 June 2026 amounted to £17m. Undrawn commitments to investments stood at £598m as at 30 June 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 June 2026, £214.4m was drawn down under the credit facility and $150m (£113m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 3.3%.^^^^
Net Portfolio Cash Flow
Pantheon International Plc received proceeds of £227.2m (including proceeds from the strategic portfolio sale announced in May as well as distributions from underlying investments) relative to calls of £17.6m from existing commitments to private equity funds. Therefore, it generated net cash proceeds of £209.6m during the month, including proceeds from the portfolio sale.
New Investments
Pantheon International Plc made £33.3m in new commitments during the month, comprised of:
· A £14.9m primary commitment to Norvestor X, a Nordic lower mid-market buyout fund focused on business services, tech-enabled services, industrial solutions and consumer services.
· A £9.9m primary commitment to Allegro Fund V, an Australian mid-market buyout fund pursuing a turnaround and special situations strategy.
· An £8.5m co-investment alongside Reverence Capital Partners in Eide Bailly, a US accounting and advisory firm serving medium-sized companies.
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, PIN invested £63.9m in share buybacks, repurchasing 15,993,581 shares at a weighted average price of 399.5p per share. This price reflected an average discount of 22.0% to the prevailing net asset value (NAV) per share at the time of the transactions.
The Distribution Pool opened the new financial year with a balance of £199.9m, carried forward from 31 May 2026. This opening balance includes 80% (£180.0m) of the strategic asset sale proceeds, which were allocated to the Distribution Pool during the previous financial year. During the month, a further £4.5m was allocated to the Distribution Pool, representing 20% of the gross distributions received. After deducting the £63.9m of share buybacks completed during the month, the Distribution Pool balance as at 30 June 2026 was £140.5m.
Annualised Performance as at 30 June 2026^^^^^
|
1 Year (% p.a.) |
3 Years (% p.a.) |
5 Years (% p.a.) |
10 Years (% p.a.) |
Since Inception (% p.a.)
|
|
|
NAV per share |
6.8% |
4.9% |
8.3% |
10.9% |
11.4% |
|
Ordinary share price |
23.4% |
15.0% |
7.5% |
11.7% |
10.7% |
|
FTSE All-Share, TR |
21.9% |
15.3% |
10.9% |
8.7% |
8.0% |
|
MSCI World TR, (£) |
25.8% |
18.1% |
12.9% |
13.8% |
9.1% |
Discrete Performance as at 30 June 2026
|
30/06/2025 – 30/06/2026 |
30/06/2024 – 30/06/2025 |
30/06/2023 – 30/06/2024 |
30/06/2022 – 30/06/2023 |
30/06/2021 – 30/06/2022 |
|
|
NAV per share |
6.8% |
0.2% |
8.0% |
-1.7% |
31.4% |
|
Ordinary share price |
23.4% |
2.8% |
20.0% |
4.1% |
-9.3% |
|
FTSE All-Share, TR |
21.9% |
11.2% |
13.0% |
7.9% |
1.6% |
|
MSCI World TR, (£) |
25.8% |
7.7% |
21.4% |
13.8% |
-2.1% |
*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. Net portfolio cash flow includes £204.8m of proceeds from the portfolio sale announced on 12 May 2026.
***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 £30.0m as at 30 June 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.
^^^ PIN 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 £402.3m as at 30 June 2026. As at 30 June 2026, PIN had drawn down £214.4m 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 4.1% as at 30 June 2026.
^^^^^PIN was launched on 18 September 1987. The performance figures for PIN 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% |
Monthly Report
The June 2026 newsletter can be accessed on PIN’s website at www.pantheon-international.com in the Investors section under the heading “Newsletters & Factsheets”.
