Pantheon International Plc (LON:PIN) has announced its Performance Update at 30 September 2025.
Distribution Pool and Share Buybacks
PIN established a £75m distribution pool following the announcement of its revised capital allocation policy. This included a £15.3m allocation to the distribution pool, which is equivalent to 20% of the gross distributions received during the first quarter of the current financial year. The Company completed £9.4m of share buybacks in the month, repurchasing 2,806,948 shares at a weighted average price of 335.3p per share. This price reflected an average discount of 34.3% to the prevailing NAV per share at the time of the transactions. Share buybacks in the four months to 30 September 2025 were £28.6m. The distribution pool balance as at the month end was £54.6m.
Performance Update at 30 September 2025
510.7p NAV per share
+0.0% NAV per share movement for the month
£2.2bn Net asset value
+70% Total NAV per share return (5Y)*
£1.5bn Market capitalisation
+64% Total shareholder return (5Y)*
£27.6m Net portfolio cash flow**
4.2x Financing cover***
Month to 30 September 2025
Pantheon International announced an unaudited net asset value (“NAV”) per share of 510.7p as at 30 September 2025, a decrease of -0.1p (+0.0%) from the NAV per share as at 31 August 2025.
In the month to 30 September 2025, valuation losses** were -3.3p (-0.6%), investment income** added +1.0p (+0.2%), foreign exchange movements** were +2.1p (+0.4%), share buybacks added +1.1p (+0.2%) and expenses and taxes**** were -1.0p (-0.2%).
PIN’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIN has holdings. In the case of PIN’s valuation as at 30 September 2025, 6% of reported valuations are dated 30 September 2025 or later, 89% are dated 30 June 2025, 4% are dated 31 March 2025 and 1% are dated 31 December 2024. Of the 6% of valuations dated 30 September 2025 or later, 5.1% reflect the mark-to-market fair value adjustment for PIN’s listed company holdings.
At 30 September 2025, PIN’s private equity assets stood at £2,468m, whilst net available cash balances^ were £43m. The Asset Linked Note^^ (“ALN”) outstanding as at 30 September 2025 amounted to £21m. Undrawn commitments to investments stood at £700m as at 30 September 2025, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 September 2025, £137m 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 9.1%.^^^^
Net Portfolio Cash Flow
PIN received distributions of £39.7m relative to £12.1m of calls from existing commitments to private equity funds. Therefore, PIN’s portfolio generated net cash of £27.6m during the month.
New Investments
Pantheon International invested £10.1m in a manager-led secondary, alongside ECI Partners, in CSL Group. CSL Group is a business-to-business Internet of Things (IoT) connectivity provider delivering critical communication solutions such as alarm signalling, telehealth and managed connectivity across the UK and Europe.
*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 £37.5m as at 30 September 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 £396.7m as at 30 September 2025. As at 30 September 2025, PIN had drawn down £136.7m 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 10.1% as at 30 September 2025.
Annualised Performance as at 30 September 2025^^^^^
| 1 Year(% p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 7.2% | 1.2% | 11.2% | 12.1% | 11.6% |
| Ordinary share price | 3.9% | 12.5% | 10.4% | 10.2% | 10.6% |
| FTSE All-Share, TR | 16.2% | 14.5% | 13.0% | 8.1% | 7.7% |
| MSCI World TR, (£) | 17.3% | 16.8% | 14.0% | 14.3% | 8.8% |
^^^^^PIN was launched on 18 September 1987. The performance figures for PIN includes the effects of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable.
Discrete Performance as at 30 September 2025
| 30/09/2024- 30/09/2025 | 30/09/2023- 30/09/2024 | 30/09/2022- 30/09/2023 | 30/09/2021- 30/09/2022 | 30/09/2020- 30/09/2021 | |
| NAV per share | 7.2% | 1.2% | -4.4% | 24.4% | 31.7% |
| Ordinary share price | 3.9% | 13.2% | 21.2% | -19.9% | 44.0% |
| FTSE All-Share, TR | 16.2% | 13.4% | 13.8% | -4.0% | 27.9% |
| MSCI World TR, (£) | 17.3% | 21.1% | 12.1% | -2.5% | 24.1% |
Largest Holdings
Largest companies by value as at 31 August 2025
| Company | Country | Sector | % of portfolio |
| Action | Netherlands | Consumer | 1.4% |
| Visma | Norway | Information Technology | 1.4% |
| Kaseya | Switzerland | Information Technology | 1.3% |
| Smile Doctors | USA | Healthcare | 1.1% |
| Valantic | Germany | Information Technology | 1.0% |
Largest managers by value as at 31 August 2025
| Manager | Region | % of portfolio |
| Insight Venture Partners | USA | 6.2% |
| Index Ventures | Global | 4.6% |
| HgCapital | Europe | 4.1% |
| IK Investment Partners | Europe | 2.6% |
| Advent International Group | Global | 2.6% |
Monthly Report
