Pantheon International (PIN) Status update summary

Portfolio overview and strategy

• Offers a global, diversified private equity portfolio with balanced exposure to funds and direct investments.

• Focuses on small and mid-market buyouts, emphasizing operational value creation and sector specialists.

• North America is the largest regional exposure, with technology, healthcare, and consumer as key sectors.

• Reduced the number of managers by about one-third, targeting around 25 core managers for higher conviction.

• Strategic changes include more active portfolio management, regular secondary sales, and prudent gearing.

Financial performance and capital allocation

• NAV per share grew 4.3% this year, with long-term returns of 11–12%.

• Share price increased 37.5%, aided by narrowing discounts and share buybacks.

• GBP 118 million invested in buybacks, contributing 2.2% to NAV; GBP 1.6 billion net cash flow generated.

• Distribution rate doubled to 16%, with healthy exit multiples (2.9x) and increased exit volumes.

• Buybacks and new investments balanced, with 70% of available cash allocated to buybacks.

Portfolio exits and investments

• Majority of exits were secondary buyouts; trade sales accounted for about one-third.

• Notable exits include Wiz (30x return, sold to Google) and Froneri (2.7x return).

• New investments made in tech, healthcare, and consumer sectors, including direct investments in Swixx, Furlani, and CSL.

• GBP 180 million allocated for further buybacks from recent asset sales.