Pantheon International NAV Rises 4.3% as Buybacks Drive 37.5% Share Gain

NAV per share rose 4.3% , while Pantheon International's share price gained 37.5% as buybacks helped narrow its discount to NAV. The company spent £118 million on buybacks, adding 2.2% to NAV per share.

Portfolio distributions improved to 16% of opening NAV, supported by exits averaging 2.9 times prior carrying values and an 18% average uplift. Notable gains included a blended 30-times return on Wiz and a 2.7-times return on Froneri.

Pantheon is streamlining its portfolio from around 90 managers to approximately 25 core private-equity managers over three to four years, while reducing costs, using secondary-market sales for liquidity and maintaining selective gearing to support investment.

Pantheon International (LON:PIN) said it generated net asset value per share growth of 4.3% during the year, while its share price rose 37.5%, reflecting a narrowing of the discount at which its shares traded relative to net asset value.

Charlotte Morris, partner and lead manager of Pantheon International, said the private-equity investment trust aims to provide investors with diversified exposure to global private companies through a combination of fund investments and direct investments alongside private-equity managers.

About half of the portfolio is invested through funds and half through direct investments, Morris said. Fund commitments provide diversification and a stable basis for capital deployment, while direct investments offer fee-efficient exposure to selected companies where the trust can conduct its own diligence.

The portfolio is weighted toward small- and mid-market buyouts, with North America representing its principal regional focus. Technology is the largest sector exposure, accounting for about a quarter of the portfolio, followed by healthcare and consumer businesses.

Morris said the company favors the mid-market because managers can focus on operational improvements rather than relying on a single return driver. Smaller companies may also be attractive targets for strategic acquirers and larger private-equity sponsors, reducing reliance on public markets as an exit route.

Underlying valuation gains and investment income added 3.8% to NAV during the year, according to Morris, while foreign-exchange movements added 0.7%. The company spent £118 million on share buybacks during the period, which contributed a further 2.2% to NAV per share.