Monthly Performance Update

Pantheon International PLC
22 March 2024

22 March 2024


For immediate release

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.

Pantheon International Plc

("PIP" or the "Company")


Performance Update at 29 February 2024       


Performance Update at 29 February 2024


483.9p                         NAV per share

+1.9%                          NAV per share growth for the month

£2.3bn                         Net asset value

£7.7m                          Net portfolio cash flow*

4.1x                             Financing cover**

+50%                           Total shareholder return (5Y)***



Month to 29 February 2024


PIP announced an unaudited net asset value ("NAV") per share of 483.9p as at 29 February 2024, an increase of 9.2p (+1.9%) from the NAV per share as at 31 January 2024.

In the month to 29 February 2024, valuation gains* were +6.5p (+1.4%), investment income* added +0.2p (0.0%), foreign exchange movements* were +2.5p (+0.5%), share buybacks added +0.8p (+0.2%) and expenses and taxes**** were -0.8p (-0.2%).

PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation as at 29 February 2024, 8% of reported valuations are dated 29 February 2024 or later, 39% are dated 31 December 2023, 51% are dated 30 September 2023 and 2% are dated 30 June 2023. Of the 8% of valuations dated 29 February 2024 or later, 7.3% reflect the mark-to-market fair value adjustment for PIP's listed company holdings.

At 29 February 2024, PIP's private equity assets stood at £2,442m, whilst net available cash balances^ were £15m. The Asset Linked Note^^ ("ALN") outstanding as at 29 February 2024 amounted to £28m. Undrawn commitments to investments stood at £749m as at 29 February 2024, calculated using exchange rates at that date. PIP maintains a five-year £500m^^^ multi-tranche, multi-currency revolving credit facility. As at 29 February 2024, £25m was drawn down under the credit facility. PIP had $150m (£119m GBP equivalent as at month end) of private placement notes outstanding, resulting in a net debt to NAV ratio of 5.6%.^^^^


Share Buybacks


PIP also invested £7.0m in share buybacks during the month, acquiring 2,234,926 shares at a weighted average price of 314.0p per share. This price represented an average discount of 34.1% to the prevailing NAV per share at the time of the transactions.


Nine months to 29 February 2024




The unaudited NAV per share of 483.9p as at 29 February 2024 is an increase of 21.5p (+4.7%) relative to the NAV per share as at 31 May 2023. Valuation gains* added 14.2p (+3.1%), investment income* added +2.4p (+0.5%), foreign exchange movements* were -8.1p (-1.7%), share buybacks added +19.6p (+4.2%) and expenses and taxes**** were -6.6p (-1.4%).


Portfolio Net Cash Flow


PIP's portfolio generated net cash of £33.2m over the nine-month period, with distributions of £148.3m relative to £115.1m of calls from existing commitments to private equity funds.


New Commitments


PIP made seven new investments during the nine months to 29 February 2024, amounting to £51.2m in new commitments. These commitments were to three primary funds (£29.5m) and four co-investments (£21.7m).




In October 2023, PIP agreed a new £500m equivalent credit facility and further announced in January 2024 a private placement of $150m of loan notes.


*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 £43.0m as at 29 February 2024.

***Based on the change in the ordinary share price over the period.

**** 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 £500m multi-currency credit facility. The overall credit facility comprises facilities of US$487.7m and €115.7m and had a sterling equivalent value of £484.5m as at 29 February 2024. As at 29 February 2024, PIP had drawn down £25m 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 PIP's credit facility and note agreements. If the ALN is included, net debt to NAV was 6.9% as at 29 February 2024.


Share Buybacks


During the nine-month period, PIP invested £175.2m in share buybacks, acquiring 57,662,470 shares at a weighted average price of 303.9p per share. This price represented an average discount of 35.5% to the prevailing NAV per share at the time of the transactions.


Annualised Performance as at 29 February 2024^^^^


1 Year (%p.a.)

3 Years

(% p.a.)

5 Years

(% p.a.)

10 Years

(% p.a.)

Since Inception

(% p.a.)


NAV per share






Ordinary share price






FTSE All-Share TR






MSCI World (£) TR






^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends and capital.

Discrete Performance as at 29 February 2024


28/02/2019- 29/02/2020

29/02/2020- 28/02/2021

28/02/2021- 28/02/2022

28/02/2022- 28/02/2023

28/02/2023- 29/02/2024

NAV per share






Ordinary share price






FTSE All-Share TR






MSCI World (£) TR







Largest Holdings


Largest managers by value as at 29 February 2024



% of portfolio

Insight Partners



Index Ventures






Providence Equity Partners



Advent International Group





Largest companies by value as at 30 November 2023




% of portfolio







Information Technology


Smile Doctors










Information Technology



Foreign Exchange Exposure


At 29 February 2024, the value of the private equity investment assets stood at £2,442m. Of the private equity investment assets at PIP's holding level, 76% were represented by funds reporting values denominated in US dollars, 19% denominated in euros, 4% denominated in sterling and 1% denominated in other currencies.


Of the 76% of investment assets denominated in US dollars, approximately 7% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 7% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia.


As at 29 February 2024, the GBP/USD exchange rate was 1.2650 and the GBP/EUR exchange rate was 1.1689.


Monthly Report


The February newsletter can be accessed on PIP's website at in the Investor Relations section under the heading "Newsletters".


This announcement contains inside information.




LEI: 2138001B3CE5S5PEE928


For more information please visit PIP's website at or contact:



Helen Steers / Vicki Bradley

Tel: +44 20 3356 1800

Jie Gong

Tel: +65 6027 1060

Follow us on LinkedIn:





PIP is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers globally. PIP offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of NAV outperformance over the long term and manages risk strategically through diversification and rigorous selection based on Pantheon's extensive experience and international platform, and robust investment due diligence and decision-making processes.



PIP is managed and advised by Pantheon, a specialist global private markets investor. Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, across private equity, real assets and private credit. The firm has partnered with more than 1,000 clients, with approximately $62bn^^^^^^ in discretionary assets under management (as at 30 September 2023).


^^^^^^This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.


Important Information

A copy of this announcement will be available on the Company's website at Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

John Singer CBE

Chair, Pantheon International Plc

Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS

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