Monthly Performance Update

Pantheon International PLC

26 August 2026

 

26 August 2026

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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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

("PIN" or the "Company")

Performance Update at 31 July 2026       

Performance Update at 31 July 2026

521.3p                   NAV per share

-0.9%                     NAV per share movement for the month

£2.0bn                  Net asset value

+47%                     Total NAV per share return (5Y)*  

£1.5bn                  Market capitalisation

+52%                     Total shareholder return (5Y)*

-£0.9m                  Net portfolio cash flow**

4.2x                        Financing cover***

Month to 31 July 2026

PIN announced an unaudited net asset value ("NAV") per share of 521.3p as at 31 July 2026, a decrease of -4.4p (-0.9%) from the NAV per share as at 30 June 2026.

In the month to 31 July 2026, valuation movements** were -0.1p (-0.0%), investment income** added +0.1p (+0.0%), foreign exchange movements** were -5.9p (-1.2%), share buybacks added +2.4p (+0.5%) and expenses and taxes**** were -0.9p (-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 31 July 2026, 8% of reported valuations are dated 31 July 2026, 5% are dated 30 June 2026, 80% are dated 31 March 2026, 7% are dated 31 December 2025. Of the 8% of valuations dated 31 July 2026 or later, 4.2% reflect the mark-to-market fair value adjustment for listed company holdings.

As at 31 July 2026, PIN's private equity assets stood at £2,158m, whilst net available cash balances^ were £43m. The Asset Linked Note^^ ("ALN") outstanding as at 31 July 2026 amounted to £16m. Undrawn commitments to investments stood at £637m as at 31 July 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 July 2026, £29m was drawn down under the credit facility and $150m (£112m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 4.8%.^^^^

Net Portfolio Cash Flow

PIN received proceeds of £5.8m relative to calls of £6.7m from existing commitments to private equity funds. Therefore, PIN had a negative net cash flow of -£0.9m during the month.

New Investments

PIN made £68.5m in new commitments during the month, which comprised:

·    A £39.0m primary commitment to JF Lehman Equity Investors VII, a North American lower mid-market buyout fund focused on aerospace, defence, government, maritime, environmental and infrastructure services.

·    A £15.0m primary commitment to ECI 13, a UK and Ireland mid-market buyout fund pursuing a majority-ownership strategy across established technology and services subsectors.

·    A £14.5m primary commitment to Five Arrows Principal Investments V, a European mid-market buyout fund focused on data and software, healthcare and education, and tech-enabled business services.

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 £27.0m in share buybacks, repurchasing 6,933,059 shares at a weighted average price of 389.0p per share. This price reflected an average discount of 24.9% to the prevailing net asset value (NAV) per share at the time of the transactions.

The Distribution Pool opened the financial year on 1 June 2026 with a balance of £199.9m, carried forward from 31 May 2026. In the two months to 31 July 2026, a further allocation of £5.7m was made representing 20% of the gross distributions received. Share buybacks in the two months to 31 July 2026 totalled £90.9m. After these movements, the Distribution Pool balance as at 31 July 2026 was £114.7m.

Annualised Performance as at 31 July 2026^^^^^

	1 Year (% p.a.)	3 Years (% p.a.)	5 Years (% p.a.)	10 Years (% p.a.)	Since Inception (% p.a.)
NAV per share	2.1%	4.8%	8.1%	10.7%	11.4%
Ordinary share price	21.2%	14.4%	8.7%	10.6%	10.7%
FTSE All-Share, TR	21.6%	15.7%	11.6%	8.6%	8.0%
MSCI World TR, (£)	18.9%	16.9%	12.4%	13.1%	9.0%

Discrete Performance as at 31 July 2026

	31/07/2025 - 31/07/2026	31/07/2024 - 31/07/2025	31/07/2023 - 31/07/2024	31/07/2022 - 31/07/2023	31/07/2021 - 31/07/2022
NAV per share	2.1%	5.0%	7.4%	-3.6%	32.8%
Ordinary share price	21.2%	0.5%	23.1%	1.7%	-0.4%
FTSE All-Share, TR	21.6%	12.1%	13.5%	6.1%	5.5%
MSCI World TR, (£)	18.9%	12.8%	19.1%	7.9%	4.3%

*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 £29.5m as at 31 July 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 £397.5m as at 31 July 2026. As at 31 July 2026, PIN had drawn £29.4m 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 5.6% as at 31 July 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 July 2026 newsletter can be accessed on PIN's website at www.pantheon-international.com in the Investors section under the heading "Newsletters & Factsheets".

This announcement contains inside information.

Ends

LEI: 2138001B3CE5S5PEE928

For more information, please visit PIN's website at www.pantheon-international.com or contact:

Pantheon

Charlotte Morris / Vicki Bradley

Tel: [phone]

Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc

NOTES

PIN

PIN 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. PIN 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.

Pantheon

PIN 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 740 clients, with approximately $83.8bn in discretionary assets under management (as at 31 December 2025). 

Important Information

A copy of this announcement will be available on the Company's website at www.pantheon-international.com. 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.

Tony Morgan

Chair, Pantheon International Plc

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

 

END