Monthly Performance Update
Summary by AI BETAClose X
25 September 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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 August 2026
Performance Update at 31 August 2026
534.6p NAV per share
+2.6% NAV per share movement for the month
£2.1bn Net asset value
+38% Total NAV per share return (5Y)*
£1.5bn Market capitalisation
+37% Total shareholder return (5Y)*
-£3.6m Net portfolio cash flow**
4.2x Financing cover***
Month to 31 August 2026
PIN announced an unaudited net asset value ("NAV") per share of 534.6p as at 31 August 2026, an increase of +13.3p (+2.6%) from the NAV per share as at 31 July 2026.
In the month to 31 August 2026, valuation movements** were +14.7p (+2.8%), investment income** added +0.0p (+0.0%), foreign exchange movements** were -2.9p (-0.5%), share buybacks added +2.6p (+0.5%) and expenses and taxes**** were -1.1p (-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 August 2026, 5% of reported valuations are dated 31 August 2026, 74% are dated 30 June 2026, 19% are dated 31 March 2026, 2% are dated 31 December 2025. Of the 5% of valuations dated 31 August 2026 or later, 4.4% reflect the mark-to-market fair value adjustment for listed company holdings.
As at 31 August 2026, PIN's private equity assets stood at £2,208m, whilst net available cash balances^ were £42m. The Asset Linked Note^^ ("ALN") outstanding as at 31 August 2026 amounted to £17m. Undrawn commitments to investments stood at £645m as at 31 August 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 August 2026, £70.1m was drawn down under the credit facility and $150m (£111m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 6.8%.^^^^
Net Portfolio Cash Flow
PIN received proceeds of £12.0m relative to calls of £15.6m from existing commitments to private equity funds. Therefore, PIN had a negative net cash flow of -£3.6m during the month.
New Investments
PIN made £29.1m in new commitments during the month, which comprised:
· £19.1m across four primary venture and growth equity funds focused on early-stage technology companies around the world.
· A £10.0m co-investment alongside ECI Partners in Shaw Gibbs, a UK-based accounting services consolidator.
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 £33.9m in share buybacks, repurchasing 8,458,480 shares at a weighted average price of 400.8p per share. This price reflected an average discount of 23.7% 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. During the financial year to date, a further £8.0m has been allocated to the Distribution Pool, representing 20% of gross distributions received, and £124.8m of share buybacks have been completed. The Distribution Pool balance as at 31 August 2026 was £83.1m, providing a source of liquidity to support PIN's active capital management and allocation policies.
Quarter to 31 August 2026
Performance
The unaudited NAV per share of 534.6p as at 31 August 2026 is an increase of 16.7p (+3.2%) relative to the NAV per share as at 31 May 2026. Valuation movements** added +12.8p (+2.5%), investment income** added +0.5p (+0.1%), foreign exchange movements** were -3.2p (-0.7%), share buybacks added +9.6p (+1.9%) and expenses and taxes**** were -3.0p (-0.6%).
Highlights
NAV per share increased by +3.2% during the quarter ended 31 August 2026.
PIN generated £245.0m of distributions versus £39.9m of calls, producing net portfolio cash flow of £205.1m. The total amount of distributions included the proceeds received in relation to the secondary asset sale that was announced in May.
New Investments
PIN made 11 new investments during the quarter ended 31 August 2026, amounting to £130.9m in new commitments. These commitments were to nine primary funds (£112.4m), and two co-investments (£18.5m).
Annualised Performance as at 31 August 2026^^^^^
|
|
1 Year (% p.a.) |
3 Years (% p.a.) |
5 Years (% p.a.) |
10 Years (% p.a.) |
Since Inception (% p.a.)
|
|
NAV per share |
4.7% |
5.2% |
6.6% |
10.6% |
11.4% |
|
Ordinary share price |
19.8% |
12.3% |
6.4% |
10.3% |
10.7% |
|
FTSE All-Share, TR |
21.3% |
16.9% |
11.2% |
8.5% |
8.0% |
|
MSCI World TR, (£) |
20.4% |
17.9% |
12.0% |
13.2% |
9.0% |
Discrete Performance as at 31 August 2026
|
|
31/08/2025 - 31/08/2026 |
31/08/2024 - 31/08/2025 |
31/08/2023 - 31/08/2024 |
31/08/2022 - 31/08/2023 |
31/08/2021 - 31/08/2022 |
|
NAV per share |
4.7% |
5.3% |
5.7% |
-4.1% |
23.2% |
|
Ordinary share price |
19.8% |
3.0% |
14.7% |
3.0% |
-6.2% |
|
FTSE All-Share, TR |
21.3% |
12.6% |
17.0% |
5.2% |
1.0% |
|
MSCI World TR, (£) |
20.4% |
13.0% |
20.5% |
6.7% |
0.9% |
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 August 2026
|
Manager |
Region |
% of portfolio |
|
Insight Partners |
North America |
5.8% |
|
Index Ventures |
Global |
5.7% |
|
HgCapital |
Europe |
4.4% |
|
Venture Fund> |
North America |
3.0% |
|
Altamont Capital Partners |
North America |
2.5% |
NOTES
*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 £27.7m as at 31 August 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 £395.5m as at 31 August 2026. As at 31 August 2026, PIN had drawn £70.1m 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 7.6% as at 31 August 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.
>The private equity manager does not permit the Company to disclose this information.
Monthly Report
The August 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: +44 20 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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
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