Monthly Performance Update
Summary by AI BETAClose X
2 July 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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 May 2026
Performance Update at 31 May 2026
517.9p NAV per share
+1.2% NAV per share movement for the month
£2.1bn Net asset value
+50% Total NAV per share return (5Y)*
£1.7bn Market capitalisation
+50% Total shareholder return (5Y)*
£16.5m Net portfolio cash flow**
4.5x Financing cover***
Month to 31 May 2026
PIN announced an unaudited net asset value ("NAV") per share of 517.9p as at 31 May 2026, an increase of +5.9p (+1.2%) from the NAV per share as at 30 April 2026.
In the month to 31 May 2026, valuation movements** were +0.6p (+0.1%), investment income** added +0.2p (+0.0%), foreign exchange movements** were +3.5p (+0.8%), share buybacks added +2.6p (+0.5%) and expenses and taxes**** were -1.0p (-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 May 2026, 7% of reported valuations are dated 31 May 2026, 76% are dated 31 March 2026, 12% are dated 31 December 2025, 5% are dated 30 September 2025. Of the 7% of valuations dated 31 May 2026 or later, 4.6% reflect the mark-to-market fair value adjustment for listed company holdings.
As at 31 May 2026, PIN's private equity assets stood at £2,365m, whilst net available cash balances^ were £25m. The Asset Linked Note^^ ("ALN") outstanding as at 31 May 2026 amounted to £17m. Undrawn commitments to investments stood at £625m as at 31 May 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 May 2026, £112m was drawn down under the credit facility and $150m (£111m GBP equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 9.2%.^^^^
Net Portfolio Cash Flow
PIN received distributions of £27.7m relative to £11.2m of calls from existing commitments to private equity funds. Therefore, PIN's portfolio generated net cash of £16.5m during the month.
New Investments
PIN made £38.5m in new commitments during the month, comprised of:
· A £14.8m primary commitment to Water Street Healthcare Partners VI, a North American mid-market buyout fund focused on healthcare companies operating across medical products and diagnostics, pharmaceutical and life sciences, and healthcare services.
· A £11.0m primary commitment to Index Ventures XIII, and a £4.7m primary commitment to Index Origin Fund III. Both global venture funds are focused on fintech, consumer, gaming and enterprise software.
· A £8.0m co-investment alongside Five Arrows Principal Investments in n2y, a cloud-based curriculum and workflow solutions provider to the special education market in the USA.
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.
PIN has established a Distribution Pool with an opening balance of £60.0m. During the financial year ended 31 May 2026, a further £78.3m was allocated to the Distribution Pool, representing 20% of the gross distributions received during the period. In May, PIN announced the sale of a targeted portfolio of assets in the secondary market, generating proceeds of £224.0m. Of these proceeds, 80% (£180.0m) have been allocated to the Distribution Pool and will be used for share buybacks.
During the month, PIN invested £38.0m in share buybacks, repurchasing 9,579,085 shares at a weighted average price of 396.6p per share. This price reflected an average discount of 25.3% to the prevailing net asset value (NAV) per share at the time of the transactions. Share buybacks completed in the financial year ended 31 May 2026 were £118.4m with 32,664,320 shares acquired at a weighted average price of 362.5p per share. This price represented an average discount of 29.5% to the prevailing NAV per share at the time of the transactions.
The Distribution Pool balance as at 31 May 2026 was £199.9m, providing a strong source of liquidity to support PIN's active capital management and allocation policies.
Year to 31 May 2026
Performance
The unaudited NAV per share of 517.9p as at 31 May 2026 is an increase of 21.4p (+4.3%) relative to the NAV per share as at 31 May 2025. Valuation movements** added +13.3p (+2.7%), investment income** added +5.3p (+1.1%), foreign exchange movements** were +3.5p (+0.7%), share buybacks added +11.1p (+2.2%) and expenses and taxes**** were -11.8p (-2.4%).
Highlights
During the period, PIN's annualised distribution rate was 16%, with £391.5m of distributions received. There were £176.6m of calls during the period. Therefore, PIN's portfolio generated net cash flow of £214.9m.
During the year, PIN announced a significant step forward in the execution of its strategy: a targeted sale of assets in the secondary market, generating proceeds of £224.0m, of which at least 80% will be used for share buybacks to enhance shareholder value and generate liquidity. At the time of writing, 95% of the proceeds have been received.
New Investments
PIN made 16 new investments during the year ended 31 May 2026, amounting to £168.7m in new commitments. These commitments were to seven primary funds (£97.0m), six co-investments (£37.0m) and three manager-led secondaries (£34.7m).
Annualised Performance as at 31 May 2026^^^^^
|
|
1 Year (% p.a.) |
3 Years (% p.a.) |
5 Years (% p.a.) |
10 Years (% p.a.) |
Since Inception (% p.a.)
|
|
NAV per share |
4.3% |
3.9% |
8.5% |
11.5% |
11.4% |
|
Ordinary share price |
37.5% |
14.4% |
8.4% |
12.1% |
10.9% |
|
FTSE All-Share, TR |
21.6% |
15.4% |
10.8% |
8.9% |
8.0% |
|
MSCI World TR, (£) |
28.0% |
19.0% |
13.7% |
14.5% |
9.1% |
Discrete Performance as at 31 May 2026
|
|
31/05/2025 - 31/05/2026 |
31/05/2024 - 31/05/2025 |
31/05/2023 - 31/05/2024 |
31/05/2022 - 31/05/2023 |
31/05/2021 - 31/05/2022 |
|
NAV per share |
4.3% |
1.2% |
6.1% |
2.4% |
31.0% |
|
Ordinary share price |
37.5% |
-9.2% |
19.9% |
-8.0% |
8.6% |
|
FTSE All-Share, TR |
21.6% |
9.4% |
15.4% |
0.4% |
8.3% |
|
MSCI World TR, (£) |
28.0% |
7.8% |
22.2% |
4.3% |
7.8% |
*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. The year to 31 May 2026 valuation movements include the impact of the secondary asset sale that was announced in May for completion in June.
***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 £30.1m as at 31 May 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 £398.2m as at 31 May 2026. As at 31 May 2026, PIN had drawn down £112.1m 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 10.0% as at 31 May 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 28 February 2026
|
Company |
Country |
Sector |
% of portfolio |
|
Visma Group |
Norway |
Information Technology |
1.4% |
|
Action |
Netherlands |
Consumer |
1.4% |
|
Kaseya |
Switzerland |
Information Technology |
1.2% |
|
Smile Doctors |
USA |
Healthcare |
1.0% |
|
Valantic |
Germany |
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% |
Foreign Exchange Exposure
At 31 May 2026, the value of the private equity investment assets stood at £2,365m. Of the private equity investment assets at PIN's holding level, 78% were represented by funds reporting values denominated in US dollars, 18% denominated in euros, and 4% denominated in sterling currencies.
Of the 78% of investment assets denominated in US dollars, approximately 9% (expressed as a proportion of PIN's total portfolio) are invested in funds investing mainly in Europe and approximately 5% (expressed as a proportion of PIN's total portfolio) in funds investing mainly in Asia.
As 31 May 2026, the GBP/USD exchange rate was 1.3478 and the GBP/EUR exchange rate was 1.1550.
Sustainability
On 30 June 2026, PIN published its 2025 Sustainability Report, which can be accessed by clicking here PIN-Sustainability-Report-2025.pdf
Monthly Report
The May 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
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
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