Pantheon International (PIN)

Pantheon International (PIN) offers investors exposure to a unique portfolio, built by a management group with over 40 years of private equity and venture capital expertise. As a result, shareholders benefit from access to the very best managers across the private equity spectrum – from buyouts to venture. PIN has a distinctive slant towards small and mid-sized companies, which the managers believe offers the greatest potential to deliver for investors.

Responding to the persistently wide discount to NAV, PIN’s board have put in place a number of initiatives to make the proposition more attractive, both at a company level and at a portfolio level. Recognising that improving NAV performance is key to a narrower discount over the long term, the board and the manager have agreed to reposition the portfolio to focus on a tighter, core group of high conviction managers who have demonstrated above average returns. Earlier this year, PIN achieved a £224m secondary sale of fund interests (representing c. 10% of the portfolio at the end of March 2026), which as well as contributing significant liquidity to fund share buybacks (see Discount section), also helped advance the trust towards the strategic goal of reducing the fund portfolio to a core of 25 managers.

PIN’s board is also making changes to the pace of investment. Recognising that new investments are the engine of future returns, the board aims to act more deliberately in terms of capital allocation, to invest consistently throughout the cycle. This will require discipline, and PIN’s revolving credit facility (see Gearing section) will be very helpful in this regard. The aim is to continually rejuvenate the portfolio with younger vintages, whilst avoiding being more heavily exposed to one vintage than another.