Pantheon International (PIN)

Pantheon International (PIN) has one of the longest track records within the listed private equity sector. It offers investors a one-stop-shop exposure, with a portfolio curated by the specialist team at Pantheon, offering access to the best private equity funds globally, as well as direct company investments.

New chairman Tony Morgan continues the board’s strategic drive to improve performance, essentially by sharpening the PIN proposition across a range of aspects. As we discuss in the Performance section, whilst the recovery in private equity markets continues, the board believes that it cannot be complacent, and continues to be on the front foot to make PIN ever more attractive to investors.

Other than continued buybacks, one of the more immediate and tangible steps towards the board’s goal is a reduction in the annual management fee (see Charges) starting 01/06/26, which if applied to last year would have represented a c.19% reduction. In terms of the Portfolio, the board and manager have decided to refocus future allocations of capital towards a core list of c. 25 private equity managers, a significant reduction from the c. 90 managers that PIN currently has in the portfolio. The board sees this move as a key strategic differentiator, and in time will result in improved performance.

In order to further sharpen NAV returns, generate additional capital for buybacks and hasten the shift towards a more focussed portfolio, the board has also resolved to be a more active seller of assets. Over time, shareholders should therefore expect portfolio sales in the secondary market, with at least 20% of the proceeds allocated to the distribution pool, set aside to return capital to shareholders (see Discount).

Finally, the board intends to move to a model in which PIN invests on a relatively consistent basis over time, as well as adopting a counter-cyclical approach to Gearing, which in its view will boost long-term returns and make the PIN proposition more compelling.

PIN’s manager is providing an update webinar for investors on 26 March. If you would like to attend the webinar, please register via PIN's website here.