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Pantheon International PLC on Thursday said its net asset value inched up in the past financial year despite share price weakness, as it reaffirmed buybacks as a capital allocation priority and named a new chair. The Exeter, England-based private equity investment trust said its NAV per share rose 1.2% to 496.5 pence in the 12 months to May 31, up from 490.5p a year prior, supported by valuation gains and income generation, though offset by negative currency movements. This brought the total NAV to £2.2 billion. However, the share price fell 9.2% during the period, with the discount to NAV standing at 40% at the end of May, though narrowing to 32% by the time of writing. Pantheon invested £53.5 million in share buybacks during the year, adding 1.5% to the NAV. It has allocated another £30 million for further buybacks through to mid-September. The company said it is adopting a more dynamic capital management approach and continues to see buybacks as a priority given the wide discount. In performance terms, Pantheon noted its 1.2% NAV gain lagged total returns of 9.4% for the FTSE All-Share and 7.8% for the MSCI World index over the same period. Currency headwinds from the weaker US dollar versus sterling reduced NAV by 4.8 percentage points. Pantheon said 54% of its portfolio is in direct investments, with the remainder in funds managed by top-tier private equity firms. It noted that 72% of its underlying managers are in the top two performance quartiles or are early in their investment cycle. The company also confirmed that Non-Executive Director Tony Morgan will become chair from January 1, 2026, succeeding John Singer, who steps down after nine years on the board and three as chair. Morgan joined in January and brings experience from Canada Pension Plan Investment Board, Onex and Permira. Pantheon said it is continuing ’step three’ of its corporate strategy, which aims to narrow the share price discount by boosting investor demand, improving capital and portfolio management, and broadening the company’s brand and reach. Shares in Pantheon International were down 0.3% at 325.69 pence in London on Thursday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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