Pantheon International PLC (LSE:PIN) saw gains in valuation and from its ongoing share buyback last month, but its net asset value per share fell 1.8% due in large part to currency swings.
During the month, PIP made new investments totalling £27.7 million, including a £9.8 million co-investment in Acceleration Academies and commitments to two Shamrock Capital funds, focused on the media, communications, and entertainment sectors.
Additionally, PIP invested £1.7 million in share buybacks, acquiring 545,000 shares at an average price of 311.4p, representing a discount of 35.9% to the NAV per share.
NAV per share stood at 476.2p as of 30 September 2024, a 1.8% decrease from the end of August.
The company's total NAV stood at £2.2 billion, with PIP's private equity assets valued at £2.44 billion, versus a market capitalisation of around £1.5 billion.
During September, valuation gains contributed 0.2p to NAV per share, investment income 0.2p and share buybacks 0.2p, while foreign exchange movements reduced the total by 8.5p, with expenses and taxes another 0.9p.
Net portfolio cash flow for the month amounted to £1.1 million, with £19.0 million received in distributions and £17.9 million called for commitments to private equity funds.
The investment trust maintains a revolving credit facility of £500 million, with £113 million drawn as of the report. The net debt to NAV ratio was 9.2%.