Pantheon International PLC's (LSE:PIN) net asset value (NAV) per share grew 2.3% in the six months to 30 November 2024, with the drag on performance exerted by currency headwinds.
Its long-term track record remains strong, with annualised NAV growth of 11.8% since 1987. The portfolio continues to deliver, with realised exits achieving an average uplift of 26% and a low 2.6% loss ratio over the past decade.
Shares were flat during the period, but PIP has been actively working to increase demand. It has ramped up marketing, brought in experienced private equity specialists to its board, and refined its capital allocation strategy.
The initiatives are part of Step Three of its strategy, which, said chair John Singer, involves "removing obstacles that might restrict the growth in demand for our shares to actively focusing even more than previously on stimulating demand to help reduce our discount".
A £12.7 million share buyback boosted NAV, and more exits are expected as confidence returns to the mergers and acquisitions market.
PIP, a FTSE 250 investment trust, provides access to private equity-backed companies that are typically unavailable to ordinary investors.
The portfolio's net asset value as of the period-end was £2.3bn. It generated steady cash flows and produced £45m in net inflows during the period.
Its £400m credit facility has flexibility to increase to £700m. Built to perform across market cycles, PIP positions itself as an "all-weather" investment for long-term growth. Net debt to NAV stood at 9.2%, remaining within the company’s conservative targets.
Chair Singer told investors: "The board is excited about the work that still lies ahead of us and this excitement stems from the increasing interest in private equity and the opportunity that we have to reach a widening range of investors. We will continue to work hard to deliver value for shareholders over the long term."