Pantheon International PLC (LSE:PIN), the listed investment company focused on private equity, has bought back nearly £24 million of its own shares in May 2025, and announced plans to allocate a further £20 million for share buybacks to be deployed.
So far, it has acquired almost eight million shares at an average price of 299p.
This price was around 40% below the company’s net asset value per share at the time, reflecting a significant discount to the value of its underlying investments.
This latest buyback brings Pantheon’s total share repurchases over the year to £50 million, contributing to a 1.5% increase in its net asset value per share since May 2024.
Today's new buyback, announced around the publication of its August net asset value figures, adds to the £10 million already earmarked earlier in the financial year.
As of 31 May, Pantheon's net asset value per share stood at 496.5p, up 0.7% from the previous month, valuing the company’s assets at £2.2 billion.
Over five years, the net asset value per share has risen by 72%, while total shareholder returns have increased by 43%. The company’s market capitalisation was £1.3 billion.
During May, valuation gains added 1.0% to the NAV per share, while investment income contributed 0.1%. Currency fluctuations reduced the NAV by 0.9%, with share buybacks adding 0.7%. After expenses and taxes, the net effect was a 0.7% rise for the month.
Pantheon's private equity portfolio was valued at £2.44 billion at month-end, with £21 million of available cash.
The company has undrawn commitments of £693 million for future investments and a revolving credit facility of £400 million, of which £103 million had been drawn. Net debt relative to NAV stood at a modest 8.7%.
The portfolio generated net cash flow of £5.3 million in May, receiving £20.2 million in distributions against £14.9 million of calls from existing investments.
Over the full year to 31 May, net asset value per share increased by 1.2%, boosted by valuation gains and investment income, partly offset by currency impacts and expenses.
During the year, Pantheon made 18 new investments totalling £143 million, including commitments to primary funds, co-investments, and secondaries.
The company continues to focus on primary commitments timed with the fundraising cycles of its target fund managers.
Since May 2024, it has spent £53.5 million on share buybacks, purchasing nearly 18 million shares at an average discount of around 40%, aiming to enhance shareholder value given the persistent gap between share price and underlying asset value.