Pantheon International PLC (LSE:PIN) reported on “a very busy year” which saw the investment company execute the third part of its three-step plan.
“While we expect to update investors fully on the conclusions of our work later in the year, a number of decisions have already been made which aim to improve PIN's long-term NAV performance and stimulate demand for PIN's shares,” chair John Singer said in a statement.
“These include making enhancements to the active management of PIN's portfolio and capital management as well as broadening the reach of PIN's brand and appeal to a range of investors.”
Singer added: “The path ahead is exciting.
“Our strategy is clearer, our structure is stronger, and our commitment - to putting shareholders first - remains at the heart of everything we do."
In terms of the financials, PIN reported a 1.2% rise in net asset value for the year to 31 May 2025.
Asset value grew by 5.9% before currency effects. Investment income added 0.9% and share buybacks contributed 1.5% to NAV. Unfavourable sterling movements reduced the NAV by 4.8%.
Meanwhile, PIN’s share price was down 9.2% over the period. It traded at a 40% discount to NAV at the year end, narrowing to 32% at the time of publication.
PIN invested £53.5 million in share buybacks during the year. The board has approved a further £30 million programme running from 1 June to mid-September 2025.
The company made 18 new investments totalling £143.3 million. These comprised commitments of £88.5 million to ten primary funds, £38.6 million to five co-investments and £16.20 million to three secondaries.
Cash deployed on new deals totalled £43 million.
Net debt was 8.7% of NAV at 31 May 2025, below the peer-group average of 12.2%.