Pantheon International PLC (LSE:PIN) returned a further £5.2 million to shareholders through buybacks in August, taking the total this year to £29 million, as it looks to close the gap between its share price and the value of its assets.
The private equity investor repurchased 1.6 million shares last month at an average 327.3p, representing a discount of 33.7% to its reported net asset value of 510.8p. Its ended August with a market capitalisation of £1.5 billion.
The company recently overhauled its capital allocation policy, pledging to direct 20% of cash received from portfolio exits into a “distribution pool”. An initial £75 million has been earmarked for this purpose, to be deployed at the board’s discretion depending on discounts and market conditions.
Pantheon’s NAV rose slightly in August, up 0.1%, supported by valuation gains and buybacks, though foreign exchange movements offset some of that. Over five years, NAV per share is up 79%, while shareholder return has risen 46%.
The trust received £15.4 million in distributions from underlying funds during the month against £13.7 million of calls, leaving net cash inflows of £1.7 million. It made no new commitments in August but invested £77.1 million in five deals over the quarter, spanning funds, secondaries and co-investments.
Pantheon’s largest positions include software companies Kaseya and Visma and discount retailer Action. Its biggest fund managers by exposure are Insight Venture Partners, Index Ventures and HgCapital.