Pantheon International PLC (LSE:PIN) said its net asset value remained steady while it continued to return cash to shareholders through buybacks under its new capital policy.
The FTSE 250 private equity investment trust reported an unaudited net asset value (NAV) per share of 510.7p at 30 September 2025, unchanged from the previous month.
That leaves the company’s total assets at £2.2 billion and its market value at about £1.5 billion.
Pantheon International (known as PIN) said it had bought back £9.4 million of its own shares in September, equivalent to nearly 2.8 million shares at an average price of 335.3p.
The purchases were made at an average discount of around 34% to the company’s NAV. Total buybacks in the four months to the end of September reached £28.6 million, leaving £54.6 million in its distribution pool.
The distribution pool, first announced earlier this year, is a £75 million allocation that will fund share repurchases and other capital returns.
During September, valuation losses of 0.6% were offset by gains from investment income, currency movements and buybacks, resulting in a flat overall NAV. The trust generated £27.6 million of net cash from its private equity portfolio, with £39.7 million received in distributions against £12.1 million of capital calls.
At month end, Pantheon held £43 million in cash and had drawn £137 million from its £400 million revolving credit facility. Net debt stood at 9.1% of NAV.