Pantheon International PLC (LSE:PIN, FRA:PAA0) has continued to deploy capital into its share buyback programme and build liquidity for future distributions.
The investment trust repurchased 550,000 shares during the month, spending £2.1 million at an average price of 374.3p.
The shares were bought at an average discount of 27.9% to NAV, which stood at 510.6p per share at 31 December 2025.
The board said it remains committed to buybacks where the discount offers compelling value.
In total, PIN has spent £44.9 million on buybacks so far this financial year.
Alongside this, the distribution pool stood at £61.5 million, supporting capital management activity, with an additional £46.4 million allocated during the year to date, equivalent to 20% of gross distributions received.
NAV fell 2% in the month to £2.2 billion, driven by foreign exchange losses and valuation adjustments. Net debt to NAV stood at 8.3%.
PIN’s private equity portfolio generated £37.3 million in net cash flow, with £56.0 million received in distributions and £18.7 million in calls.
New investments included a £23.6 million primary commitment to Accel Leaders Fund V, a North American growth fund focused on tech and consumer sectors.