Pantheon International PLC (LSE:PIN, FRA:PAA0) has agreed a reduced management fee arrangement with its investment manager, Pantheon, shifting to a flat 1% of net asset value from 1 June 2026 and scrapping fees on undrawn commitments.
The FTSE 250 private equity investment trust said the revised structure would simplify the charging model, replacing the current tiered fee on investment assets and a separate charge on undrawn commitments. On FY2025 numbers, the company said the changes would have implied a 19% (around £5.3m) reduction in the management fee payable.
Chair Tony Morgan said the move followed a benchmarking exercise and negotiations with the manager, adding: “We believe that this new structure is simpler, more streamlined and cost competitive.”
The performance fee element remains unchanged, with the company noting a NAV per share hurdle of 668.0p as at 31 May 2025.