Pantheon International PLC (LSE:PIN, FRA:PAA0) partner and lead manager, Charlotte Morris, talked with Proactive about the company’s interim results for the six months to 30 November 2025, outlining NAV growth, share price performance, strategic refinements and outlook for private equity markets.
During the period, Pantheon International PLC (PIN) reported a 4.9% increase in net asset value (NAV), driven by modest underlying valuation gains, investment income and favourable currency movements, as the majority of the portfolio is US dollar-denominated and unhedged. The share price rose 26.7% over the same period, outperforming both the MSCI World and FTSE All-Share indices. This helped narrow the discount from 40% at the end of May to 28% by the end of November, although Morris noted the discount remains too wide in the company’s view.
PIN invested £42.8 million in share buybacks, contributing 1% to NAV growth. Morris said the company has “materially enhanced our analytical capabilities” and refined its private equity manager buy list to focus capital on first and second-quartile performers, alongside sector specialists with proven buy-and-build strategies.
The distribution rate improved from 12% at the year end to 15% during the reporting period, and the company has generated £1.5 billion of net cash over the past decade. With a net debt position of 9.3% and a recently agreed management fee reduction effective from 1 June, Morris said PIN is “well positioned to deliver improved Nav progression over the medium term.”
Proactive: Charlotte, very good to speak with you. You are out with your interim report today. How was your performance during the half year?
Charlotte Morris: During the six months to 30 November 2025, PIN’s net asset value increased by 4.9%. That growth was driven by modest underlying valuation gains, investment income and favourable currency movements. The majority of PIN’s portfolio is US dollar-denominated and the company does not hedge currency.
The share price increased by 26.7% during the six-month period, outperforming the MSCI World and FTSE All-Share indices. The discount narrowed from 40% at the end of May to 28% at the end of November, although we believe that remains too wide. PIN invested £42.8 million in share buybacks, contributing 1% to NAV growth. We have agreed initiatives with the board to improve long-term NAV performance.
Proactive: Can you explain what those initiatives are?
Charlotte Morris: We have materially enhanced our analytical capabilities to provide greater insight into PIN’s diversified portfolio. We have refined our investment strategy and concentrated capital with private equity managers demonstrating first and second-quartile performance. The company continues to back sector specialists with proven buy-and-build capability and repeatable operational value. The company will deploy capital more consistently and become more active sellers in the private equity secondaries market to reshape the portfolio.
Proactive: Anything else you'd like to highlight?
Charlotte Morris: The company is proactively allocating capital between share buybacks and new private equity investments while managing the balance sheet efficiently. The net debt position of 9.3% is considered prudent. Since the period end, the board has agreed a simplified reduction in the management fee payable to Pantheon, effective 1 June.
Proactive: Looking ahead, what are your priorities and outlook?
Charlotte Morris: The company entered 2026 with a constructive outlook. Private equity deal flow momentum is building and early signs of market recovery are emerging. The distribution rate improved from 12% to 15% during the period. Over the last ten years, PIN has generated £1.5 billion of net cash. With a clear strategic plan in place, the company is well-positioned to deliver improved NAV progression over the medium term.