Pantheon International PLC (LSE:PIN, FRA:PAA0), in its monthly performance update, told investors that its net asset value rose in March as positive valuation, currency and buyback effects outweighed expenses, while the private equity investment trust continued to deploy cash into share repurchases at a wide discount.
The FTSE 250 listed investment company reported an unaudited NAV per share of 532.2p at 31 March 2026, up 13.1p, or 2.5%, from the end of February. Total NAV stood at £2.3bn, while market capitalisation was £1.5bn.
During the month, Pantheon invested £10.1m in buybacks, repurchasing 2.86mln shares at a weighted average price of 354.2p. The company said the purchases were made at an average 30.1% discount to prevailing NAV, adding 1.1p, or 0.2%, to NAV per share.
Portfolio cash generation remained positive. Pantheon received £52.3m of distributions against £28.9m of calls from existing fund commitments, producing £23.4m of net portfolio cash flow. Distributions included £10.3m from the sale of Kroll Bond Rating Agency, £1.8m from the sale of IQUW and £1.2m from realisations in Verdad Resources and Development Capital Resources.
Pantheon noted that its Distribution Pool stood at £51.5m at the end of March, after £71.7m of buybacks in the financial year to date.