Pantheon International PLC (LSE:PIN, FRA:PAA0), the FTSE 250 private equity investment trust, made £68.5 million of new fund commitments during July, its largest monthly allocation of the financial year to date.
The trust committed £39 million to JF Lehman Equity Investors VII, a North American lower mid-market buyout fund investing in aerospace, defence, government, maritime, environmental and infrastructure services.
It also pledged £15 million to ECI 13, a UK and Ireland mid-market fund taking majority stakes in technology and services businesses.
A further £14.5 million went to Five Arrows Principal Investments V, a European fund focused on data and software, healthcare and education, and tech-enabled business services.
Net asset value per share fell 0.9% during the month to 521.3p, taking net assets to £2 billion.
Currency movements accounted for the decline, reducing NAV per share by 5.9p, or 1.2%, while share buybacks added 2.4p and portfolio valuations were broadly flat.
The trust spent £27 million buying back 6,933,059 shares at an average 389p, a 24.9% discount to prevailing NAV.
Buybacks over the two months to 31 July totalled £90.9 million, cutting the distribution pool balance to £114.7 million from £199.9 million at the start of the financial year.
Undrawn commitments to investments stood at £637 million, against private equity assets of £2,158 million and net available cash of £43 million.
Net debt was 4.8% of NAV, with £29 million drawn on a £400 million revolving credit facility and $150 million of private placement notes outstanding.
The shares have returned 21.2% over one year, against a 2.1% rise in NAV per share.
