Episode Details

Charlotte Morris, partner at Pantheon and lead manager of Pantheon International PLC (LSE:PIN, FRA:PAA0) talked with Proactive's Stephen Gunnion 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, 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.” For more interviews like this, visit Proactive’s YouTube channel, give the video a like, subscribe to the channel and enable notifications so you never miss future updates. #PantheonInternational #PrivateEquity #NAVGrowth #ShareBuybacks #InvestmentTrust #PortfolioStrategy #MSCIWorld #FTSEAllShare #CapitalAllocation #InvestorUpdate