Pantheon International PLC · LSE:PIN
Pantheon International — AMG Pantheon Credit Solutions Fund (P-SECC) — Investor Presentation (June 2026)
21 slides from Pantheon International's investor presentation, June 2026
Slide 1: AMG Pantheon Credit Solutions Fund (P-SECC)
PRIVATE WEALTH AMG PANTHEON CREDIT SOLUTIONS FUND (P-SECC) June 2026
Slide 2: Glossary of terms
Glossary of terms • Effective Discount: Based on the first available capital accounts, which is typically 3 months after closing but could be as recent as one-month post-closing and includes interim cash flows. This figure reflects the discount/(premium) to value at the time of deal closing. • Seaso
Slide 3: Why do investors allocate to Private Credit?
Why do investors allocate to Private Credit? Large & growing market with potentially attractive yield and total returns 1 2 3 4 5 Opportunities for Private Credit Direct lending Floating rate Opportunities in investors have has offered an has proven to be exposure helps Private Credit increased attr
Slide 4: Private credit secondaries: Enhancing risk adjusted returns through a differentiated access point
Private credit secondaries: Enhancing risk adjusted returns through a differentiated access point Direct Private Credit Fund Pantheon Credit Secondaries • Ability to purchase loans at a discount (20% / 11% discount for senior/opportunistic strategies2) • None, investors own newly originated Discount
Slide 5: Pantheon Private Credit secondary deal flow is increasing
Pantheon Private Credit secondary deal flow is increasing Opportunity set has continued to grow year-on-year Private credit secondary deal flow by fund type (2018 – 2026 Q2 actual, 2026 Q3 – 2028 forecast) Volume ($bn) A ~25-50% conversion rate would result in $70-140bn of transaction volume over th
Slide 6: Effective Discount to NAV
Private Credit Secondaries Market Attractive sustained pricing dynamics in credit secondaries Pantheon’s Historic Private Credit Effective Discounts 0% SVB Ukraine War Gilts Crisis "Liberation US-Iran Covid Bankruptcy Starts Day" Conflict Fed Funds -5% Hikes -9.1% -9.1% -9.3% -9.9% -10% ~5-15% -13.0
Slide 7: Discounts in secondaries provide a potential buffer to protect investors from defaults
Discounts in secondaries provide a potential buffer to protect investors from defaults | Illustrative example: Net IRR sensitivity to defaults in private credit funds 15.0% 10.0% Traditional PC fund return with 0% Net IRR defaults 5.0% GFC default levels reached ~11% for <2 years 0.0% 0.0% 2.0% 4.0%
Slide 8: Pantheon is a leader in the market for private credit secondaries
Pantheon is a leader in the market for private credit secondaries $18.5bn $15.5bn 2018 Capital raised1 Committed / Invested Pantheon launched first since 20182 dedicated private credit secondaries fund ~8,600 230+ 110+ Underlying companies3 Investments Diversified number of GP since 20182 relationsh
Slide 9: Principles by which we invest
Principles by which we invest Pantheon’s investment philosophy underpinned by our partnership approach Don’t simply buy the manager based on reputation Identifying embedded value Seek to mitigate downside with multiple ways to “win” Embrace complexity and leverage our experience to solve pro
Slide 10: P-SECC seeks to solve for key issues in other private credit offerings
P-SECC seeks to solve for key issues in other private credit offerings Challenge P-SECC solution Most funds are managed by a single sponsor. To Diversification across: Diversification achieve optimal diversification, investors should Manager Vintage consider investing across multiple managers.
Slide 11: P-SECC portfolio overview
P-SECC portfolio overview Fund Overview Fund Highlights • P-SECC provides investors with exposure to a diversified Private • Core Private Credit exposure through a single allocation Credit portfolio sourced by Pantheon's dedicated Private Credit team. • Access to Private Credit deal flow from Panthe
Slide 12: P-SECC investment strategy
P-SECC investment strategy What are we looking for and what do we offer? Transaction profile1 P-SECC investment attributes2 Investment size $10m - $400m+ Embedded value Effective discount Target portfolios (LP/GP) Short duration of 2 – 4 years Macro / Senior Diversified Non Structural Stable >10 G
Slide 13: P-SECC investment philosophy
P-SECC investment philosophy Be selective, partner with quality, intensive diligence, informed decisions Focus on Detailed Knowledge Team quality1 underwriting2 advantage2 experience3 • High quality managers, the • Rigorous due diligence • Focus on proprietary • Highly selective decision- majority o
Slide 14: P-SECC key terms
P-SECC key terms Structure Interval fund available for daily purchase with ticker PCSJX Minimum I share class: $2,500 investment Tax reporting 1099-DIV1 Management fee2 I share class: 1.15% on managed assets Performance fee 10.0% incentive fee on income only. 6% annual hurdle 1 Please consult a tax
Slide 15: P-SECC performance
P-SECC performance As of 06/30/20261 8.46 5.76 4.36 3.44 1.31 0.59 P-SECC (YTD) Morningstar LSTA P-SECC (1-yr) Morningstar LSTA P-SECC (Since Morningstar LSTA US Leveraged US Leveraged Incpt.) US Leveraged Loan Loan Loan Share Class YTD2 1-year2 Since Incpt. (%)2 Nav.($) Class I 0.59 3.44 8.46 $10.4
Slide 16: Appendix
APPENDIX
Slide 17: Disclosures and general risks
Disclosures and general risks Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please visit https://wealth.amg.com/resources/order-literature/ for a prospectus. Read it carefully before investing or se
Slide 18: Disclosures and general risks (continued)
Disclosures and general risks (continued) Investment program risks THE FUND’S PROSPECTUS PROVIDES A MORE COMPLETE DISCUSSION OF THE RISKS SUMMARIZED BELOW • The Fund’s performance depends upon the performance of the Investment Fund managers and selected strategies, the adherence by such Investment F
Slide 19: Disclosures and general risks (continued)
Disclosures and general risks (continued) Investment program risks (continued) • The Fund, and many of the investments held by the Investment Funds, will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate.
Slide 20: Disclosures and general risks (continued)
Disclosures and general risks (continued) Investment program risks (continued) • Fund investors will have no right to receive information about the Investment Funds or Investment Fund managers, and will have no recourse against Investment Funds or their Investment Fund managers. • The Fund intends t
Slide 21: Disclosures and general risks (continued)
Disclosures and general risks (continued) PLEASE SEE THE PROSPECTUS FOR A MORE COMPLETE DISCUSSION OF THE RISKS ASSOCIATED WITH INVESTING IN PRIVATE CREDIT AND ADDITIONAL SPECIFIC RISKS RELATING TO SECONDARY INVESTMENTS, DIRECT LOANS AND DIRECT LENDING RISK Any statements regarding market events, fu
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