Pantheon International PLC · LSE:PIN
Pantheon International — H1 2025 Earnings Presentation
51 slides from Pantheon International's earnings presentation, February 2025
Slide 1: Pantheon International Plc: Putting shareholders first
PRIVATE & CONFIDENTIAL Pantheon International Plc Putting shareholders first February 2025
Slide 2: Agenda
Agenda 1. Introduction and highlights 2. PIP portfolio construction 3. Embedded value 4. Financial results 5. Net cash flow 6. Financial position 7. Conclusion Appendix Unless expressly mentioned, all information and data is sourced from PIP’s monthly and statutory reporting, and Pantheon. Pantheon
Slide 3: Investing in private markets for 40+ years
Investing in private markets for 40+ years 1983 1987 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023 Pantheon Offices PE Primaries 1982 Pantheon International Plc 2007 London 2014 2022 New York Seoul2 2021 PE Secondaries Chicago Berlin3 2018 PE Co-investments Dublin 2011 2018 1987 Tel Av
Slide 4: A productive period implementing PIP's three step programme
A productive period implementing PIP's three step programme Capturing value for shareholders Enhancing marketing efforts • £12.7m invested in share buybacks since 31 May 2024 at a • Objective is to attract new investors by leading on weighted average discount of 34.4%, which have been transparency,
Slide 5: PIP – FTSE 250 investment trust managed by Pantheon
PIP – FTSE 250 investment trust managed by Pantheon Providing access to a high-quality diversified portfolio of private companies | Investment Type¹ 55% | Stage¹ | Region¹ | Company Sectors3 invested directly in 2% companies 4% 2% 1% 4% 7% 7% 8% 35% 34% 33% 19% 11% 47% 54% 11% 31% 10% 26% 21% 13% 20
Slide 6: PIP's portfolio is actively managed and increasing in concentration
PIP’s portfolio is actively managed and increasing in concentration Number of Portfolio Companies Weighted average life of portfolio Directs vs Funds Comprising 80% of PIP's Total Exposure (years) 7.5 922 45% 5.4 488 100% 55% June 2013 Nov 2024 June 2013 Nov 2024 June 2013 Nov 2024 Directs Funds The
Slide 7: Proven strength, resilience and fundamental value in PIP's portfolio
Proven strength, resilience and fundamental value in PIP’s portfolio Cost multiple Loss ratio3 Annualised Revenue and EBITDA (2020–2024)4,5 3.0x 19% £4,609m 17% Potential uplift 1.6x 2.6% loss ratio 9% 8% (£121m) Cost multiple of existing Cost multiple at exit 2(2) 5-year annualised revenue 5-year a
Slide 8: Exits demonstrate significant embedded value in PIP's portfolio
Exits demonstrate significant embedded value in PIP's portfolio | Value-weighted average uplift on exit realisations (%)1 | Annual distribution rate (%) 42% 36% 34% 35% 36% 29% 29% 31% 27% 26% 25% 28% 26% 27% 26% 22% 24% 24% 25% 20% 24% 22% 22% 17% 17% 2020 2021 2022 2023 2024 2012 2013 2014 2015 20
Slide 9: Long-term outperformance
Long-term outperformance Financial results for the half year ended 30 November 2024 NAV per Annual NAV growth Share price NAV share growth2 over past 10 yrs Market cap movement2 5YR TSR £2.3bn +2.3% +12.8% £1.5bn +0.2% +40.0% Annualised performance as at 1 yr 3 yrs 5 yrs 10 yrs Since inception1 30 N
Slide 10: PIP's portfolio has held up well in the current macroeconomic environment
PIP's portfolio has held up well in the current macroeconomic environment | NAV per share movement | Valuation movements by stage3 Overall Portfolio 15.7p 1.9p (2.0p) 1.5p (6.0p) Return 501.6p 500p 490.5p 14% +3.2% 12% 12.0% 10% 400p 8% Return 6% 4% 4.6% 2% 2.9% +3.2% +0.4% (0.4%) +0.3% (1.2%) +2.3%
Slide 11: Update on performance in this financial year
Update on performance in this financial year +0.9% Annualised Since performance as at 1 yr 3 yrs 5 yrs 10yrs | NAV per share progression analysis inception1 31 January 2025 NAV per share 7.3% 7.3% 13.0% 12.6% 11.8% 7.0p 1.7p (7.9p) 15.0p 3.0p 509.3p 490.5p Ordinary share price 2.9% 0.4% 5.7% 9.6% 10
Slide 12: Net portfolio cashflow positive despite a slowdown in distributions
Net portfolio cashflow positive despite a slowdown in distributions | Historical Annualised Quarterly Distribution Rates (%) | Historical Annualised Quarterly Call Rates (%) 37% 34% 33% 32% 30% 26% 24% 24% 24% 19% 21% 21% 19% 18% 18% 19% 19% 19% 18% 18% 18% 16% 15% 14% 12% 10% 10% 9% 10% 7% 9% 8% 8%
Slide 13: PIP's balance sheet is prudently managed
PIP’s balance sheet is prudently managed | As at 31 January 2025 | As at 31 January 2025 £2,500m £2,000m £1,500m £2,552m 4.2x 7.6% £2,348m financing cover2 £1,000m Net debt to NAV1 £500m £0m 90% undrawn (£178m) coverage ratio3 -£500m Net cash / (debt) NAV £687m £360m Drawn Credit Facility Loan notes
Slide 14: PIP is committed to the highest standards of corporate governance
PIP is committed to the highest standards of corporate governance Appoints Shareholders PIP Board John Singer CBE Mary Ann Sieghart Zoe Clements PIP Pantheon Invest via LSE (Oversees) Chair Senior Independent Director Audit Committee Chair Appointed to the Board: Appointed to the Board: Appointed to
Slide 15: Conclusion
Conclusion | As at 31 January 2025 7,000 12.6% PERFORMANCE (REBASED TO 100) 6,000 Annualised NAV per share 5,000 growth over past 10 years NAV * 4,000 11.8% PIP Ordinary Annualised NAV per share Share Price * 3,000 growth since 1987 MSCI World Total 2,000 Return (Sterling) 1,000 FTSE All Share Total
Slide 16: Appendix
APPENDIX
Slide 17: PIP: Makes the private, public
PIP: Makes the private, public What is PIP Why PIP One of the longest and most well-established global Private equity invests in unlisted companies. private equity companies listed on the London Stock Exchange since 1987. Private equity has outperformed public equity over the long term1. Over half o
Slide 18: Pantheon has full control over portfolio construction
Pantheon has full control over portfolio construction • We have control of investment strategy, PIP and overseen by the fully independent Board. Pantheon PIP Pantheon Pantheon is PIP’s • We have the flexibility to tilt the portfolio towards investment manager. where we see the best fit for our long-
Slide 19: PIP's business model: direct company investments
PIP's business model Our investment strategies Direct company investments: 55% of PIP's portfolio1 Co-investments Manager-led Secondaries Weinvestin a company directly, alongside a We invest in a company directly, alongside a private equity private equity manager. manager, that the manager has alrea
Slide 20: PIP's business model: funds
PIP's business model Our investment strategies Funds: 45% of PIP's portfolio1 Primaries Fund Secondaries We invest in a new private equity fund We purchase the interests of an investor in a fund or funds when it is established. typically late into, or after, the investment period. • Captures exposur
Slide 21: PIP Capital Allocation Policy
PIP Capital Allocation Policy Effective 1 June 2024 Policy Objective To capture on behalf of shareholders the exceptional value available by investing in PIP’s own portfolio when its shares are trading at a significant discount to NAV, without compromising the Company’s investment strategy, portfoli
Slide 22: PIP Capital Allocation Policy: Worked example
PIP Capital Allocation Policy Worked example | Quarter-end assessment date 31 May 2023 (for illustrative purposes only) Q4 2023 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 in £m May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Distributions 222.5 39.9 17.3 8.9 17.7 13.3 14.4 29.1
Slide 23: Top company investments in PIP's portfolio
Top 25 company investments in PIP's portfolio Public / % of PIP’s Company1 Logo Country2 Sector Investment type private portfolio 1. Kaseya Switzerland Information Technology Co-investment; Fund Secondary Private 1.3% 2. Visma Group Norway Information Technology Primary; Co-investment Private 1.2% 3
Slide 24: Top company investments in PIP's portfolio (cont'd)
Top 25 company investments in PIP's portfolio (cont’d) Public / % of PIP’s Company1 Logo Country2 Sector Investment type private portfolio 15. Nord Anglia Education Hong Kong Consumer Primary; Co-Investment Private 0.7% 16. EVERSANA USA Healthcare Manager-led Secondary Private 0.7% 17. Millennium Tr
Slide 25: PIP manages maturity profile to maximise growth and liquidity
PIP manages maturity profile to maximise growth and liquidity | Fund vintage1 19% Yr 1 Yr 2 Yr 5 Yr 7 Yr 10 Yr 12 Harvest period 14% 12% 12% 11% Value creation period 9% 8% 7% Investment period Potential fund extension 5% 3% 2015 2016 2027 2018 2019 2020 2021 2022 2023 2024 and and earlier later 5.4
Slide 26: All investment types and stages have produced positive returns in the half year
All investment types and stages have produced positive returns in the half year | Returns by type | Returns by stage +60.0% +60.0% +50.0% +50.0% +40.0% +40.0% +30.0% +30.0% +20.0% +20.0% +10.0% +10.0% - - (10.0%) (10.0%) (20.0%) (20.0%) Fund Manager-led Co-investments Primaries Small/Mid Large/Mega
Slide 27: Core themes informing PIP's investment strategy
Core themes informing PIP's investment strategy Companies Partners • Attractive pricing in deals with greater operational complexity and potential for future growth Attractive pricing • Private equity partner is key given dependence on their ability in complex deals to execute • Upside potential on
Slide 28: New direct company investments in the half year
New direct company investments in the half year Tacala Manager Commitment Stage Sector Description Investment rationale Pantheon Angle • Extensive geographic footprint and strong trading performance provide a solid foundation for growth. • Significant growth potential through Pantheon was the Altamo
Slide 29: Continued exits in the half year
Continued exits in the half year Private Equity Manager Calera Capital Hg Capital Investment Type Secondary Primary Business Manufacturer of aftermarket replacement air suspension products Provider of business-critical software solutions and services. Sector Consumer Information Technology Region1 U
Slide 30: Active pipeline of deal flow across all types, stages and region
Active pipeline of deal flow across all types, stages and region | New commitments during the half year to PIP made 10 new investments during the half year to 30 November 2024 30 November 2024, amounting to £88m in new commitments: • 5 primaries (£51m) • 2 co-investments (£21m) 20% • 3 manager-led s
Slide 31: PIP invests proportionately more in high growth sectors
PIP invests proportionately more in high growth sectors | Valuation Multiples1 (EV / EBITDA) | Buyout portfolio3 | MSCI World4 (EV / EBITDA) 22.5x 1% 4% 2% 6% 8% 16.9x 26% 12% 29% 9% 11% 14% 16% 12% 20% 16% 15% Information Technology Information Technology Healthcare Consumer Consumer Financials PIP
Slide 32: PIP's underlying portfolio company debt is actively managed
PIP’s underlying portfolio company debt is actively managed | Buyout Debt Multiples (Debt / EBITDA) | Mid-market debt trends1 5.5x 5.2x 5.1x 5.0x 4.5x 4.0x 3.5x In-house debt Disciplined Covenant-lite 3.0x specialists use of debt debt 2.5x 2.0x 1.5x 1.0x PIP S/M Buyout PIP L/M Buyout sub-set sub-set
Slide 33: PIP benefits from Pantheon's disciplined investment process
PIP benefits from Pantheon’s disciplined investment process Source and screen Preliminary diligence Detailed diligence Commitment • Preliminary review of fund • Review of fund due diligence • Assess and model company • Complete initial subscription information information financials documentation pr
Slide 34: Pantheon's long-standing engagement on sustainability
Pantheon’s long-standing engagement on sustainability Early adoption and continued evolution of sustainability practices Consistently A/A+ in all PRI assessments since 20151 2007 - 2012 2013 - 2018 2019 - 2023 2007 2014 2021 • Signed up to the Principles for • Commenced sustainability • Launched Pan
Slide 35: Our proprietary Sustainability Due Diligence Scorecards
Our proprietary Sustainability Due Diligence Scorecards Pantheon has developed our own Sustainability Scorecards to provide a comprehensive view of each investment during due diligence and to support ongoing monitoring Sustainability scorecards GP Fund Single Asset Multi-Asset Oversight & Implementa
Slide 36: Private equity deal flow down vs 2021/1H 2022 peak but in line with pre-2020 levels
Private equity deal flow down vs 2021/1H 2022 peak but in line with pre-2020 levels | Deal flow by type ($bn) 13,880 $2,500 2022 to $2,358 Number of private equity deals 2018 to 2023 2023 closed in 2023 CAGR Growth (↓14.3% from 2022) Buyout -28.0% -1.8% $2,000 Growth -17.7% 14.5% $673 $1,848 Venture
Slide 37: Purchase multiples moderated in 2023 driven by increased financing costs
Purchase multiples moderated in 2023 driven by increased financing costs | Leveraged buyout entry multiples 18x 60% 55.1% 55.8% 16x 48.6% 48.8% 48.3% 48.9% 50% 44.8% 45.7% 45.0% 14x 43.8% 40.2% 11.9x 38.6% 11.5x 11.4x 11.4x 12x 11.0x 40% 10.8x EBITDA Multiple 10.6x 10.6x 10.3x Equity Contribution 10
Slide 38: Fundraising dispersion is widening and taking longer on average
Fundraising dispersion is widening and taking longer on average | Capital raised by strategy ($bn) 647 $500 2022 to Number of private equity funds 2018 to 2023 2023 Closed in 2023 CAGR Growth (↓45.7% from 2022) $450 $450 Buyout 7.6% 7.8% $400 Growth -27.3% 2.4% Venture Capital -47.5% -14.3% $350 13%
Slide 39: Dry powder continues to grow, dominated by mega and large buyout funds
Dry powder continues to grow, dominated by mega and large buyout funds 800 7-Year Growth 7-Year CAGR 700 2023 2016 600 Mega & Large Buyout 336 698 108% 11% 500 Dry powder ($bn) 400 Mid & Small Buyout 189 256 35% 4% 300 Venture 138 545 295% 22% 200 Growth 111 353 218% 18% 100 Other Private Equity 29
Slide 40: Exits declined modestly but as a percentage of NAV stock the decline is more meaningful
Exits declined modestly but as a percentage of NAV stock the decline is more meaningful | Exit flow by type ($bn)1 $900 2,114 Number of private equity exits 2022 to 2023 2018 to 2023 completed in 2023 CAGR (↑3.1% from 2022) $800 Growth $768 IPO -17.1% -14.6% $700 Secondary Buyout 3.1% -7.5% Trade Sa
Slide 41: Pressure for liquidity generation from fund investors will continue to mount
Pressure for liquidity generation from fund investors will continue to mount | Private equity portfolio growth and aging 35,000 $4,000 6.0 5.9 6.1 5.9 5.7 Number of PE-backed companies 30,000 5.4 5.5 5.3 5.4 5.3 5.3 28K 5.2 27K 4.6 25K $3,000 25,000 24K 4.3 Unrealized value ($bn) 4.1 4.2 22K 3.9 3.8
Slide 42: A more supportive backdrop for dealmaking
A more supportive backdrop for dealmaking M&A shows signs of a gentle recovery In 2024, global M&A transaction volume increased by 15% year-over-year $3,500 $3,190 $3,000 $2,770 Transaction volume ($bn) $2,401 $2,401 $2,403 $2,500 $2,302 $2,058 $2,000 $1,794 $1,617 $1,556 $1,953 $1,557 $1,882 $1,500
Slide 43: Secondaries to the rescue: poised for sustained growth
Secondaries to the rescue: poised for sustained growth Secondaries volume hit a new record of $160bn in 2024 $180 $160 $160 $140 $134 Transaction volume ($bn) $114 $71 $120 $103 $100 $68 $80 $51 $80 $72 $48 $26 $60 $60 $54 $23 $47 $42 $37 $17 $32 $89 $40 $9 $26 $9 $11 $66 $63 $49 $54 $55 $20 $5 $38
Slide 44: Key information
Key information Ordinary shares Trading symbol PIN Bloomberg PIN:LN Exchange London Stock Exchange, MAINMARKET SEDOL BP37WF1 ISIN GB00BP37WF17 Market Cap1 £1.5bn Net Asset Value per share1 509.3p Admission to trading September 1987 Currency GBP Company information Investment manager Pantheon Venture
Slide 45: Important Notice
Important Notice This document and the information contained herein is the proprietary information of Pantheon International Plc (“PIP”); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIP. This document is distributed by Pantheon Ventures (
Slide 46: Disclosures - case studies
Disclosures - case studies Disclosures 1 These case studies are examples of specific private transactions made by Pantheon funds / clients and are designed to assist prospective investors / clients to understand Pantheon’s investment management style / strategy. It should NOT be regarded as a recomm
Slide 47: Important Disclosure
Important Disclosure This document and the information contained herein has been prepared by Pantheon and is the proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, without the prior written permission of Pantheon. For this purpose, “Pantheon” means the Pa
Slide 48: Important Disclosure
Important Disclosure By accepting this document, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any other person without the prior written permission of Pantheon. Important information regarding
Slide 49: Important Disclosure
Important Disclosure • An investment in a fund investing in alternative investments involves a high degree of risk. Such investments are speculative, subject to high return volatility and will be illiquid on a long-term basis. Investors may lose their entire investment. • Managers of funds investing
Slide 50: Important Disclosure
Important Disclosure MSCI Europe Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indexes: Austria, Belgium, De
Slide 51: Pantheon
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