Pantheon International PLC · LSE:PIN
Pantheon International — Investor Day (September 2026)
45 slides from Pantheon International's investor day presentation, Sep 17, 2026
Slide 1: Capital Markets Afternoon
PRIVATE & CONFIDENTIAL Pantheon International Plc Capital Markets Afternoon 17 September 2026
Slide 2: Agenda
Agenda Mary Ann Sieghart, Senior 14:00-14:05 Welcome Independent Director 14:05-14:30 The Global Private Equity Environment Jeff Miller, Pantheon Strategy & Capital Allocation: 14:30-14:40 Tony Morgan, Chair PIN Board perspective 14:45-15:05 Coffee break Mary Ann Sieghart, Senior 15:05-15:10 Welcome
Slide 3: The Global Private Equity Environment
THE GLOBAL PRIVATE EQUITY ENVIRONMENT JEFF MILLER, PANTHEON Jeff Miller Chief Investment Officer
Slide 4: Key themes in private equity today
Key themes in private equity today 1 NAV performance is modestly improving across PE stages with stronger performance in Venture Include 3 essential points and reduce the amount text on your slide. Valuation re-rate is still a headwind in portfolios 2 Liquidity remains the key constraint Include 3 e
Slide 5: Private equity deal flow up in 2025, recovering towards pre-COVID growth trend
Private equity deal flow up in 2025, recovering towards pre-COVID growth trend Deal flow by type ($bn) H1 2025 to 2024 to 2025 2020 to 2025 H1 2026 Growth CAGR Growth Buyout/LBO -11% 34% 14% Growth -20% 19% 12% Add Ons -25% 16% 12% Venture Capital 118% 28% 13% 81,050 77,121 65,733 63,843 62,652 57,3
Slide 6: Private equity exit recovery in progress, but not enough to fix liquidity bottleneck
Private equity exit recovery in progress, but not enough (yet) to fix liquidity bottleneck Exit flow by type ($bn) H1 2025 to 2024 to 2025 2020 to 2025 H1 2026 Growth CAGR Growth Corporate acquisition 7% 21% 10% IPO 9% 89% 0.5% Sponsor acquisition -14% 32% 11% VC-backed exits 194% 65% -2% 9,251 7,66
Slide 7: Fundraising was down again in 2025 owing to continued liquidity challenges
Fundraising was down again in 2025 owing to continued liquidity challenges Capital raised by strategy ($bn) 926 H1 2025 to 2024 to 2025 2020 to 2025 H1 2026 Growth CAGR Number of buyout and growth funds Growth closed in 2025 Buyout 18% -11% 3% (↓16% from 2024) Growth -34% -10% -0.6% Venture Capital
Slide 8: Dry powder levels are moderating
Dry powder levels are moderating, potentially reducing some deployment pressure $1,800 90% 77% 78% $1,600 76% 76% 80% 74% 74% 74% $1,400 66% 66% 66% 70% 64% 64% 62% 60% 62% 62% 58% $1,200 60% Dry powder ($bn) $1,000 50% % of total $800 40% $600 30% $400 20% $200 10% $0 0% 2010 2011 2012 2013 2014 20
Slide 9: Valuations have moderated but remain full by historical standards
Valuations have moderated but remain full by historical standards Private equity valuation multiples 2016 – H1 2026:1 Private equity valuation multiples 2016 – 2025 (in total):2 15.8x 14.2x 13.7x 13.6x 13.4x 13.7x 12.8x 12.3x 12.2x 12.2x 12.0x 11.7x 12.0x Aggregate 12.3x 11.0x 11.0x 10.6x 11.2x 10.9
Slide 10: Leverage multiples troughed in 2023, but credit markets reopened
Leverage multiples troughed in 2023, but credit markets reopened through 2024-2025 Private equity leverage multiples 2016 – 2025 annually:1 Private equity leverage multiples 2016 – 2025 (in total):1 6.7x 6.5x 6.3x 6.4x 5.8x 5.9x 5.5x Aggregate 5.1x 5.4x 5.4x 5.2x 4.7x 4.8x 4.8x 4.6x 4.3x 4.3x 4.5x 4
Slide 11: Private markets opportunity: a new investment playbook is needed
Private markets opportunity But a new investment playbook is needed… 2010 - 2021 2022 – Present Observations Implications Observations Implications • “Rising tide returns” • Return dispersion Multiple expansion Flat to declining multiples • Execution • Origination Low financing costs Higher
Slide 12: In a competitive market, GP specialisation is critical to driving returns
In a competitive market, GP specialisation is critical to driving returns Generalists Specialists Difference IRRs of 2010-2022 buyout funds 13% 17% 4% Total value multiple 2.1x 2.2x 0.1x Loss ratios 12% 9% 3% Equity value from EBITDA margin expansion 10% 43% 33% Returns generated by multiple expansi
Slide 13: Pantheon investment themes in action
Pantheon investment themes in action Exploring where we have strong conviction Themes we are Mid-market: Opportunity for outperformance with more attractive entry valuations and lower debt levels vs. focused on in 2026 large cap Mid-market Advantaged secondaries: Record secondary deal flow and dep
Slide 14: Strategy & Capital Allocation: PIN Board Perspective
STRATEGY & CAPITAL ALLOCATION: PIN BOARD PERSPECTIVE TONY MORGAN, PIN CHAIR Tony Morgan PIN Chair
Slide 15: Strategy Evolution in a New Market Environment
Strategy Evolution in a New Market Environment Implementing our New Active Capital Management Strategy FROM TO Highly diversified portfolio Portfolio Focused investment program that tracks broader PE Shape seeking alpha market Deployment Investment pace follows Consistent deployment pace distributio
Slide 16: How Does the Board Think About Deployment Pace
How Does the Board Think About Deployment Pace Why it is really important to keep investing and refresh the portfolio Vintage Diversification Cambridge Associates Private Equity Index US Recession Dot-com Bubble GFC COVID-19 30% • Private equity returns are 25% cyclical 20% • The key is to avoid 15%
Slide 17: How Does the Board Think About Selecting Assets to Sell
How Does the Board Think About Selecting Assets to Sell Impact on Portfolio Construction Ability to Execute • Does it accelerate the • Sale processes are strategic repositioning to complex and take time core managers? • Market dynamics need to • Does it maintain appropriate be conducive diversificat
Slide 18: How Does the Board Think About Buybacks vs New Investments
How Does the Board Think About Buybacks vs New Investments Selecting the appropriate re-investment opportunity with available funds Share buybacks should be earnings enhancing and generate a healthy rate of return Share buybacks should be funded from cash that the business does not need New Investme
Slide 19: PIN has led the sector on pursuing buybacks
PIN has led the sector on pursuing buybacks over the last few years Distribution Pool established in Oct-25. 20% of gross distributions £197m added each month £180m PIN has invested >£350m in buybacks since May 2022 £118m Including the recently announced £180m, PIN has committed c.£580m to share buy
Slide 20: Summary
Summary Significant progress has been made in the last 12 months achieving our refined strategic goals Refocusing our investment strategy Consistent deployment through cycle • Concentrating the portfolio to ~25 high-conviction • Private equity returns are cyclical so vintage managers – differentiate
Slide 21: Fireside Chat
Fireside Chat Brenlen Jinkens, Partner PJT Park Hill Charlotte Morris, Partner Pantheon
Slide 22: Portfolio Insights
PORTFOLIO INSIGHTS Charlotte Morris Erik Wong Pantheon Partner Pantheon Partner & Lead Manager of PIN
Slide 23: Core themes informing PIN's investment strategy
Core themes informing PIN's investment strategy Themes we are Mid-market: Opportunity for outperformance focused on in 2026 with more attractive entry valuations and lower debt levels vs. large cap. Leverage our expertise in fund and asset selection, targeting positions with robust value creation
Slide 24: New direct investment deal themes
New direct investment deal themes Four takeaways from a robust 18 months 1 2 3 4 Diversification Durable macro Differentiated Quality assets at across stage, sector, and tailwinds access reasonable geography with multiple value backed by strong origination valuations creation levers and underwriting
Slide 25: Recent Direct Investments have supported our key themes
Recent Direct Investments have supported our key themes s Vertical software Healthcare Leading consolidation Expert-led, non- with high regulatory Education and cost containment platforms in insurance, discretionary services, and compliance consumer staples and pharma financial and fund outsourcing
Slide 26: Areas to watch in underwriting direct investments
Areas to watch in underwriting direct investments 1 Uncertain valuation environment Macro headwinds (interest rates, inflationary pressure, geopolitical 2 conflict/tensions, economic outlook) 3 Muted exit environment, especially in IPOs 4 Higher cost and more restrictive covenants attached to lendin
Slide 27: Software Sector Risk
Software Sector Risk AI is increasing dispersion, not systemic risk What is Happening? Impact Underwriting Implications Wider performance dispersion across AI accelerating change across companies and subsectors software business models Increased focus on fundamentals and competitive positioning Stro
Slide 28: Analysing Software Risk in PIN's Portfolio
Analysing Software Risk in PIN’s Portfolio Software Underwriting Focus ~13% ~26% 1.4% of NAV in top 20 Total Software Largest Software software companies1 Exposure1 Exposure1 Larger, resilient businesses Top software GPs across portfolio Strong fundamental performance Strong, consistent cash flow Du
Slide 29: Pantheon's Portfolio AI Risk Evaluation Framework
Pantheon’s Portfolio AI Risk Evaluation Framework How the risk score is built: We score AI risk at the GICS 4 subsector level (157+ industries) and translate it into a subsector heatmap across the following dimensions: Seven risk vectors scored 1 – 5 per GICS 4 code 1 2 3 Pricing and Margin How to r
Slide 30: PIN AI Risk Analysis
PIN AI Risk Analysis Top 20 positions across PIN Application Software archetypes Number of companies in each AI risk rating (top 20 positions by NAV) Approximately 75% of PIN's Application Software exposure sits in the three lowest-risk archetypes (shaded) 1 Systems of record 2 Vertical SaaS (regula
Slide 31: Four lenses to assess the evolving impact of AI
Four lenses to assess the evolving impact of AI AI expected to benefit established managers, including data-rich platforms like Pantheon ? AI readiness and defensibility How should we ? Traditional business models in a new world 1 underwrite new direct ? How to minimize downside risk? investments? ?
Slide 32: 2021 and 2022 Vintages
2021 AND 2022 VINTAGES
Slide 33: 2021/22 vintage at a glance
2021/22 vintage at a glance Sector breakdown – 2021/22 vintage vs. PIN portfolio £931m % of NAV by sector Current company NAV PIN Portfolio 2021/22 Vintage Technology 32% 35% Healthcare 17% 18% Consumer 13% 12% Financials 11% 6% 7% 43.1% Business Services 13% Comm. Services 7% 5% Current 2021/22 6%
Slide 34: Entry pricing: Two-thirds of the vintage's capital deployed at under 15x EBITDA
Entry pricing: Two-thirds of the vintage’s capital was deployed at under 15x EBITDA De-rating has been concentrated in the most expensively priced deals of 2021/22 38% Distribution of entry EBITDA multiples % of 2021/22 vintage companies by entry multiple band Invested cost deployed at ≤15x 25% 25%
Slide 35: Gearing: Roughly half the 2021/22 vintage has de-levered
Gearing: Roughly half the 2021/22 vintage has de-levered, led by the most highly levered entries Where the vintage entered on leverage Share of companies that have de-levered % of NAV by net debt / EBITDA at entry % of NAV, by net debt / EBITDA at entry Entry leverage ≤5.7x 37% 25% 35% 27% 13% Entry
Slide 36: 2021 and 2022 vintages – spotlight on deals
2021 and 2022 vintages – spotlight on deals Hg Challenging What’s gone themes well? IFS is a provider High entry valuations Resilient sectors such as of enterprise healthcare software for ERP, Description asset Revenue-based valuations management and Differentiated offerings with field service opera
Slide 37: 2021 and 2022 vintages – spotlight on deals: Top exits
2021 and 2022 vintages – spotlight on deals Top exits Tene Company GP fund(s) Sector Region Exit Balderton Capital Comms Secondary Europe Services buyout Index TAG Medical Ventures specializes in the design and production of Parthenon North Secondary Financials Description innovative Capital America
Slide 38: Top 25 company investments in PIN's portfolio
Investment type Primary Top 25 company investments in PIN's portfolio Fund secondary Co-investment Manager-led secondary % of PIN % of PIN Investment Investment Company1 Description portfolio Company1 Description portfolio type type NAV NAV Developer of a cloud-based 1. Non-food discount stores 1.5%
Slide 39: Key takeaways
Key takeaways 1 Uncertainty remains in valuation environment, exit environment and macro 2 AI is increasing dispersion of returns within software rather than systemic risk 2021/22 vintages have seen adjustments in valuation and gearing where it was 3 most needed; exits starting to come through Focus
Slide 40: Important Notice
Important Notice This document and the information contained herein is the proprietary information of Pantheon International Plc (“PIN”); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIN. This document is distributed by Pantheon Ventures (
Slide 41: 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 42: 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 43: 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 44: 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 45: Pantheon International
PANTHEON INTERNATIONAL
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