Pantheon International PLC · LSE:PIN
Pantheon International — Investor Presentation (May 2026)
26 slides from Pantheon International's investor presentation, May 2026
Slide 1: PIN: Update on Strategy Implementation
PRIVATE & CONFIDENTIAL MAY 2026 PIN: UPDATE ON STRATEGY IMPLEMENTATION
Slide 2: Presenters
Presenters Tony Morgan, Chair (appointed to the Board 3 January 2025) Mr Morgan is an experienced investment and private equity professional with 29 years of executive experience. He has held senior investment roles at a range of financial institutions, including Chief Investment Officer at British
Slide 3: PIN: Setting The Scene
PIN: Setting The Scene PIN is a 40-year Private Equity investment trust offering liquidity and delivering performance to investors Direct access to private equity in a vehicle structure that offers daily liquidity to investors Strong annualised returns of 11.5%1 through a diversified program of
Slide 4: Announced: Sale of Assets and Share Buyback Commitment
Announced: 12 May 2026 “Sale of Assets and Share Buyback Commitment” A significant step forward in our strategy and plan which comprise a number of measures including: A more robust active capital management approach: Consistent investment pacing through the cycle Becoming an active seller of
Slide 5: The Driver of Change – A New Market Environment
The Driver of Change – A New Market Environment How we are responding to changes in the cycle What changed in the private equity environment? While private equity has generated attractive returns over the long term, the market environment has changed after a sustained period of low exit activity a
Slide 6: Strategy Evolution in a New Market Environment: Refocusing the portfolio
Strategy Evolution in a New Market Environment Refocusing the portfolio Increased concentration: Concentrating the portfolio around ~25 high-conviction Increased focus on core managers — teams with differentiated strategies, genuine specialism and managers with demonstrated ability to generate ret
Slide 7: Implementing an Active Capital Management Strategy
Strategy Evolution in a New Market Environment Implementing an Active Capital Management Strategy Balancing capital allocation between new investments and share buybacks PIN’s value PIN provides investors with a balanced, diversified portfolio of private companies through proposition funds and dir
Slide 8: Deep Dive On Recent Portfolio Sales: Secondary Market Dynamics
Active Capital Management : Deep Dive On Recent Portfolio Sales The private equity secondary market has some unique dynamics How does the private equity secondary market work? Market Depth Not all assets can be easily sold: Deep market for Fund Interests, limited market for Directs (co-investments
Slide 9: Deep Dive On Recent Portfolio Sales
Active Capital Management : Deep Dive On Recent Portfolio Sales 8.1% discount achieved was solid and the sold portfolio (of Funds) was more tilted towards Europe 42 Number of investments As at 28 February 2026 Post-sale proforma as at 31 March 2026 28 Number of Managers Investment Type 8.1% Discount
Slide 10: Portfolio Renewal Through Consistent Deployment
Active Capital Management : Portfolio Renewal Through Consistent Deployment Why is it important to refresh the portfolio? PIN: Annual NAV growth by company age1 PIN: Net IRRs by vintage2 25 30% 10%-20% 25% 20 20% 15 15% 10 6%-7% 10% 5 5% 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
Slide 11: Deep Dive On Share Buybacks vs. New Investments: Quantitative factors
Active Capital Management : Deep Dive On Share Buybacks vs. New Investments Quantitative factors that shape the investment decision Many considerations factor into assessing the relative returns of investing in share buybacks or new investments Discounts to NAV where the shares are trading in public
Slide 12: Share Buybacks vs New Investments: Qualitative considerations
Active Capital Management : Deep Dive On Share Buybacks vs New Investments Qualitative considerations are also important Based on Pantheon’s experience, the majority of valuation gains are achieved within the first 4– 5 years of investment, after which the pace of NAV growth tends to moderate. Por
Slide 13: Share Buybacks vs New Investments: PIN has been actively investing in buybacks
Active Capital Management : Share Buybacks vs New Investments PIN has been actively investing in share buybacks £197m £180m PIN has invested >£350m in buybacks since May 2022 Including the recently announced £180m+, PIN has committed more than £530m to share buybacks (22% of £83m May 2022 NAV) £54m
Slide 14: Conclusion: Implementation is underway with significant progress made
Conclusion Implementation is underway with significant progress made FROM TO PROGRESS Highly diversified Focused investment Managers reduced Portfolio Shape portfolio - tracks program seeking alpha 32% from ~90 to 62 broader PE market Investment pace Investments on pace; Deployment Consistent deploy
Slide 15: Q&A
Q&A
Slide 16: Appendix
APPENDIX
Slide 17: Refocusing the Portfolio: What is important in Funds
Refocusing the Portfolio: What is important in Funds (47% of portfolio)? Pantheon seeks out specialisation and a repeatable competitive advantage What do we look for in our partners? Sector specialist Country / regional specialist Buy & build Growth Orientated Operational specialist Complex transact
Slide 18: Refocusing the Portfolio: What is important in Directs
Refocusing the Portfolio: What is important in Directs (53% of portfolio)? Core themes informing PIN's investment strategy Companies Partners Structural sector tailwinds Revenue resilience Recurring revenue models Low end market cyclicality Mission-critical product offering, high switching c
Slide 19: Secondary Pricing Dynamics: Cost of capital
Secondary Pricing Dynamics How do buyers price assets / calculate discounts? Sensitivity - Realised Discounts (Premiums) Pricing Logic - Worked Example Based on a 3-year holding period Secondary buyer cost of capital 16% Expected NAV growth Holding period 3 years 15% 0.0% 5.0% 10.0% 15.0% Required M
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: Pantheon International
PANTHEON INTERNATIONAL
Pantheon International — Investor Presentation (May 2026) on 6ix