Pantheon International PLC · LSE:PIN
Pantheon International — FY2025 Earnings Presentation
50 slides from Pantheon International's earnings presentation, June 2025
Slide 1: Pantheon International Plc: Year End Results to 31 May 2025
PRIVATE & CONFIDENTIAL Pantheon International Plc Putting shareholders first Year End Results to 31 May 2025 Investor Presentation
Slide 2: Agenda
Agenda 1. Introduction and highlights 2. PIN portfolio construction and evolution 3. Financial results 4. Financial position 5. Investment activity 6. Corporate governance 7. Recent performance 8. Conclusion Appendix Unless expressly mentioned, all information and data is sourced from PIN’s monthly
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 busy period implementing Step Three of PIN's three-step programme
A busy period implementing Step Three of PIN's three-step programme Capturing value for shareholders Enhancing our investment strategy, performance and • £53.5m invested in share buybacks during the year ended 31 marketing May 20251 at a weighted average discount of 39.7%, which • Active portfolio m
Slide 5: PIN – FTSE 250 investment trust managed by Pantheon
PIN – FTSE 250 investment trust managed by Pantheon Providing access to a high-quality diversified portfolio of private companies | Investment Type¹ 54% | Stage¹ | Region¹ | Company Sectors3 invested directly in 2% companies 4% 2% 5% 7% 7% 8% 33% 37% 11% 33% 19% 46% 52% 12% 33% 9% 21% 26% 13% 20% Sm
Slide 6: PIN’s portfolio is actively managed and increasing in concentration
PIN’s portfolio is actively managed and increasing in concentration Number of Portfolio Companies Annualised Revenue and EBITDA Direct company investments vs Funds Comprising 80% of PIN's Total (2020–2025)1,2 Exposure 922 19% 17% 46% 507 100% 9% 8% 54% June 2013 May 2025 June 2013 May 2025 5-year an
Slide 7: Long-term outperformance: Financial results for the year ended 31 May 2025
Long-term outperformance Financial results for the year ended 31 May 2025 NAV per Annual NAV growth Share price NAV share growth2 over past 10 yrs Market cap movement2 5YR TSR £2.2bn +1.2% +12.2% £1.3bn -9.2% +43.3% Annualised performance as at 1 yr 3 yrs 5 yrs 10 yrs Since inception1 31 May 2025 NA
Slide 8: PIN's portfolio has held up well in the current macroeconomic environment
PIN's portfolio has held up well in the current macroeconomic environment | NAV per share movement | Valuation movements by stage3 Overall Portfolio 28.7p 4.3p (23.3p) Return 7.6p (11.3… 496.5p 500p 490.5p 20% 18% +6.2% 16% 17.6% 400p 14% 12% Return 10% +0.9% (4.8%) +1.5% (2.3%) +1.2% 8% +5.9% 300p
Slide 9: Exits demonstrate significant embedded value in PIN's portfolio
Exits demonstrate significant embedded value in PIN's portfolio | Annual distribution rate (%) | Value-weighted average uplift on exit realisations (%)1 29% 27% 24% 24% 25% 45% 22% 37% 34% 35% 33% 34% 17% 29% 24% 23% 25% 12% 10% 2020 8% 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2016 201
Slide 10: PIN’s balance sheet is prudently managed
PIN’s balance sheet is prudently managed | As at 30 June 2025 | As at 30 June 2025 £2,500m £2,000m £1,500m £2,401m 4.2x £1,000m 8.6% £2,193m financing cover2 Net debt to NAV1 £500m £0m 85% undrawn coverage ratio3 -£500m (£188m) Net cash / (debt) NAV £651m £311m Drawn Credit Facility Loan notes Net a
Slide 11: Sources of capital
Sources of capital Financial year ending 31 May 2025 | Exit examples in the year • PIN received £291m in proceeds from PIN’s portfolio equivalent to an annualised Company Manager Proceeds distribution rate of 12%. Calera Capital £19.0m • On average, PIN achieved a 25% uplift1 and 2.3x cost multiple2
Slide 12: Uses of capital
Uses of capital Financial year ending 31 May 2025 | Capital allocation split | Quarterly share buybacks vs | New commitments during the year to 31 May 2025 discount 40 £38m 50% 7% 6% 40% 12% 30 35% 36% 40% 45% 34% 20 13% Stage 39% Region 55% 55% 30% 10 £6m £7m 68% £3m 0 20% Q1 Q2 Q3 Q4 Share buyback
Slide 13: 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 Provider of IT management and Commercial services platform
Slide 14: PIN is committed to the highest standards of corporate governance
PIN is committed to the highest standards of corporate governance Appoints Chair Shareholders PIN Board PIN Pantheon John Singer CBE Invest via LSE (Oversees) Tony Morgan Chair Appointed to the Board: Appointed to the Board: 23 November 2016 3 January 2025 Manages • The Board has extensive experienc
Slide 15: 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 30 June 2025 NAV per share 0.2% 2.1% 11.4% 12.4% 11.5% 496.5p (0.9p) 0.5p (3.9p) 1.0p (0.9p) 492.3p Ordinary share price 2.8% 8.7% 10.1% 9.5% 1
Slide 16: Long-term outperformance over years
Long-term outperformance over 38 years | As at 30 June 2025 7,000 12.4% PERFORMANCE (REBASED TO 100) 6,000 Annualised NAV per share 5,000 growth over past 10 years NAV * 4,000 11.5% PIN Ordinary Annualised NAV per share 3,000 Share Price * growth since 1987 MSCI World Total 2,000 Return (Sterling) 1
Slide 17: Appendix
APPENDIX
Slide 18: PIN: Makes the private, public
PIN: Makes the private, public What is PIN Why PIN 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 19: PIN's business model: Our investment strategies
PIN's business model Our investment strategies Direct company investments1: 54% of PIN's portfolio2 Funds: 46% of PIN's portfolio2 Co-investments Primaries We invest in a company directly, alongside a We invest in a new private equity fund private equity manager. when it is established. • Direct inv
Slide 20: Pantheon has full control over portfolio construction
Pantheon has full control over portfolio construction • We have control of investment strategy, PIN and overseen by the fully independent Board. Pantheon PIN Pantheon Pantheon is PIN’s • We have the flexibility to tilt the portfolio towards investment manager. where we see the best fit for our long-
Slide 21: 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% 32% 30% 26% 24% 25% 24% 23% 18% 19% 19% 19% 21% 21% 19% 18% 18% 18% 17% 16% 15% 14% 12% 11% 11% 10% 10% 9% 7% 9% 8% 8%
Slide 22: Core themes informing PIN's investment strategy
Core themes informing PIN'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 23: New investments case studies
New investments case studies Investment Fortis Payments Manager Stage Sector Description Investment rationale Pantheon Angle Type Commitment • Fortis has carved out a niche in the high growth, middle market enterprise payments market Lovell • Sticky customer base as a result Pantheon was Minnick Inf
Slide 24: Distribution case study
Distribution case study Private Equity Manager Summa Equity Investment Type Co-investment Provider of next generation proteomics solutions,, enabling biopharmaceutical companies and medical researchers to gain a deeper Business understanding of diseases at a protein level Sector Healthcare Region1 E
Slide 25: All investment types and stages have produced positive returns in the financial year
All investment types and stages have produced positive returns in the financial 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/
Slide 26: Modest recovery in valuation movements
Modest recovery in valuation movements | Returns/valuation movements by year 2020-2025, compared to 2019 • When we analyse the valuation movements across 50% recent years, we have observed that the spread of 40% movements has narrowed, mirroring the single figure 30% valuation increases we have seen
Slide 27: PIN manages maturity profile to maximise growth and liquidity
PIN manages maturity profile to maximise growth and liquidity | Fund vintage1 22% Yr 1 Yr 2 Yr 5 Yr 7 Yr 10 Yr 12 Harvest period 15% Value creation period 12% 10% 9% Investment period Potential fund extension 8% 8% 7% 5% 4% 5.6 years weighted average fund age2 of PIN’s portfolio Actively managed mat
Slide 28: Growth in PIN’s buyout portfolio companies has outperformed the MSCI World index
Growth in PIN’s buyout portfolio companies has, on average, outperformed the MSCI World index | Annual revenue growth1 | Annual EBITDA growth1 40.0% 40.0% 29.5% 30.0% 30.0% 25.4% 24.9% 20.8% 20.2% 18.5% 17.2% 20.0% 15.4% 20.0% 15.4% 16.7% 13.9% 14.0% 13.2% 13.2% 14.2% 12.8% 12.0% 8.8% 10.0% 10.0% -
Slide 29: PIN invests proportionately more in high growth sectors
PIN invests proportionately more in high growth sectors | Valuation Multiples1 (EV / EBITDA) | Buyout portfolio3 | MSCI World4 (EV / EBITDA) 22.5x 2% 4% 3% 7% 8% 16.9x 26% 33% 9% 11% 11% 11% 16% 12% 13% 20% 15% Information Technology Information Technology Healthcare Consumer Consumer Financials PIP
Slide 30: PIN’s underlying portfolio company debt is actively managed
PIN’s underlying portfolio company debt is actively managed | Buyout Debt Multiples (Debt / EBITDA) | Mid-market debt trends1 6.0x 5.5x 5.2x 5.3x 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 Small/mid Buyout Large/mega Buyout sub-s
Slide 31: Evolution of investment vehicles
Evolution of investment vehicles Drawdown fund Semi-liquid evergreen fund Investment fund Structure Close-ended Open-ended Typically close-ended Valuation frequency Quarterly Monthly NAV • Monthly NAV • Share price offers daily “market value” Diversification Ramps up over time Diversified on day 1 (
Slide 32: We live in interesting times…
We live in interesting times… 2020-2022 2022-2024 2025 Private Markets Implications • Peak valuations • Subdued deal activity • Q1 2025 activity pick-up could slow • Heightened deal activity • Disappointing returns • Exacerbation of liquidity challenges • Elevated returns • Pressure on liquidity • T
Slide 33: Key themes in private markets
Key themes in private markets Liquidity Pressure Secondaries Rise • Fundraising headwind • Record volume in 20241 • Long tail of deals in portfolios • Multi-year opportunity • Rise of alternative liquidity forms • Increasing acceptance of continuation vehicles • Impact on GP bandwidth Resilient Valu
Slide 34: Private equity deal flow up in 2024, but still below peaks
Private equity deal flow up in 2024, but still below peaks of 2021/2022 15,592 Deal flow by type ($bn) Number of private equity deals closed in 20241 (↑4.2% from 2023) 2023 to 2024 2019 to 2024 Growth CAGR $2,441 $2,500 Buyout 22.4% 1.6% Growth 32.9% 16.4% $2,000 Venture Add Ons 18.6% 9.5% 6.3% 5.6%
Slide 35: Median buyout entry multiples remained stable in 2024
Median buyout entry multiples remained stable in 2024 despite elevated financing costs Median buyout entry multiples 16x 14.3x 14x 13.3x 13.1x 12.8x 12.7x 12.3x 12.2x 11.8x 11.9x 12x 11.5x 11.2x 10.8x10.8x 10.8x 10.9x10.9x 10.9x 10.2x10.5x EV/EBITDA Multiple 10.0x 9.8x 9.9x 10x 9.3x 9.1x 8x 6x 4x 2x
Slide 36: Fundraising was down across asset classes in 2024
Fundraising was down across asset classes in 2024 644 Capital raised by strategy ($bn) Number of funds closed in 20241 $600 (↓47.2% from 2023) 2023 to 2019 to 2024 2024 CAGR Growth $500 Buyout -10.3% 0.4% Growth -24.1% -7.6% $441 12.9% Venture Capital -22.9% -4.0% $400 First-time funds1 (↓56.1% from
Slide 37: Dry powder continues to grow, dominated by mega and large buyout funds
Dry powder continues to grow, dominated by mega and large buyout funds $900 7-Year Growth 7-Year CAGR $800 2024 2017 $700 $600 Mega & Large Buyout 357 693 94% 14% $500 Mid & Small Buyout 233 281 20% 4% $400 Venture 409 609 49% 8% $300 $200 Growth 198 373 88% 13% $100 Other Private Equity 114 87 -24%
Slide 38: Exits continue to be muted against challenging liquidity environment
Exits continue to be muted against challenging liquidity environment 2,153 Exit flow by type ($bn) Number of private equity $900 2023 to 2024 2019 to 2024 Growth CAGR exits completed in 2024 (↑13.4% from 2023) IPO 100.6% -5.1% $789 $800 Secondary Buyout 12.5% 6.5% Trade Sale -24.2% -0.8% $700 3.1% $
Slide 39: Global buyout unrealised value has continued to increase
Global buyout unrealised value has continued to increase – now at $3.6tn across 29k companies Global buyout portfolio growth and aging 40,000 NAV: $3.6 T 6.6 $7,000 6.0 6.1 5.9 5.9 35,000 5.7 Number of US PE-backed companies 5.5 $6,000 5.4 5.3 5.4 5.3 5.2 5.2 30,000 29K 28K 4.6 27K $5,000 Unrealised
Slide 40: Record deal flow in past four years, with similar expectations for 2025
Record deal flow in past four years, with similar expectations for 2025 Secondaries market volume1,2 Record deal flow driven by market need for secondaries $180B solutions2 $160B $160B $140B $134B $120B $114B Strong deal flow $103B 56% Record annual deal flow of $100B 49% $160bn in 2024 $80B $80B $7
Slide 41: 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 42: 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 43: Key information
Key information Ordinary shares Trading symbol PIN Bloomberg PIN:LN Exchange London Stock Exchange, MAINMARKET SEDOL BP37WF1 ISIN GB00BP37WF17 Market Cap1 £1.4bn Net Asset Value per share1 492.3p Admission to trading September 1987 Currency GBP Company information Investment manager Pantheon Venture
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: Pantheon
i!) PANTHEON
Pantheon International — FY2025 Earnings Presentation on 6ix