26th Feb 2026 12:03
(Alliance News) - Pantheon International PLC on Thursday posted an improved interim net asset value per share, but unperformed its benchmarks, as it noted that momentum in private equity deal flow has started to build.
The investment trust provides exposure to a global portfolio of private equity-backed companies.
Pantheon on Thursday reported a net asset value total return of 4.9% for the six months that ended November 30, while its benchmarks, the FTSE All-Share and MSCI World indices returned 11.8% and 16.7% respectively, over the same period.
Net asset value per share rose 4.9% to 520.82 pence at November 30, from 496.45p at May 31. Compared to a year earlier, NAV per share improved 3.8% from 501.64p.
The investment trust attributed its NAV growth during the period to a combination of modest underlying valuation gains, investment income, favourable currency movements and its GBP42.8 million investment in buybacks.
Shares in the investment trust were up 0.3% at 358.11 pence on Thursday afternoon in London.
The company said it continued to focus on enacting measures to improve its discount to NAV, noting that it narrowed to 28% at the end of November from 40% at the end of May.
"After a challenging few years, private equity demonstrated its resilience in 2025 and started to recover slowly. We enter 2026 with a constructive outlook, with the momentum of private equity deal flow starting to build," said Charlotte Morris, partner at Pantheon and lead manager at Pantheon International
"With PIN, our aim is to offer a 'one-stop shop' for investors wishing to access a wide and diversified range of private equity opportunities around the world. And since its inception in 1987, PIN has been, and we believe continues to be, one of the most accessible ways for investors of all types and sizes to achieve this."
By Christopher Ward, Alliance News reporter
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