Pantheon International Plc partner Charlotte Morris talked with Proactive's Stephen Gunnion about the company’s latest performance and strategic direction. Morris reported that Pantheon International achieved a 6% increase in NAV per share (FX-free), although foreign exchange headwinds reduced the after-FX gross return to 1.2%. “It has been challenging in the wider private equity market, but the distribution rate is picking up,” she said, pointing to a 12% distribution rate this year — up from 8% the previous year. She explained that despite subdued M&A activity, the pickup in distributions and ongoing IPO activity in the broader market signalled improving conditions. However, IPOs are not central to Pantheon’s exit strategy. The company remained cash positive, with net cash generation from the portfolio reaching 3.5 times the previous year. Morris also detailed the continued focus on resilient sectors through direct investments, including essential software and healthcare services. She said this helps insulate the portfolio from macroeconomic headwinds. Touching on “step three” of Pantheon’s three-step corporate programme, Morris said the company is focusing on improving NAV performance and simplifying its fund offering to appeal to a wider investor base. This includes increased marketing efforts and focusing on historically successful strategies such as working with experienced managers and selective asset rotation. Changes in leadership were also discussed, with several new non-executive directors joining and the announcement of new chair Tony Morgan, who will replace John Singer at the end of the year. Morris concluded with a positive outlook, noting the company's nearly four-decade history of navigating market cycles and outperforming public markets. Visit Proactive’s YouTube channel for more company updates, and don’t forget to like the video, subscribe to the channel, and enable notifications for future content. \#PantheonInternational #PrivateEquity #NAVGrowth #InvestmentTrusts #CharlotteMorris #ProactiveInvestors #PortfolioStrategy #MarketOutlook #MergersAndAcquisitions #AlternativeInvestments