Proactive - Interviews for investors

Pantheon International's Charlotte Morris on Pantheon International's 2.3% NAV growth

Episode Summary

Pantheon International PLC partner and co-manager of PIP Charlotte Morris takes Proactive's Stephen Gunnion through the company’s performance and strategy during the reported six-month period. Morris shared that while the macroeconomic environment remains challenging, Pantheon International's portfolio saw a modest 3.2% value increase, supported by valuation uplifts across all investment types and resilient sectors. Morris highlighted, “Valuation gains have been boosted in part by the exits that we've seen across the portfolio that have generated uplifts to the last valuation before a sale of about 26%.” These gains translated into a 2.3% NAV performance, aligning with the broader listed private equity sector trends. A significant move included rightsizing the company's revolving credit facility from £500 million to £400 million, maintaining flexibility to increase it up to £700 million. The net debt to NAV was around 9.2%, well within the board's 10% guidance under normal market conditions. Pantheon International continued its share buybacks while committing approximately £88 million to new investments. Additionally, the company appointed three new non-executive directors, all with private equity experience, to enhance governance and strategic oversight. Discussing the three-step corporate program, Morris noted that step three focuses on stimulating demand for Pantheon International's shares to narrow discounts in the medium term. This strategy involves a marketing plan to broaden awareness of private equity and highlight Pantheon International's investment trust as a viable option for gaining private equity exposure. Looking ahead, Morris expressed cautious optimism, with early signs of market confidence returning and a potential increase in deal activity over the coming years. For more interviews and insights, visit Proactive's YouTube channel. Don’t forget to like the video, subscribe to the channel, and enable notifications for future updates! #PantheonInternational #PrivateEquity #Investing #FinancialMarkets #PIP #CharlotteMorris #MarketOutlook #InvestmentStrategy #ShareBuybacks #ProactiveInvestors