Pantheon International PLC
Rated Fund 2013-20. A fund-of-funds approach with a spread of risk and reward
Pantheon International is the UK’s longest-established private equity fund of funds. This investment trust, listed on the FTSE 250 index, has grown from £12 million in value at launch to £1.44 billion today. Since inception it has generated average annual net asset value per share growth of 11.7%, outperforming both the FTSE All-Share (7.7%) and the MSCI World (8%) indices.
Lead manager Andrew Lebus heads a team of 80 investment professionals. He actively manages risk by carefully selecting high-quality private equity managers to create a balanced portfolio diversified by geography, investment stage and sector. Exposure is spread across buyout, venture and growth and special situations funds. Some 38% of the portfolio is invested in secondary investments (buying interests from other investors), which allows the managers to maintain a mature portfolio profile and benefit from the cash distributions that give the trust its financial strength and investment pace.
Co-investments (participating directly in the purchase of a portfolio company investment alongside a private equity fund) have increased in recent years, from 3% in 2013 to 34% today. These are undertaken alongside private equity managers already known to Pantheon and with successful track records of managing assets through economic cycles. The balance is in primary investments (investing in a new fund when it is established).
At the end of 2019, the portfolio was weighted towards the US (55%) and Europe (27%). Its shares have traded on a discount to net assets of between 25% and 10% in the past three years.
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
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Data provided by Morningstar.
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