Pantheon International PLC

Specialist

Rated Fund 2013-19. A fund-of-funds approach with a spread of risk and reward

Pantheon International was launched in 1987, making it the UK’s longest-established private equity fund of funds. It has grown from £12 million at launch to £1.4 billion today.

Since its inception, it has generated average annual net asset value per share growth of 11.9%, outperforming both the FTSE All-Share (7.8%) and MSCI World (7.9%) indices.

The lead manager is Andrew Lebus, who heads a team of 80 investment professionals. He actively manages risk by carefully selecting high-quality private equity managers to create a balanced portfolio that is diversified by geography, investment stage and sector. Exposure is balanced across buyout, venture and growth, and special situations funds.

Some 43% of the portfolio is invested in secondary investments (buying interests from other investors), which allow the managers to maintain a mature portfolio profile and benefit from the cash distributions that gives 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 32% today. These are undertaken alongside private equity managers that are already known to Pantheon and have 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 2018, the portfolio was weighted towards the US (56%) and Europe (25%). Its shares have traded on a discount to net assets as wide as 30% and as narrow as 12% in the past three years.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Name
Pantheon International PLC
Manager
Pantheon Ventures (UK) LLP
Type
Closed Ended Investment Company
ISIN
GB0004148507
Sector
Private Equity
Launched
18/09/1987
OCF
1.34 %
Risk Rating
1
3 Year Sharpe
1.61
3 Year Alpha
9.15
Yield
0 %
Benchmark
MSCI World GR USD
Fund Size
£ 1.17 billion
NAV
2,674
Gearing
88
Discount Premium
-18
To maximise capital growth by investing in funds specialising in unquoted investments, acquiring existing unquoted portfolios and participating directly in private placements. Within its stated primary investment objective, the Company invests in private equity funds as secondary interests by subscribing to new funds. The Company may occasionally acquire direct holdings in unquoted companies, usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. The investment policy also extends to investment directly in companies where there is a private equity manager, well known to the Company, investing on the same terms.
Holding %
Confdential 2.81 %
Euskaltel SA 1.63 %
Variant SA 1.18 %
Laobaixing Pharmacy Chain JSC 1.00 %
Standard Aero 0.82 %
NIBC Bank 0.73 %
Sports Active 0.73 %
Kyoritsu Maintenance Co Ltd 0.73 %
ATrack Technology Inc 0.73 %
Sivent DD 0.73 %
Region %
Eurozone 24.36 %
United States 18.59 %
Asia - Emerging 12.82 %
Europe - Emerging 10.90 %
Canada 10.26 %
Asia - Developed 7.69 %
Japan 7.05 %
Name
Pantheon Ventures (UK) LLP
Address
EC2A1AF, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Andrew Lebus
Joined 07/31/2002

Data provided by Morningstar.

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