Pantheon International Plc · LSE:PIN
Pantheon International — AMG Pantheon Infrastructure Fund (P-BUILD) — Investor Presentation (May 2026)
31 slides from Pantheon International's investor presentation, May 2026
Slide 1: AMG Pantheon Infrastructure Fund (P-BUILD)
INFRASTRUCTURE AMG PANTHEON INFRASTRUCTURE FUND (P-BUILD)
Slide 2: Glossary of Terms
Glossary of Terms All infrastructure secondaries & co-investment track record: The infrastructure secondaries and co-investments hypothetical track record includes discretionary infrastructure secondaries and co- investments invested across all Pantheon Infrastructure commingled funds since 2010, in
Slide 3: Private Infrastructure Secondaries Market Opportunity
PRIVATE INFRASTRUCTURE SECONDARIES MARKET OPPORTUNITY
Slide 4: Why investors allocate to the private infrastructure asset class
Why we believe investors allocate to the private infrastructure asset class Infrastructure assets provide essential services with inelastic demand, typically generating stable Stable and resilient revenue streams across market cycles. Cash flows are typically contracted with investment grade 1 cash
Slide 5: Private infrastructure has provided attractive risk-adjusted returns vs. other asset classes
Private infrastructure has historically provided attractive risk-adjusted returns vs. other asset classes Public and private asset classes: Risk and Return Profile by Asset Class 16% 14% Private Equity 12% 10% Private Credit Real Estate Equities Return Private Infrastructure 8% 6% 4% 2% Fixed Income
Slide 6: Low correlation to equities and fixed income and lower volatility
Private infrastructure has exhibited both historically low correlation to equities and fixed income and lower volatility than other asset classes Asset class correlations to private infrastructure (Q1 2011 – Q4 2025) Private Infrastructure Private Infrastructure 1.00 Private Credit 0.56 Real Estate
Slide 7: Volatility mitigation from long-term, contracted revenue streams
Private infrastructure can potentially provide volatility mitigation due to long-term, contracted revenue streams of assets 1-year rolling returns (Q1 2011 – Q4 2025) 60% 50% Private infrastructure has 40% historically performed well during periods of negative equity returns 30% 20% 10% Since 2011,
Slide 8: P-BUILD invests across infrastructure sectors and assets
P-BUILD invests across infrastructure sectors and assets Sector Themes Digital Infrastructure Power / Utilities Transport / Logistics Renewables / Efficiency Social / Other • Mobile data usage • Acceleration of the clean • Infra debt / hybrid • Explosive growth in solar • Aging demographics in growi
Slide 9: Strong infrastructure secondary deal flow driven by fundraising growth
Strong infrastructure secondary deal flow driven by primary fundraising growth Infrastructure AUM continues to grow1 Pantheon’s infrastructure secondary deal flow2 Strong primary infrastructure fundraising ~$1,293bn of unrealized value supports the drove AUM to $1.7tr1 infrastructure secondary oppor
Slide 10: Why are infrastructure secondaries attractive now?
Why are infrastructure secondaries attractive now? With fewer distributions from funds, LPs are turning to the secondary market Shortage of infra secondary capital at historic highs ($bn)1 Favorable secondary pricing2 71 Pantheon historic pricing 64 20% 58 Current 5 - 15% discounts 15% 52 52 46 10%
Slide 11: Potential benefits of Pantheon's secondary investment approach
Potential benefits of Pantheon’s secondary investment approach to infrastructure1 Direct Infrastructure Fund Pantheon’s Infra Secondary Approach² Visibility • Blind pool / limited visibility ✓ • ~75% of assets identified at investment³ • Invest alongside knowledgeable owners • Entry at negative j-cu
Slide 12: AMG Pantheon Infrastructure Fund (P-BUILD)
AMG PANTHEON INFRASTRUCTURE FUND (P-BUILD)
Slide 13: Investing in private markets for 40+ years
Investing in private markets for 40+ years 1983 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023 2024 2026 Pantheon Offices PE Primaries 1982 London 2007 2025 2014 PE Secondaries 2022 New York Madrid Seoul2 2021 Chicago Berlin3 PE Co-investments 2018 2011 Dublin Tel Aviv1 2018 1987 2023 I
Slide 14: Pantheon is a leader in infrastructure investing
Pantheon is a leader in infrastructure investing $26.6bn AUM 249+ 230+ $22.7bn 235+ 60+ Investing in Total Total AUM infrastructure Total GP Investments Investments Investments22 2 Relationships2 secondaries Investment Experience since 2010 & AUM1 35 36 7 8 23 24avg. avg. years years Partners Years
Slide 15: Our approach to navigating the infrastructure landscape
Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds What we like Concerns Hyperscale Mobile Wholesale Fiber-to-the- Supply chain Debt-funded datacenters towers fiber Home volatility growth Digital Infrastructure Regulatory Power market Energy Politic
Slide 16: Flexible secondary capital deployment to find best relative value
Flexible secondary capital deployment enables us to find the best relative value Pantheon Infrastructure secondaries deal flow LP portfolio management GP liquidity solutions Illustrative GPs Illustrative GPs Drivers Drivers Growth capital for Longer runway to Change in team / strategy Portfolio mana
Slide 17: Pantheon Infrastructure: What we look for
Pantheon Infrastructure: What we look for Transaction profile1 Underwriting approach Ticket size Embedded Early liquidity $100 - $500m+ value Tailored, versatile underwriting approach: Bottoms-up and top-down analysis Target portfolios Identify embedded value / discounts to NAV Seek to acquire top q
Slide 18: AMG Pantheon Infrastructure Fund (P-BUILD) overview
AMG Pantheon Infrastructure Fund (P-BUILD) overview Fund Overview Fund Highlights • P-BUILD provides investors with exposure to a diversified Private • Diversified private infrastructure exposure through a single allocation Infrastructure portfolio sourced by Pantheon's dedicated Private • Access to
Slide 19: P-BUILD: Seed portfolio
P-BUILD: Seed portfolio As of March 2026 P-BUILD commitment Deal / Company1 Sponsor Commitment Date2 Region ($m) Persei Sept-25 Global 38.9 Row Oct-25 Global 18.4 LP Stake Secondaries Sky Dec-25 North America 94.3 Madison Dec-25 North America 15.3 Timber Dec-25 North America 8.8 Ibiza Aug-25 North A
Slide 20: P-BUILD performance
P-BUILD performance As of 03/31/20261 8.51% 6.17% P-BUILD (YTD) P-BUILD (Since Inception) Share Class YTD Since Incpt. (%) Class S 6.17% 8.51% Past performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. The investment return and princip
Slide 21: Appendix
APPENDIX
Slide 22: P-BUILD key terms
P-BUILD key terms Exclusively for Seed Partners Structure Interval fund available for daily purchase Minimum investment $2,500 per investor minimum investment Tax reporting 1099-DIV1 Seed Share Class Seed Share Class (Year 1) Management Fee 1.30% 0.80% Performance Fee None Qualification Seed invest
Slide 23: Additional disclosure
Additional disclosure Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please visit https://wealth.amg.com/resources/order- literature/ for a prospectus. Read it carefully before investing or sending m
Slide 24: Additional disclosure
Additional disclosure The Fund, and many of the investments held by the Investment Funds, will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. Neither the Adviser nor the Board of Directors of the Fund
Slide 25: Important Disclosure
Important Disclosure This document and the information contained herein has been prepared by Pantheon and is the proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, without the prior written permission of Pantheon. For this purpose, “Pantheon” means the Pa
Slide 26: Important Disclosure
Important Disclosure By accepting this document, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any other person without the prior written permission of Pantheon. Important information regarding
Slide 27: Important Disclosure
Important Disclosure • An investment in a fund investing in alternative investments involves a high degree of risk. Such investments are speculative, subject to high return volatility and will be illiquid on a long-term basis. Investors may lose their entire investment. • Managers of funds investing
Slide 28: Important Disclosure
Important Disclosure MSCI Europe Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indexes: Austria, Belgium, De
Slide 29: Important Disclosure
Important Disclosure Preqin’s database includes performance information on over 7,000 active Private Equity funds. The Preqin data is supplied by managers therefore may be unaudited. The indices cannot be independently verified and may be recalculated by Preqin each time a new fund is added. The his
Slide 30: Additional disclosure
Additional disclosure • This material does not constitute an offer. • Information herein liable to be modified or withdrawn. • As used herein, references to “Pantheon” is inclusive of all entities that encompass the Pantheon Group: Pantheon Ventures Inc., Pantheon Ventures (US) LP, Pantheon Infra Ad
Slide 31: Pantheon
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