Pantheon International Plc · LSE:PIN
Pantheon International — AMG Pantheon Fund — Investor Presentation (June 2026)
38 slides from Pantheon International's investor presentation, June 2026
Slide 1: AMG Pantheon Fund (P-PEXX)
PRIVATE WEALTH AMG PANTHEON FUND (P-PEXX) June 2026
Slide 2: Private Equity Introduction
PRIVATE EQUITY INTRODUCTION
Slide 3: Why do investors allocate to private equity?
Why do investors allocate to private equity? 1 2 3 4 Many sophisticated investors maintain allocations to private equity in an effort to Potential for Diversification Potential for Access to enhance investment returns enhanced volatility opportunities and to add diversification to returns reduction
Slide 4: Significant investor opportunities in private enterprises
Significant investor opportunities in private enterprises A large universe of private Private companies in the U.S1 companies in the US may 7,883,785 represent significant opportunity for private equity managers. To access the full breadth of the Private companies in the US, US economy, investors sh
Slide 5: Private markets in context: large and diverse opportunity set
Private markets in context: There is a large and diverse opportunity set in private markets US companies : Private vs. Public1 13,509 13,303 12,647 12,098 11,606 10,999 10,118 9,531 Public companies 9,017 8,505 reducing by 7,725 8,037 7,417 1.5% per annum2 6,917 6,794 7,088 6,177 6,401 6,082 5,685 5
Slide 6: The characteristics of the public market have changed over the last two decades
The characteristics of the public market have changed over the last two decades Value creation is Median age for tech IPOs Median market value, at first market price, for tech IPOs increasingly shifting from public to 12 years $3.03b private markets. Companies are coming to market later and at highe
Slide 7: Hypothetical $1m portfolio over the past years
Hypothetical $1m portfolio over the past 5 years* AMG Pantheon Fund (Class 4) MSCI World $1,800,000 $1,700,000 $1,600,000 $1,500,000 11.82% $1,400,000 5yr – P-PEXX1 $1,300,000 $1,200,000 11.47% $1,100,000 5yr – MSCI World Index1 $1,000,000 Feb-25 Jun-21 Aug-21 Aug-22 Jun-23 Aug-25 Feb-22 Jun-22 Aug-
Slide 8: AMG Pantheon Fund (P-PEXX)
AMG PANTHEON FUND (P-PEXX)
Slide 9: 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 10: Building a diversified private equity portfolio
Building a diversified private equity portfolio A comprehensive private equity portfolio considers key elements of diversification and broad reach across the global opportunity set Elements of Diversification Rationale The first year a private equity fund makes a Allocation to each vintage over time
Slide 11: Private equity returns by stage and geography
Private Equity returns by stage and geography Diversification matters Ranking of median private equity net IRR by stage and geography for each vintage year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Co-investment Co-investment Buyout - Buyout - North Multi Manager Growth -
Slide 12: P-PEXX aims to alleviate challenges with PE investing
AMG Pantheon Fund (P-PEXX) aims to alleviate challenges with PE investing Diversification J-curve Meeting Long Capital calls target lock-ups allocation Challenge: Challenge: Challenge: Challenge: Challenge: To achieve proper Negative flows—and Given long Each new investment A well-established divers
Slide 13: P-PEXX portfolio overview
P-PEXX portfolio overview Fund Overview Fund Highlights P-PEXX provides The Fund offers Access to deal investors exposure diversification by flow from Core private Evergreen to a diversified manager, stage, Pantheon’s platform equity portfolio allocation tool No capital Quarterly private equity geog
Slide 14: Private equity portfolio characteristics
Private equity portfolio characteristics Primaries, 10% Co-Investments, 39% • Committing capital to a • Directly investing into private equity fund at its portfolio companies inception to gain exposure to alongside private equity privately held companies fund managers • Leverages Pantheon’s • Typica
Slide 15: Why access private equity through secondaries?
Why access private equity through secondaries? Primary Investment Period Secondary Investment Period Secondary investments may • Initial Investment Period • Reduce blind pool risk have several • Capital contributions • Transition from investing stage to advantages harvesting stage • Blind pool risk
Slide 16: Pantheon has extensive experience in GP-led secondaries
Pantheon has extensive experience in GP-led secondaries Experienced mid-market specialist with scaled platform advantages1 Global platform Differentiation1 Experienced Team4 $84.3bn AUM2 Leverage Pantheon’s platform 32-person PE secondary team >1,000 (>900 PE) Platform GPs2 Led 80% of transactions A
Slide 17: Private equity secondaries sourcing (2018–2025)
Pantheon’s private equity secondaries sourcing (2018 – 2025) Sustained, global deal sourcing with disciplined transaction selection | Deal funnel across Pantheon Global Secondaries Fund vintages between 2018 – 20251 Traditional LP GP-Led Key platform benefits2 Screened • Global investment team prese
Slide 18: Experience buying positions in leading, high quality General Partners
Experience buying positions in leading, high quality General Partners Leveraging our broad platform to access top quality GPs1 Transaction type Stage2 Geography3 Single Asset Small Buyout North America Medium Buyout GP-Led Europe Growth Equity Traditional LP Deals Asia and Australia Other Pantheon o
Slide 19: Why is now an attractive time to invest in secondaries?
Why is now an attractive time to invest in private equity secondaries? Attractive pricing dynamics in a growing secondaries market Historical buyout fund pricing1 Secondaries market transaction volume ($bn)1 102% 102% Par $300 100% 250 -2602 98% $250 226 96% 96% 95% 95% 95% $200 94% 94% 93% 160 93%
Slide 20: Accessing private equity through co-investments
Accessing private equity through co-investments What is a ✓ Equity investment directly into an operating company co- investment? ✓ Investment generally made alongside a private equity fund that is contributing capital to the transaction Access to capacity-constrained managers Fee efficiency Long-sta
Slide 21: Over 25 years of private equity co-investing experience
Over 25 years of private equity co-investing experience Co-investments benefit from Pantheon’s global and integrated PE platform1 ~140 GPs ~12-year ~93% $9.9bn 512 >95% Platform GPs2 average of deals with no deployed into advisory board of deals alongside relationships fee / no carry3 >370 investmen
Slide 22: Investing alongside leading GPs where we have deep relationships
Investing alongside leading GPs where we have deep relationships Differentiated origination angle leveraging Pantheon’s private equity platform Illustrative mid-market GPs Growth equity1 Small buyout1 Mid market buyout1 As of June 2026. The buylist consists of Pantheon’s view of the list of investab
Slide 23: Finding value for Pantheon co-investments
Finding value for Pantheon co-investments • Attractive pricing in deals with greater operational complexity Complex deals at • GP partner is key given dependence on their ability to execute attractive pricing • Upside potential on exit multiple • Seek deals with high probability of near-term M&A Nea
Slide 24: P-PEXX: Differentiated access to private equity
P-PEXX: Differentiated access to private equity Pantheon’s Significant Evergreen Institutional Access Experience ✓ Exposure to same investment ✓ 35+ year history of investing in opportunities as Pantheon’s private equity through evergreen institutional investors Funds ✓ Provides exposure to broad ✓
Slide 25: P-PEXX Terms & Performance
P-PEXX TERMS & PERFORMANCE
Slide 26: P-PEXX summary of terms
P-PEXX summary of terms Terms Fees3 Tax reporting 1099 DIV1 Asset-based fee Class 4: 0.70% Minimum investment Class 4: $50,000,000 Incentive fee None Capital calls None Subscriptions Monthly Valuations Monthly Liquidity Quarterly2 Pantheon Ventures (US) LP Adviser (“Pantheon”) AMG Funds LLC/ AMG Dis
Slide 27: AMG Pantheon Fund (P-PEXX) Performance
AMG Pantheon Fund (P-PEXX) Performance (as of 06/30/2026)1 MTD QTD YTD 1Yr 3Yr 5Yr 10Yr Since Incpt. 21.34 19.24 13.76 13.42 13.14 11.82 11.47 11.63 11.15 10.72 9.69 5.02 3.34 3.34 -0.30 -0.72 Since Share Class MTD (%) QTD (%) YTD (%) 1Yr (%) 3Yr (%) 5Yr (%) 10Yr (%) Incpt. (%)2 Nav.($) Class 4 -0.3
Slide 28: Monthly and calendar year performance
AMG Pantheon Fund (P-PEXX) Monthly and calendar year performance1,2 (as of 06/30/2026) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2014 – – – – – – – – – 0.50% 0.40% 0.30% 1.20% 2015 -0.10% 1.09% -0.20% 0.10% 0.39% -0.39% 0.59% -0.97% -0.49% 1.48% 0.00% 0.19% 1.68% 2016 -0.58% -0.10% 0
Slide 29: Top 10 Private Equity Managers in AMG Pantheon Fund
Top 10 Private Equity Managers in AMG Pantheon Fund (P-PEXX) Number of positions in Private Equity Manager1 % of NAV2 Geography P-PEXX 7 Co-investments / 16 Insight Venture Partners 4.55% North America Secondaries 5 Co-investments / 2 KKR 3.66% North America Secondaries 2 Co-investments / 1 Primary
Slide 30: Top 10 Private Equity Managers in AMG Pantheon Fund
Top 10 Private Equity Managers in AMG Pantheon Fund (P-PEXX) Number of positions in Private Equity Manager1 % of NAV2 Geography P-PEXX PX3 2.08% 2 Co-investments / 1 Primary Europe 7RIDGE Limited 1.85% 2 Secondaries Europe Valeas Capital Partners 1.82% 2 Co-investments / 2 Primaries North America 3
Slide 31: Appendix
APPENDIX
Slide 32: Disclosure – Case Study on GPs
Disclosure – Case Study on GPs These case studies are examples of specific private transactions made by Pantheon funds / clients and are designed to assist prospective investors / clients to understand Pantheon’s investment management style / strategy. It should NOT be regarded as a recommendation.
Slide 33: Disclosures and general risks
Disclosures and general risks Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 1-877-355-1566 or visit www.pantheon.com/our-strategies/amg-pantheon-fund/ for a prospectus. Read it carefully
Slide 34: Disclosures and general risks (continued)
Disclosures and general risks (continued) Underlying funds will not be registered as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”), and the Master Fund’s investments in underlying funds will not benefit from the protections of the 1940 Act. The value of t
Slide 35: Disclosures and general risks (continued)
Disclosures and general risks (continued) Investment program risks (continued) • An Investment Fund manager’s investments, depending upon strategy, may be in companies whose capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the ca
Slide 36: Description of commonly used indices
Description of commonly used indices Description of commonly used indices This list may not represent all indices used in this material. Pantheon does not attest to or verify the accuracy of the underlying data sourced from these indices and databases. MSCI World Index is a free float‐adjusted marke
Slide 37: Description of commonly used indices (continued)
Description of commonly used indices (continued) Description of commonly used indices This list may not represent all indices used in this material. Pantheon does not attest to or verify the accuracy of the underlying data sourced from these indices and databases. Cambridge Associates Private Invest
Slide 38: Definitions
Definitions Buyout: Funds that acquire controlling interests in companies with a view towards later selling those companies or taking them public. Co-investment: Portfolio company investments alongside a private equity fund. Infrastructure (Core Plus): Funds that generally invest in long-term assets
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