Pantheon International PLC · LSE:PIN
Pantheon International — PIN Portfolio Insights Webinar March 2026
43 slides from Pantheon International's conference presentation, March 2026
Slide 1: Pantheon International Plc Portfolio Insights and Value Assessment
PRIVATE & CONFIDENTIAL MARCH 2026 PANTHEON INTERNATIONAL PLC PORTFOLIO INSIGHTS AND VALUE ASSESSMENT
Slide 2: Presenters
Presenters Tony Morgan, Chair (appointed to the Board 3 January 2025) Mr Morgan is an experienced investment and private equity professional with 29 years of executive experience. He has held senior investment roles at a range of financial institutions, including Chief Investment Officer at British
Slide 3: How to ask a question
How to ask a question Submit a question at any time – and please leave your name! Click on the Q&A button from 1 the panel at the bottom of the screen… If you don’t want to leave your name, tick the box at the 2 bottom of field 3
Slide 4: Executive Summary: Resilience Through the Cycle
EXECUTIVE SUMMARY: RESILIENCE THROUGH THE CYCLE
Slide 5: Executive Summary – Setting the context
Executive Summary – Setting the context Private equity has outperformed public benchmarks (e.g. MSCI) over a long time frame. However, performance has lagged in the last few years: 52% -> 30%1 Discount narrowed from 52% in • PE returns have been muted October 2022 • MSCI AC World benchmark performan
Slide 6: Where are we going? PIN's portfolio and vehicle management is being optimised
Where are we going? PIN’s portfolio and vehicle management is being optimised FROM TO Highly diversified portfolio Focused investment program Portfolio Shape that tracks broader PE market seeking alpha Deployment Investment pace follows Consistent deployment pace distribution pace through cycle Port
Slide 7: The Macro Reset and Private Equity Context
THE MACRO RESET AND PRIVATE EQUITY CONTEXT
Slide 8: Private equity returns have consistently outperformed public equities over 30 years
Private equity returns have consistently outperformed public equities over 30 years US Recession Dot-com Bubble GFC COVID-19 70% 60% 50% +27% +10% +21% +22% 40% +17% +22% +22% +11% +8% +10% +12% +1% +14% -1% +18% +12% +16% +14% +12% +11% +11% 30% +2% +10% +10% +10% +7% +8% +7% +8% +11% +4% +9% +5% +
Slide 9: Private Equity Industry Context: Stability Through Volatility
Private Equity Industry Context: Stability Through Volatility PIN has broadly tracked the PE industry over last few years Although private equity returns have been muted relative to long-term averages in recent years, this period coincided with the sharpest interest rate adjustment in decades. The i
Slide 10: PIN's Portfolio Performance
PIN’S PORTFOLIO PERFORMANCE
Slide 11: PIN's IRR performance by vintage since 2010 in line with the wider PE market
PIN’s IRR performance by vintage since 2010 in line with the wider PE market PIN has tracked the Cambridge All PE median in older vintages Performance since 2019 has outperformed the Cambridge median although performance is weaker across the board 18.2% 18.6% 18.4% 19.4% 19.7% 17.9% 16.6% 15.4% 18.4
Slide 12: PIN – portfolio overview
PIN – portfolio overview Providing access to a high-quality diversified portfolio of private companies Investment Type¹ 53% Stage¹ Region¹ Company Sectors3 invested directly in companies 4% 2% 2% 8% 6% 6% 9% 7% 32% 18% 11% 34% 39% 47% 53% 12% 32% 21% 25% 13% 19% Information Technology Co-investments
Slide 13: Deeper dive by investment type
Deeper dive by investment type - slowdown seen across the portfolio for 2021-2025 2010-2020 performance solid across investment types PIN’s historical performance has been split into: long-term track record (2010-2020) demonstrating solid performance across investment types; and vintages affected by
Slide 14: Vintage Profile: Timing Effect
Vintage Profile: Timing Effect Pro-cyclical investing has hurt subsequent performance 2021 and 20221 Secondaries Co- Primaries As at 30 June 2025 Fund secs / manager-led investments 2021 and 2022 vintages represent 47% of unrealised 2021 2022 2021 2022 2021 2022 2021 2022 paid-in capital. These were
Slide 15: Stage Performance Within Primaries
Stage Performance Within Primaries Return dispersion by stage reflects sector-specific cycles: 2022 2023 2024 H1 2025 Venture -18.6% and Rising rates muting Buyout Recovery across all stages Modest pullback, primarily Growth -4.1% impacted by returns +3.0%; Venture and including bounce back in
Slide 16: Why Are We Confident About the Future?
WHY ARE WE CONFIDENT ABOUT THE FUTURE?
Slide 17: NAV Quality and Downside Protection
NAV Quality and Downside Protection The portfolio’s resilience is supported by diversification, operating growth and valuation practices that have delivered uplifts at exit. Risk drivers are primarily cyclical: • Multiple compression • FX movements • Margin investment phase The underlying operating
Slide 18: Directs (53% of portfolio): Operating Performance Remains Strong
Directs (53% of portfolio): Operating Performance Remains Strong Directs strategy: We invest directly in a company, alongside a private equity manager. The company may be new to the manager (a Co-investment) or one they have already owned for a period of time and therefore know well (a Manager-led s
Slide 19: Directs: strong operating performance offset by negative drivers
Directs (53% of portfolio): strong operating performance has been offset by negative drivers Analysis of the sources of NAV growth within the directs portfolio (June 2024 to June 2025)1 15.5% 0.2% 0.5% 105.5% 100.0% (3.9%) (4.5%) (2.2%) 100.7% Direct investments have continued (4.8%) to deliver stro
Slide 20: Drivers of Valuation Movement
Drivers of Valuation Movement PIN portfolio movements 3YR to 30 June 2025 7% 23% 17% -3% 104% 100% -9% -32% Portfolio Value Calls New investments Distributions Valuation Movements write-downs FX Portfolio Value 30 June 2022 30 June 2025 A similar picture emerges over the three-year period June 2022
Slide 21: Reasonable Valuation Positioning; Exit Evidence
Reasonable Valuation Positioning Exit Evidence: Uplifts achieved on Carrying Values We believe that the portfolio is reasonably valued relative to public market comparables. The MSCI is dominated by the concentration in the so-called Magnificent 7 that are held at significant valuations 0.4%1 Of NAV
Slide 22: Exits demonstrate significant embedded value in PIN's portfolio
Exits demonstrate significant embedded value in PIN's portfolio Significant increase in annual distribution rate Value-weighted average uplift on exit realisations1 remains strong 27% 26% 42% 24% 25% 22% 35% 36% 17% 28% 26% 27% 15% 25% 22% 20% 12% 17% 10% 8% 2017 2018 2019 6m to Nov 2020 2021 2022 2
Slide 23: Cash Generation & Liquidity Improving
Cash Generation & Liquidity Improving As at 31 January 2026 • Robust coverage ratios give assurance of PIN’s ability to finance its undrawn commitments. • Balance sheet comprises net available cash, access to a four-year revolving credit facility, access to $150m of loan notes, resulting in a more f
Slide 24: Strategy Evolution
STRATEGY EVOLUTION
Slide 25: Strategy Evolution: Parameters for Active Capital Management
Strategy Evolution in a New Market Environment Parameters for execution of Active Capital Management RECAP of the AGREED ACTIVE CAPITAL MANAGEMENT PARAMETERS PIN’s value • PIN provides investors with a balanced, diversified portfolio of private companies through funds and directs proposition Consist
Slide 26: Strategy Evolution: Investment approach has evolved
Strategy Evolution in a New Market Environment Investment approach has evolved to reflect the new cycle Increased focus on core What’s changing with respect to fund selection? managers with Bain published their Global Private Equity Report 2026 in February 2026. Its conclusions are in line with diff
Slide 27: Funds (47% of portfolio): What is important?
Funds (47% of portfolio): What is important? Pantheon seeks out specialisation and a repeatable competitive advantage What do we look for in our partners? Sector specialist Country / regional specialist Buy & build Growth Orientated Operational specialist Complex transactions Key sector themes Healt
Slide 28: Directs (53% of portfolio): What is important?
Directs (53% of portfolio): What is important? Core themes informing PIN's investment strategy Companies Partners • Structural sector tailwinds Revenue resilience • Recurring revenue models • Low end market cyclicality • Mission-critical product offering, with high switching costs Margin stability •
Slide 29: Current Market Themes
CURRENT MARKET THEMES
Slide 30: Current market themes and concerns
Current market themes and concerns AI and Software Private Credit Middle East The software profit pool – meaning what Following a period of The most immediate impact of the crisis is likely software vendors get paid for and how they get elevated base rates and to be on: a) companies based in/with la
Slide 31: Looking Forward
LOOKING FORWARD
Slide 32: 2026 Private Equity Outlook: Distributions, Valuations & Returns
2026 Private Equity Outlook: Distributions, Valuations & Returns Private equity deal activity is rebuilding heading into 2026 however geopolitical tensions and some macro concerns persist Returns & Investor Market & Exit Backdrop2 Valuations & Deal Structure2 Implications2 Constructive environment e
Slide 33: Why Performance Can Improve From Here
Why Performance Can Improve From Here Several factors support forward improvement: Reasonable current valuations The portfolio appears positioned near a Exit uplifts validating pricing cyclical vulnerability trough rather than peak risk Younger directs mid-way through value creation Active capital m
Slide 34: Conclusion: Positioned for the Next Phase
Conclusion: Positioned for the Next Phase Over the past three years, the From current valuation levels: We believe forward return portfolio has: potential is supported by: • Maintained PE benchmark-aligned • Portfolio multiples have reset • Younger directs still mid-value- returns • Operating growth
Slide 35: The Board's focus
The Board’s focus The Board will continue to proactively take action to increase shareholder value REVISED INVESTMENT OTHER BOARD ACTIONS STRATEGY Focused investment Largest volume of buybacks in program seeking alpha sector. £325m since 2022 Increasing Consistent deployment shareholder Simplified t
Slide 36: Q&A
Q&A
Slide 37: Important Notice
Important Notice This document and the information contained herein is the proprietary information of Pantheon International Plc (“PIN”); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIN. This document is distributed by Pantheon Ventures (
Slide 38: Disclosures - case studies
Disclosures - case studies Disclosures 1 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 recomm
Slide 39: 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 40: 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 41: 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 42: 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 43: Pantheon International
PANTHEON INTERNATIONAL
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