Title: PIP January 2025 NAV Newsletter URL Source: https://is.gd/hMLzzi Published Time: Wed, 12 Mar 2025 13:04:56 GMT Markdown Content: 1Pantheon International Plc # Newsletter 31 January 2025 NAV Reporting Date Analysis 6 NAV per share movement Distributions Although the Company made no significant new commitments during the month, PIP’s pipeline points to an active period for new commitments in the months ahead. 1. New Investments: 1% 2. Jan-25: 5% 3. Dec-24: 4% 4. Sept-24: 84% 5. Jun-24: 6% New Investments PIP’s portfolio generated £17.3m of distributions during the month. This included:  £7.6m from the sale of Profi, a chain of supermarkets and convenience stores in Romania, to Ahold Delhaize, an international food retail group. PIP co-invested directly in Profi alongside Mid Europa.  £1.3m from Hg for the partial sale of Septeo, a French legal technology company providing software and services to notaries, law firms and real estate managers. +0.5% (7.1) (15.6) (19.4) (5.9) (8.3) (16.3) (3.8) (17.9) (12.4) (13.8) (25.4) (14.2) 14.8 15.3 11.6 17.7 13.2 22.5 14.2 19.0 18.8 29.8 72.3 17.3 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 > £m Calls Distributions Net portfolio cash flow Net Portfolio Cashflow 7 Share Buybacks  PIP also invested £1.4m in share buybacks during the month, acquiring 440,507 shares at a weighted average price of 319.8p per share. This price represented an average discount of 36.4% to the prevailing NAV per share at the time of the transactions. As at 31 January 2025, PIP has allocated a total of £15.0m for share buybacks in the current financial year, of which PIP has invested a total of £10.9m to date. PIP is a FTSE 250 private equity investment trust, overseen by an experienced, independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers worldwide. About PIP # 509.3p NAV per share # +1.0% NAV per share movement # £2.3bn Net asset value # +84% Total NAV per share return (5Y) 3 # £3.1m Net portfolio cash flow 1 # 4.2x Financing cover 2 # £1.5bn Market capitalisation # +32% Total shareholder return (5Y) 3 # Highlights for the month 504.2p 509.3p (1.0p) 1.4p 0.4p 4.1p 0.2p 300p 400p 500p December 2024 Valuation gain Investment income FX impact Share buybacks Expenses and taxes January 2025 +1.0% > 1,4 11,5 +0.3% +0.1% +0.8% +0.0% (0.2%) 1 2 3 4 5 > 1 # 2Pantheon International Plc # Newsletter 31 January 2025 PIP’s Long -term Performance * Includes the effects of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable. Past performance does not guarantee future results. # Maximising long-term capital growth Annualised Performance as at 31 January 2025 1yr 3yrs 5yrs 10yrs Since inception NAV per share 7.3% 7.3% 13.0% 12.6% 11.8% Ordinary share price 2.9% 0.4% 5.7% 9.6% 10.7% FTSE All-Share, Total Return 17.1% 7.9% 6.6% 6.5% 7.6% MSCI World, Total Return (Sterling) 25.0% 12.9% 14.0% 13.2% 8.9% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 > PERFORMANCE (REBASED TO 100) NAV * PIP Ordinary Share Price * MSCI World Total Return (Sterling) FTSE All-Share Total Return Discrete Performance as at 31 January 2025 31/01/2024 - 31/01/2025 31/01/2023 - 31/01/2024 31/01/2022 - 31/01/2023 31/01/2021 - 31/01/2022 31/01/2020 - 31/01/2021 NAV per share 7.3% 3.3% 11.5% 33.2% 11.8% Ordinary share price 2.9% 18.3% -16.8% 34.7% -3.1% FTSE All-Share, Total Return 17.1% 1.9% 5.2% 18.9% -7.5% MSCI World, Total Return (Sterling) 25.0% 13.7% 1.4% 19.8% 11.4% Key Figures 31 Jan 2025 31 Dec 2024 Portfolio value £2,552m £2,529m Net available cash 8 £31m £61m Drawn credit facility 9 (£88m) (£117m) Loan notes (£121m) (£120m) ALN 10 share of portfolio (£26m) (£26m) Net asset value £2,348m £2,327m NAV per share 509.3p 504.2p 31 Jan 2025 31 Dec 2024 Ordinary share price 322.0p 322.0p Ordinary share price discount (37%) (36%) Undrawn credit facility 9 £329m £296m Available finance 11 £360m £357m Outstanding commitments £733m £739m Net debt % of NAV 12 7.6% 7.6% Ticker code PIN ISIN GB00BP37WF17 Admission to trading September 1987 Total Voting Rights 460,749,812 13 Vicki Bradley vicki.bradley@pantheon.com +44 20 3356 1800 www.piplc.com SHAREHOLDER INFORMATION CONTACT 3Pantheon International Plc # Newsletter 31 January 2025 Investment Type Region Stage Vintage Profile 17  USA 54%  Europe 31%  Global 15 8%  Asia 7%  Small/Mid Buyout 47%  Large/Mega Buyout 26%  Growth 19%  Special Situations 4%  Venture 4% Sector 16 As at 30 November 2024  Information Technology 33%  Healthcare 19%  Consumer 13%  Financials 12%  Industrials 11%  Communication Services 7%  Energy 2%  Materials 2%  Others 1%  Primaries 35%  Co -investments 34%  Manager-led secondaries 21%  Fund secondaries 10% Largest Holdings Largest managers by value 18 Region % of portfolio 1 Insight Partners USA 6.9% 2 Index Ventures Global 4.0% 3 HgCapital Europe 3.8% 4 Providence Equity Partners USA 3.2% 5 Parthenon Capital USA 2.6% Largest companies by value 18 Country Sector % of portfolio 1 Kaseya Switzerland Information Technology 1.3% 2 Visma Norway Information Technology 1.2% 3 Action Netherlands Consumer 1.2% 4 Smile Doctors USA Healthcare 0.9% 5 John Staurulakis USA Industrials 0.9% PIP is a FTSE 250 private equity investment trust, overseen by an experienced, independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers worldwide. PIP provides investors with liquid access to a global portfolio of fast-growing private companies that are managed by many of the best private equity managers in the world. Through its flexible investment approach, PIP focuses on high quality, profitable businesses in resilient sectors that can weather a range of macroeconomic environments. PIP has a track record of NAV outperformance over the long term and manages risk strategically through diversification and rigorous investment selection, based on Pantheon’s extensive experience, international platform and robust investment due diligence processes. # Risk managed strategically 14 About PIP PIP is managed and advised by Pantheon, a specialist global private markets investor. Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, across private equity, real assets and private credit. The firm has partnered with more than 680 clients, with approximately $71bn in discretionary assets under management (as at 30 September 2024). About Pantheon 12% 7% 9% 11% 12% 8% 14% 19% 5% 3% 2015 and earlier 2016 2027 2018 2019 2020 2021 2022 2023 2024 and later 4Pantheon International Plc # Newsletter 31 January 2025 This document and the information contained herein is the proprietary information of PIP; it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIP. This document is distributed by Pantheon, a firm that is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. The information and any views contained in this document are provided for general information only. Nothing in this document constitutes an offer, recommendation, invitation, inducement or solicitation to invest in PIP. Nothing contained in this document is intended to constitute legal, tax, securities or investment advice. The general opinions and information contained in this publication should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. You should remember that the value of an investment in PIP, and any income from it, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. In addition, past performance is not necessarily indicative of future results. You should note that investments in private equity may be illiquid and may involve a high degree of risk, including potential loss of principal invested. In addition, most of PIP’s investments are located in jurisdictions outside the UK. Movements in exchange rates between sterling and other currencies therefore affects the value of PIP’s investments. Further, the market price of PIP’s shares may reflect a discount in the net asset value of PIP’s shares, and this discount may increase or reduce due to market factors which are unrelated to PIP’s NAV or performance. Losses may be multiplied since PIP invests in a range of private equity strategies including buyouts that commonly use gearing. PIP’s investment valuation method is reliant on financial information provided by underlying funds and companies into which it invests. Valuation methods used by those funds and companies may be inconsistent. Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use. Copyright © Pantheon 2025. All rights reserved. > 1 Figures are stated net of movements associated with the ALN share of the reference portfolio. > 2 Ratio of net available cash, portfolio value and undrawn credit facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £46.2m as at 31 January 2025. > 3 Based on the change in NAV per share and ordinary share price over the period. > 4 Valuation movement includes the mark-to-market fair value adjustment of 5.2% of PIP’s portfolio, which is for listed company holdings. > 5 Includes operating expenses, financing costs and withholding taxes on investment distributions. > 6 PIP’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP’s valuation as at 31 January 2025, 94% of reported valuations are dated 30 September 2024 or later. Where receipt of post completion valuation reports is pending, any new secondaries or co-investments are held at cost. The NAV Fund Reporting Date Analysis at 31 January 2025 shows the respective reporting dates on which the valuation was based. Full details of PIP’s valuation policy can be found in the Notes to the Financial Statements section of PIP’s 2024 Annual Report and Accounts. > 7 Excludes cash flows attributable to the ALN. > 8 Net available cash calculated as cash and net current assets/(liabilities) less undistributed net cashflows associated with the ALN. > 9 PIP maintains a £400m multi-currency credit facility. The overall credit facility comprises facilities of US$393.0m and €120.0m and had a sterling equivalent value of £416.7m as at 31 January 2025. As at 31 January 2025, PIP had drawn down £87.7m of the credit facility. > 10 The Asset Linked Note (“ALN”) refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company’s older vintage funds. > 11 Available finance calculated as net available cash and undrawn credit facility. > 12 Net debt calculated as borrowings (excluding the outstanding balance of the Asset Linked Note) less net available cash. The ALN is not considered in the calculation of gross borrowings or the loan-to-value ratio, as defined in PIP’s credit facility and loan note agreements. If the ALN is included, net debt to NAV was 8.7% as at 31 January 2025 and 8.7% as at 31 December 2024. > 13 As at 25 February 2025. > 14 Based on Net Asset Value. > 15 The Global category contains funds with no target allocation equal to equal to or exceeding 60% of any particular region. > 16 Based on valuations as at 30 September 2024 adjusted for known calls and distributions to 30 November 2024. The chart accounts for 100% of PIP’s portfolio. > 17 Vintage profile of investments in private equity funds and direct company investments alongside PIP’s underlying private managers. The chart does not reflect the share buybacks conducted during the period. > 18 As at 30 November 2024. Notes Disclosures