Pantheon International (LSE:PIN) will deploy at least 80% of the net proceeds from a targeted portfolio sale-net proceeds £224m (approximately $300m)—to fund share buybacks totaling approximately £180m, adding to recent capital returns.
The sale of 42 fund exposures across 28 general partners, equal to 10.7% of the Company's NAV as at 31 March and realised at a blended discount of 8.1% to a 30 June 2025 reference date, underpins a strategic refocus toward c.25 core private equity managers and a 32% reduction in manager count, the FTSE 250 private equity investment trust said.
At least c.£180m of the proceeds will be used for buybacks with the balance retained for selective new investments and to maintain a prudent balance sheet, proceeds to be adjusted for capital calls and distributions through the portfolio closing date of 30 June, and the Company currently has authority to repurchase 52.82m shares.
Once the programme completes the £180m uplift would raise cumulative capital returned since 31 May 2022 from £353m to c.£533m-an increase of roughly 51%—and PIN will present details to investors on 19 May at 11am as it consults on the preferred buyback mechanism.
