Pantheon: of the 11.7p of NAV per share gained in September, currency made 8.4p, valuations 0.6p

At 30 September 2026, Pantheon International's net asset value reached 546.3p per share, 11.7p more than at 31 August. Foreign exchange contributed 8.4p and share buybacks 3.7p, while valuation movements added only 0.6p, on values 87% of which are dated 30 June. The month's rise owes far more to currency and to buybacks below NAV than to the portfolio.

Why it matters for Pantheon shareholders: NAV per share is the measure against which the board buys back its shares. In September, Pantheon bought back 9,351,190 shares for £36.1m, at a weighted average price of 385.8p, an average discount of 26.3% to the prevailing NAV. These buybacks contributed 3.7p, almost a third of the rise (Opulion calculation: 3.7 divided by 11.7), against 2.4p in July and 2.6p in August according to our comparison of 22 October. The figures reconcile: 8.4 + 0.6 + 0.3 − 1.3 + 3.7 = 11.7p, with investment income contributing 0.3p and expenses and taxes taking away 1.3p (Opulion calculation). Excluding currency and buybacks, NAV per share fell by 0.4p over the month: expenses and taxes exceeded what valuation movements and investment income added (Opulion calculation: 0.6 + 0.3 − 1.3).

The last two months are best read together. Pantheon invests alongside private equity managers, through their funds and in co-investments, and those managers report their valuations with a lag. At 31 August, 74% of valuations were dated 30 June and 19% 31 March, and they had added 14.7p over the month (monthly update of 25 September). At 30 September, the share dated 30 June rises to 87% and the share dated 31 March falls to 8%, for only 0.6p. Opulion reading: most of the 30 June updates were already in August's NAV. Currency moves every month, in either direction: it had taken away 2.9p in August. NAV is published in sterling, and the annual report of 4 August describes an unhedged portfolio that is predominantly US dollar-denominated. The monthly update is silent on the rates used.

The month also shows how buybacks weigh on the balance sheet. The portfolio returned £22.8m against £12.0m of capital calls, a net cash flow of £10.8m, less than a third of the £36.1m bought back (Opulion calculation: 10.8 divided by 36.1). Over the same month, drawings on the credit facility rose from £70.1m to £113.4m, and net debt from 6.8% to 9.1% of NAV. Buybacks are counted against an envelope Pantheon calls the Distribution Pool, an amount the board has committed to returning capital, distinct from cash. At the start of the financial year it included the £180m from the June sale, which our analysis of 10 October described, and it receives 20% of gross distributions. From £199.9m on 1 June, topped up by £12.6m and reduced by £160.9m of buybacks, it stood at £51.6m at 30 September, against £83.1m at 31 August (Opulion calculation: 199.9 + 12.6 − 160.9). Opulion hypothesis: at September's pace and with no further allocation, it would cover slightly less than a month and a half of buybacks (51.6 divided by 36.1).

For Pantheon shareholders, three tests will come. The monthly update at 31 October, expected at the end of November if the pace holds, will show what share of valuations moves to 30 September, and the value managers put on the companies after the summer. The same document will give the balance of the Distribution Pool and the facility drawings, which will show whether a pace of £36.1m a month can last. The third, with no date announced, will come from disposals: the price at which assets sell, against a NAV dated mostly 30 June.