Who is Pantheon International Plc?
A London-listed fund managed by Pantheon, investing in private companies through funds or directly.
Value and financial structure
2.4 Bn £ in gross assets10.0 % funded by borrowingthe share price 4.07 £ against 5.18 £ of net asset value per share (published discount 21.0 %)
What you own
Reporting date|Out of total assets of2 400 M £
By type
Listed or unlisted, and in what form.
Gross assets
2.4 Bn £
at May 31, 2026
Pick a part to see what it holds.
Inside: or . Outside: the type of asset.
What the company owes
10.0 %debt-financedat May 31, 2026
Net debt, after cash: 198 M £
Published gearing, net debt to net asset value: 9.2 % as at May 31, 2026.
How this figure is calculated
It relates net debt to net asset value, rather than gross borrowings to gross assets: that is why it differs from the share above.
These borrowings are the investment company's own — the ones its published bridge to net asset value deducts. They cover the same perimeter as the gross assets the chart divides, so the share above really does measure how much of those assets is debt-financed.
Source: Pantheon international annual report 2026 · Aug 4, 2026
By theme
What the companies held do, in fifteen themes.
Named holdings
50
sorted into 11 themes
Pick a theme to see its companies.
By number of companies: the company does not publish the weight of each line, so the ring counts names, not amounts. Themes defined by Opulion, the same on every page, not by the company.
The breakdown published by the company
By sector · May 31, 2026
- Information technology
- 35.0 %
- Healthcare
- 17.0 %
- Industrials
- 13.0 %
- Financials
- 11.0 %
- Consumer discretionary
- 10.0 %
- Communication services
- 7.0 %
- Consumer staples
- 4.0 %
- Energy
- 2.0 %
- Other
- 1.0 %
Company by company
Names as published, as of May 31, 2026 unless another date is shown.
50 named holdings: 50 with a weight, 1 listed. 2 are also held by another company followed on Opulion.
With their weight50
non-food discount stores
1.5 %IT management and monitoring software
1.4 %software for finance and HR departments
1.4 %orthodontic treatments and services
1.1 %online banking and financial services
1.0 %digital consulting and software
1.0 %food waste recycling services
0.9 %enterprise software for ERP, asset management and field service
0.9 %independent wealth management
0.9 %cloud-based modelling and planning platform
0.8 %mobile phone insurance
0.8 %consultant to telecommunication service providers
0.8 %recruitment platform for nurses
0.8 %digital advertising
0.8 %healthcare provider
0.7 %satellite communication equipment for the maritime industry
0.7 %cloud consulting and engineering
0.6 %assistive learning technology
0.6 %retirement and investment services
0.6 %continuing medical education
0.6 %wireless internet connectivity
0.6 %patient safety and risk management software
0.6 %IT endpoint management and security
0.6 %3D design, engineering and manufacturing solutions
0.6 %real-time graphics and production tools for broadcasters
0.6 %employee benefits insurance brokerage
0.6 %financial advice, insurance and employee benefits
0.6 %digital marketing and recruitment services
0.5 %natural gas and oil producer
0.5 %payment accuracy and data analytics
0.5 %critical connectivity and IoT solutions
0.5 %cosmetic lab services
0.5 %management and technology consulting
0.5 %commercial services for the life sciences
0.5 %restaurant franchisee
0.5 %health insurance cost control for employers
0.5 %fast-food and casual dining restaurant brands
0.5 %beef and animal protein producer
0.5 %fast food restaurant chain
0.5 %teleradiology reporting
0.5 %disclosure management services
0.5 %identity security and governance software
0.5 %fire protection products and systems
0.5 %Taco Bell restaurant franchisee
0.5 %wealth management and financial planning
0.5 %alternative high schools
0.4 %online comparison of insurance, finance and travel
0.4 %business messaging and communications
0.4 %insurance claims management technology
0.4 %software for developers
0.4 %
The news feed
Up to date as of
Our latest articles on this company
The whole journalPantheon International: how a buyback can increase the value of each share
Selling funds, buying back shares and keeping capital for new investments are three decisions that belong in the same picture.
Pantheon International or a private fund: who manages your investment timetable?
In a private fund, you commit capital. On the stock market, you buy a stake in an existing portfolio. The structure changes the timing, costs and exit.
Upcoming publications
- Oct 14, 2026Annual general meetingAnnual general meeting
What it has returned
Reporting date
Against the same world benchmark for all.
Published performance,
World index in pound sterling, GBP, per year
Company figures as of May 31, 2026 · world index as of May 31, 2026
1 year
- +4,3 %
- +37,5 %
- +30,8 %checked against 3 ETFs
3 years
- +3,9 %
- +14,4 %
- +19,0 %checked against 3 ETFscumulative +68,5 %
5 years
- +8,5 %
- +8,4 %
- +12,7 %checked against 3 ETFscumulative +81,9 %
10 years
- +11,5 %
- +12,1 %
- +13,7 %checked against 3 ETFscumulative +261,9 %
Average return ; the follows below.
Method and sources
Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.
A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.
Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.
Converted at the reference rate of May 29, 2026, published by the European Central Bank. A cross rate is a computation, not a published figure: the ECB publishes rates against the euro only, and the other pairs are derived from two of them.
What is it worth on the market?
Reporting date
The share price against net asset value per share.
Values shown in pound sterling, GBP
5.18 £
the company's calculation
Share price
4.07 £
price used by the company at this date
21.0 %
the company's own figure, not recomputed; the direction is the price against the same-date net asset value
Performance over time
Long termNo long-term series available for this company.
The share price
MarketThis stock's chart cannot be shown here: TradingView keeps it to its own site.
Getting to know Pantheon International
Each answer links to its source.
Who decides?
The trust has no employees: it delegates management to Pantheon, where Charlotte Morris, a partner, is the portfolio's lead manager. A board made up solely of non-executive directors sets the fees, oversees the manager and decides on share buybacks.
Sourcecdn1.pantheon-international.comWhat does it own?
Stakes in several hundred private companies, mostly in North America and Europe, in software, healthcare, industry and financial services. Part is held directly, the rest through funds. Its largest holdings are Action, Visma and Kaseya.
Sourcecdn1.pantheon-international.comHow does it choose its investments?
It first selects private equity managers, then commits to their funds, buys existing fund stakes and co-invests alongside them in specific companies. It is now concentrating its portfolio on a smaller group of core managers.
Sourcecdn1.pantheon-international.comHow does it make money?
Through the rising value of the companies it owns, cashed in when managers sell them and the funds pass the proceeds back. Against that, it must meet its uncalled commitments, 595 M £, which the funds will draw as they invest.
Sourcecdn1.pantheon-international.comHow are shareholders paid?
Not through a dividend: the board has chosen to reward shareholders through growth in net asset value. It buys back shares when the price is below net asset value, 118 M £ over the year, from a reserve fed by a share of the distributions received from funds.
Sourcecdn1.pantheon-international.comWhat sets it apart
A single listed share gives access to hundreds of private companies chosen by dozens of managers, which a shareholder could not buy on the stock market. In return, it pays two layers of fees: Pantheon's and those of the underlying fund managers.
Sourcecdn1.pantheon-international.com
Who runs it, and since when?
Management and what it costs
- 1.4 %
How long they have been there
Tenure on the board and in management
- Tony Morgan· Chair of the Board of Directors2025
- Mary Ann Sieghart· Lead independent director2019
- Zoe Clements· Non-executive director, chair of the audit committee2023
- Dame Susan Owen· Non-executive director2019
- Rahul Welde· Non-executive director2023
- Tim Farazmand· Non-executive director2025
- Candida Morley· Non-executive director2025
- Charlotte Morris· Portfolio managerdate not published
Company facts
Value and financial structure
- 1 690M £Market capitalisation, at May 31, 2026, calculated by Opulion
- 2 150M £at May 31, 2026
- 198M £at May 31, 2026
- 5.18 £at May 31, 2026
- Founded in
- 1987
- Registered office
- Londres, GB
- Headcount
- 0 the holding alone
- Headcount as at
- May 31, 2026
Tested against the figures
- 118 M £May 31, 2026