Pantheon International: Sharper portfolio, stronger performance

Pantheon International PLC (LSE:PIN, FRA:PAA0) lead manager Charlotte Morris tells Proactive's Stephen Gunnion the company has made strong progress on its strategic priorities over the past year, becoming a more active secondary-market seller and generating £224 million in net proceeds from a targeted portfolio sale, with £180 million going to buybacks. Morris said the manager count has been cut from around 90 to 62 since November 2025, sharpening focus on top-performing managers. Net asset value rose 4.3% over the year to 31 May 2026, while the share price climbed 37.5%, narrowing the discount to NAV from 40% to 21%. On AI, Morris said PIN's software exposure sits at the lower-risk end: "The majority of PIN's software exposure is in companies that... hold proprietary data that cannot be accessed by external AI tools, or they're providing services where data accuracy is paramount." Looking ahead, Morris said private equity's long-term fundamentals remain attractive despite macro...