Pantheon International PLC (PIN.L): BCG Matrix [Dec-2025 Updated]

Pantheon's portfolio is powered by high-conviction Stars - heavy allocations to Information Technology, Healthcare and North American private equity driving NAV growth and durable outperformance - while Cash Cows (mature primary funds, secondaries and stable European mid‑market, consumer and financial services holdings) generate the substantial cashflow that funds £75m+ buybacks and active redeployment; Question Marks (Asian PE, growth equity, small/mid buyouts and new manager-led secondaries) offer high upside but need capital and proof of scale, and Dogs (legacy ALN vintages, underperforming cyclical assets, small non‑core commitments and listed leftovers) are being wound down to recycle capital into higher-growth opportunities - a deliberate mix that explains Pantheon's recent 5.9% underlying asset growth and strategic shift to concentrated, cash‑generative investing.

Pantheon International PLC (PIN.L) - BCG Matrix Analysis: Stars

Direct company co-investments lead growth through high-conviction exposure to resilient private markets. As of December 2025, co-investments represent 33% of the total portfolio value and have been a primary driver of the 5.9% underlying asset growth reported for the year. The co-investment strategy focuses on high-growth sectors such as Information Technology and Healthcare, which together account for 53% of the portfolio's sector allocation. This approach benefits from lower fees, closer asset selection, and concentrated positions, contributing to a long-term annualized Net Asset Value (NAV) return of 11.6%. Capital deployment remains active with recent commitments including a £6.9 million investment in Penta Group during 2025.

The following table summarizes key metrics for the co-investments 'Stars' segment as of December 2025:

Information Technology holdings dominate the portfolio by targeting structural growth in SaaS and cybersecurity. IT accounts for 33% of the total portfolio value as of late 2025 and has delivered resilient underlying earnings growth that outperforms broader indices. Fast-growing private IT companies in PIN's universe command exit multiples 30-50% higher than peers in slower-growth segments, supporting valuation gains and a monthly NAV increase of 3.7% recorded in July 2025. PIN's sustained concentration in IT is underpinned by historical outperformance: NAV annualized return of 11.6% versus the FTSE All-Share's 7.6%.

Key IT performance and exposure statistics:

• IT share of portfolio value: 33% (late 2025)
• Typical exit multiple premium: 30-50%
• July 2025 monthly NAV uplift: 3.7%
• Comparative annualized NAV return vs FTSE All-Share: 11.6% vs 7.6%

Healthcare investments provide defensive growth through exposure to aging demographics and medical innovation. Healthcare constitutes 20% of the company's total portfolio value and is classified as a high-growth, high-market-share segment for the trust. Underlying companies in this block contributed an average 25% valuation uplift at exit during recent realizations. The focus on resilient, non-cyclical earnings supports long-term capital growth objectives and helps sustain PIN's NAV, which stood at approximately £2.3 billion as of late 2025.

Healthcare segment metrics:

North American private equity exposure remains the trust's most significant and fastest-growing geographic market. Over 50% of the total portfolio is invested in North American assets, providing access to the deepest and most liquid private equity market globally. US dollar-denominated assets comprise 76% of the portfolio by value as of December 2025. Despite currency volatility, the underlying growth in this region reached 5.9% prior to foreign exchange impacts. This geographic focus underpins PIN's historical share price performance, contributing to a 10.3% annualized share price return since inception in 1987.

Geographic exposure and performance table (Dec 2025):

Stars summary characteristics within PIN's BCG matrix:

• High market growth exposure via IT and Healthcare co-investments
• High relative market share in targeted private market niches
• Superior long-term NAV performance: 11.6% annualized
• Active capital deployment (e.g., £6.9m Penta Group commitment)
• Geographic concentration in North America providing depth and liquidity

Pantheon International PLC (PIN.L) - BCG Matrix Analysis: Cash Cows

Cash Cows: Mature primary fund commitments generate steady distributions to fund new investments and share buybacks. This segment accounts for 38% of the portfolio and serves as the foundational liquidity engine for the trust's capital allocation. In the 2025 financial year, net portfolio cash flow surged to £130.8 million, a more than three-fold increase from the £36.9 million recorded in 2024. These funds have a low call rate of 20%, allowing the trust to recycle capital into higher-conviction opportunities. The consistent cash flow supports the board's decision to allocate £75 million to a dedicated buyback pool.

The secondary investment portfolio provides immediate cash yields and reduced blind-pool risk for shareholders. Comprising 29% of the total portfolio (21% manager-led and 8% fund secondaries), this segment offers a mature profile with an average portfolio age of 5.6 years. These assets are highly cash-generative, contributing to the £1.5 billion in net cash generated by the trust over the last decade. Secondary exits in 2025 achieved an average 25% uplift over previous carrying values, validating the conservative valuation policy. This block is critical for maintaining the trust's 4.0x financing cover and supporting its £400 million committed credit facility.

European mid-market holdings offer stable returns and significant market share within the regional private equity landscape. This geographic segment represents roughly one-third of the portfolio and focuses on well-established businesses with multiple pathways for value creation. The mature nature of these investments ensures a steady stream of distributions, which reached a 12% distribution rate in the 2025 financial year. These holdings are less volatile than venture-stage assets, providing a reliable base for the trust's £2.2 billion Net Asset Value. The segment's stability is a key component in the trust's ability to navigate macroeconomic uncertainty.

Consumer and Financial Services segments act as defensive anchors with consistent revenue contribution. While not growing as rapidly as technology, these sectors provide essential diversification and steady cash inflows to the portfolio. They benefit from long-term trends and professional management teams accustomed to private equity ownership structures. The cash generated from these mature segments helped fund £53.5 million in share buybacks during the 2025 financial year. These sectors maintain solid margins and contribute to the overall 1.2% NAV per share growth reported despite significant currency headwinds.

Key quantitative metrics for Cash Cow segments:

• Primary fund commitments: 38% of total portfolio; 20% call rate; FY2025 net portfolio cash flow £130.8m (FY2024: £36.9m)
• Secondary investments: 29% of portfolio (21% manager-led, 8% fund secondaries); average age 5.6 years; 2025 exit uplift +25%
• European mid-market: ≈33% of portfolio; FY2025 distribution rate 12%; contributes materially to £2.2bn NAV
• Consumer & Financial Services: stable cash-generation; funded £53.5m buybacks in FY2025; supported 1.2% NAV per share growth
• Historic net cash generation: £1.5bn over the last decade
• Financing metrics: 4.0x financing cover; £400m credit facility; dedicated £75m buyback pool

Representative breakdown of Cash Cow contributions and related finance metrics:

Operational and capital-allocation characteristics of the Cash Cow segments:

• Low volatility cash flows with predictable distributions enabling active buyback and reinvestment programs.
• High liquidity value from secondaries reduces blind-pool exposure and accelerates capital recycling.
• Mature European mid-market exposure delivers multiple exit routes (trade sale, secondary, IPO) enhancing realization visibility.
• Defensive sector exposure (Consumer, Financial Services) cushions NAV performance during macro shocks and sustains dividend-like cash returns.
• Conservative valuation and disciplined exit pricing underpin realized uplift and protect downside.

Pantheon International PLC (PIN.L) - BCG Matrix Analysis: Question Marks

Dogs (interpreted as Question Marks within the PIN portfolio): these are portfolio segments showing high growth potential but currently low relative market share within the trust's NAV. They require active capital deployment decisions and operational support to determine whether they can transition into Stars or be divested. Key sub-segments include small and medium-sized buyouts, Asian private equity, new manager-led secondary transactions, and growth equity stage investments.

Small and medium-sized buyout strategies target high-growth companies but require significant capital expenditure and follow-on funding to scale. PIN's track record and underwriting suggest median MOIC potential of approximately 4.0x for selected deals; however, these strategies currently represent a modest fraction of NAV (estimated 6-9% of total NAV as of latest reporting). The board is prioritising managers who demonstrate cycle-resilient operational playbooks to improve realized returns.

• Median MOIC target: 4.0x
• Estimated NAV weight: 6-9%
• Main risks: capital intensity, need for follow-on funding, manager execution

Asian private equity exposures constitute a high-growth frontier within the 'remainder' geography allocation and carry low current portfolio weight (approx. 3-5% of NAV versus ~50% US and ~33% Europe). Long-term demographic-driven growth (rising middle class, consumer demand) underpins upside, but higher geopolitical and regulatory volatility increases return dispersion. PIN is pursuing selective, resilience-focused positions with the objective of identifying assets that can mature into Stars over a 5-10 year horizon.

• Current NAV weight (Asia): ~3-5%
• Comparative allocations: US ~50%, Europe ~33%, Remainder ~17%
• Return profile: higher variance; longer expected maturation window

New manager-led secondary transactions are being targeted as concentrated, high-conviction plays to capture specific mispriced or underappreciated assets. In July 2025 PIN committed £16.8 million to a single manager-led secondary, reflecting a willingness to accept concentration for potential multiple expansion. These deals typically target an exit valuation uplift of ≥25% to be accretive. As part of the 'Step Three' strategy, secondary manager-led commitments remain under active monitoring and currently account for a small but growing share of NAV (approx. 2-4%).

• Notable commitment: £16.8m (July 2025, single manager-led secondary)
• Targeted exit uplift: ≥25%
• Estimated NAV weight: ~2-4%
• Key risk: concentration, uncertain exit timing

Growth equity stage investments are positioned between venture capital and mature buyouts, providing capital for scalable companies with proven models. They benefit from revenue-driven value creation (PIN cites roughly 54% of private equity value creation attributable to revenue growth across the portfolio) and can reach MOICs around 3.1x in strong tech, media and telecom (TMT) exposures. Current exposure to growth equity remains developmental (approx. 5-8% of NAV) and is sensitive to interest rate levels and valuation multiple compression.

• Contribution to value creation (portfolio-wide): ~54% from revenue growth
• Target MOIC in TMT growth equity: ~3.1x
• Estimated NAV weight (growth equity): ~5-8%
• Key sensitivities: interest rates, valuation multiples, CAPEX requirements

Summary table of question-mark segments (Dogs category metrics)

Active management priorities for these Dogs/Question Marks include: selective follow-on capital allocation, stricter manager selection criteria emphasizing cycle resilience, staged deployment to de-risk valuation timing, and exit-path discipline to convert successful exposures into Stars or to limit downside via timely realisations.

Pantheon International PLC (PIN.L) - BCG Matrix Analysis: Dogs

Question Marks - Dogs: Older vintage funds within the Asset Linked Note (ALN) reference portfolio represent declining legacy assets from the 2017 unlisted 10-year note. These tail-end fund interests are largely mature, contribute minimally to NAV growth, and are excluded from several primary performance charts. As of 30 June valuations and subsequent reporting to September 2025, these ALN-linked vintage funds represented 6.8% of the total portfolio by cost and approximately 4.2% of reported NAV; realized proceeds are returned to ALN holders rather than reinvested into PIN's core strategy.

These legacy ALN holdings follow a run-off profile with expected full realization by 2027-2028 given remaining life and distribution schedules. The board treats them as non-core capital: capital returned on realization reduces ALN liability and does not materially change PIN's investment pacing. Historical IRR for these ALN vintage funds across the last three realized exits averaged 5.1% gross, with carrying multiples near 0.9x at the tail end.

Underperforming cyclical sector assets (Energy and Materials) are capital intensive and have shown lower annualized returns versus the core portfolio. These sectors constitute a small minority of total company valuations - approximately 3.4% by cost and 2.1% of NAV - and have holding periods typically one year longer than the trust's average, compressing annualized ROI by an estimated 300-600 basis points versus top-decile private assets.

• Board action: targeted secondary-market sales to recycle capital into higher-performing sectors (e.g., Information Technology).
• Expected outcome: redeploy realized proceeds into higher-growth segments to improve portfolio IRR over a 12-36 month horizon.

Small-scale legacy primary commitments with non-core managers are being consolidated or exited. These tail-end fund interests represent roughly 2.5% of portfolio cost and 1.6% of NAV and incur disproportionately higher relative administrative expenses (estimated 25-40% greater per £1 of asset under management versus core managers). They provide lower reporting transparency and operational oversight, prompting a strategic shift to invest only with core managers that demonstrate multi-cycle outperformance.

• Strategy: allow run-off of non-core tails or execute secondary sales where price discovery is attractive.
• Governance impact: focus on top 20 managers driving ~90% of the 5.9% underlying valuation gain; legacy small commitments contribute negligible share.

Listed company holdings originating from prior private investments account for a small absolute share but can introduce volatility into reported NAV due to mark-to-market mechanics. As of September 2025, these listed positions represented 5.1% of valuations dated 30 June or later while being only 1.9% by cost allocation. They frequently correspond to "broken" IPOs or residual public stakes and lack the private-market value-creation levers (operational improvements, governance interventions) that underpin the trust's core returns.

Portfolio management preference is to exit listed positions opportunistically as liquidity permits, prioritizing redeployment into private-market opportunities where value creation is more controllable. Recent realizations of listed stakes generated realized proceeds contributing 0.3% of NAV in the latest 12-month period, while unrealized mark-to-market swings accounted for ±1.2% NAV volatility over the same timeframe.