Sector
Information Technology
Our portfolio
Pantheon International offers exposure to a broad and carefully selected range of private equity investments around the world. Each investment is chosen for its potential to deliver attractive returns over the long term.
We invest consistently over time and aim to build a balanced portfolio that is diversified, giving exposure to many different companies located around the world and operating in a range of sectors.
We believe that the diversification of our investments ensures that the portfolio is not overexposed to any one segment of the private equity market. At the same time, our approach of investing directly in the deals sourced by Pantheon allows us to tilt the portfolio towards where we see the best opportunities.
Portfolio
analysis
by
value
As at 31 August 2025.
Investment type
We access private companies by either investing in them directly alongside selected private equity managers or through a fund when it is raised for the first time.
Our portfolio is weighted towards direct company investments and these are complemented by funds that are typically hard to access.
Investment type chart is based upon underlying fund and company valuations. The chart excludes the portion of the reference portfolio attributable to the Asset Linked Note.
The Asset Linked Note refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company’s older vintage funds.
Investment stage
While our strategy is to maintain a healthy mix of all stages of a company’s development, we favour small and medium-sized businesses.
We believe that these well-established businesses offer many pathways for growth and value creation as well as a range of options for future onward sale. Private equity managers usually own a controlling interest in these companies and these are known as buyouts.
Investment stage chart is based upon underlying fund and company valuations. The chart excludes the portion of the reference portfolio attributable to the Asset Linked Note.
The Asset Linked Note refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company’s older vintage funds.
Region
Pantheon International offers a truly global portfolio, with investments in North America, Europe and Asia.
The majority of PIN’s capital is invested in North America and Western Europe, where the private equity markets are well-established.
Investment region chart is based upon underlying fund and company valuations. The chart excludes the portion of the reference portfolio attributable to the Asset Linked Note.
The Asset Linked Note refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company’s older vintage funds.
Global category contains funds with no target allocation to any particular region equal to or exceeding 60%.
Company sectors
Our portfolio is tilted towards high-growth sectors, many of which may not be fully represented by the public markets.
Our private equity managers target sectors which are experiencing dislocation, niches where underlying growth is less correlated to GDP growth and those companies that are benefiting from long-term trends. As a result, the largest two sectors in PIN’s portfolio are information technology and healthcare.
Based on valuations as at 31 June 2025 adjusted for known calls and distributions to 31 August 2025. The chart accounts for 100% of PIN’s portfolio.
Fund maturity
Each investment type has a different cash flow and maturity profile.
We believe that a mix of investment types is optimal to benefit from the cash generated by the more mature assets in our portfolio, that are closer to being sold, while rejuvenating the portfolio with younger assets that are entering a growth phase.
Vintage profile of investments in private equity funds and direct company investments alongside PIN’s underlying private managers. The chart does not reflect share buybacks.
Largest
Companies
PIN offers access to sectors and companies that are typically difficult to access via the public markets.
Below are the largest 20 companies by value in the PIN portfolio as 31 May 2025.
Sector
Information Technology
Type
Primary; Co-investment
Country
Norway
% of PIN's NAV
1.3%
Sector
Consumer
Type
Manager-led secondary
Country
Netherlands
Sector
Healthcare
Type
Manager-led secondary
Country
USA
Sector
Information Technology
Type
Manager-led secondary
Country
Germany
Sector
Industrials
Type
Manager-led secondary
Country
USA
Sector
Healthcare
Type
Manager-led secondary
Country
USA
Sector
Information Technology
Type
Primary; Co-investment
Country
USA
% of PIN's NAV
0.7%
Sector
Healthcare
Type
Manager-led secondary; Co-investment
Country
USA
% of PIN's NAV
0.7%
Sector
Information Technology
Type
Primary; Fund secondary
Country
UK
% of PIN's NAV
0.7%
Sector
Information Technology
Type
Co-investment; Primary
Country
USA
% of PIN's NAV
0.6%
Largest
Managers
The Company has exposure to many high-quality private equity managers across the world.
Below are the largest 20 managers by value in PIN’s portfolio as at 31 May 2025.
Region
Global
Stage Bias
Growth, Venture
% of PIN's Total Private Equity Asset Value
4.4%
Region
Global
Stage Bias
Special situations
% of PIN's Total Private Equity Asset Value
1.4%
Region
USA
Stage Bias
Growth
% of PIN's Total Private Equity Asset Value
1.4%
Case studies
Discover some of the companies that Pantheon International has backed.
Current
VismaVisma is a leading provider of mission-critical enterprise resource planning, accounting, payroll and transaction process outsourcing software in Northern Europe.
Exited
EUSA PharmaHeadquartered in the UK, EUSA Pharma is a global, specialty in-licensing pharmaceutical company focused on oncology and rare diseases.
Current
KBRA (Kroll Bond Rating Agency)Kroll Bond Rating Agency is one of the five global full-service credit rating agencies.
How
we
invest
Pantheon International’s aim is to maximise capital growth over the long term by investing in a portfolio of private companies alongside leading private equity managers globally.
