Legal & Risk Notice

This website is operated by Pantheon Ventures (UK) LLP (Pantheon UK) of 10 Finsbury Square, 4th Floor, London EC2A 1AF and contains information relating to Pantheon and Pantheon International Plc (PIN). PIN is an investment trust company whose shares are listed and traded on the London Stock Exchange. PIN is an investment company as defined by Section 833 of the Companies Act 2006 and is registered in England and Wales with Company number: 2147984. Information communicated through use of this website is communicated by Pantheon UK. By accessing or using this site, you acknowledge that you have read and understood the Important Information and have agreed to and accepted, without limitation or qualification, the Terms of Use set out below. If you do not agree to the Terms of Use, you may not access or use the site.

Pantheon UK

Pantheon UK is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number 520240) and has permission under Part 4A FSMA 2000. Pantheon UK is PIN’s manager and receives a monthly management fee at the rate of 1.5 per cent per annum on the value of PIN’s investment assets (that is, all assets excluding cash and fixed interest near-cash investments) up to £150 million and at the rate of 1 per cent per annum on the value of investments assets above £150 million. Pantheon UK also receives a monthly fee at the rate of 0.5 per cent per annum on the amount committed by PIN to investments which is for the time being outstanding and unpaid, up to a maximum amount equal to the total value of PIN’s investment assets. Further Pantheon UK is entitled to an annual performance fee equal to 5 per cent of all growth in PIN’s fully diluted total net asset value above 10 per cent per annum calculated on a compounded basis. Further information on the fees payable to Pantheon UK can be found in The Directors’ Report section of PIN’s latest annual report and accounts.

Important Information

Status of Information

The information on this website does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for shares or other securities of PIN, nor may it or any part of it form the basis of, or be relied upon in connection with, any contract relating thereto. The information on this website is provided for general information, is not comprehensive, is not intended to constitute any recommendation to acquire or dispose of any securities or apply for or use any investment related service or product and does not constitute investment, legal, tax or other advice. You should seek individual advice from an appropriate independent financial and/or other professional adviser before making any investment or financial decision or applying for or using any such investment related service or product. No assessment has been made of the suitability or appropriateness of any investment in PIN for any person, and such assessments (including any determination as to whether an investment is appropriate or suitable having regard to an investor’s objectives, experience, financial situation or other circumstances) are the responsibility of the investor and their financial adviser.

Jurisdictional Restrictions

The information contained on this website is intended only for, and may only be accessed by (i) persons in the United Kingdom, (ii) persons in Australia who are both wholesale clients and professional or sophisticated investors, and (iii) persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. The information on this website is not directed at and is not for use by any other person.

The information contained on this website is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into any jurisdiction where its release, publication or distribution is or may be unlawful. In particular, the information on this website is not directed at and is not for use by and may not be released, published or distributed to any US person or any person in Canada, The Republic of South Africa, Japan or Australia (other than persons in Australia who are both wholesale clients and professional or sophisticated investors).

The information on this website is provided for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities.

Shares in PIN may not be sold, offered or delivered in any jurisdiction in which registration or any other action for such purpose is required. No securities of PIN have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act). In addition, PIN has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to do so, you should exit this website immediately. The contents of this website (and any materials contained in it) must not be released, forwarded, distributed or otherwise sent, directly or indirectly, to any person or into any jurisdiction where such action would breach applicable law or regulation or would require registration or licensing. Persons receiving these materials (including, without limitation, custodians, nominees and trustees) must observe all such restrictions. Neither PIN, Pantheon UK nor any of their respective advisers accepts any responsibility for any violation by any person of these restrictions.

Risk Considerations

The value of investments, and the income from them, may go down as well as up, and is not guaranteed and an investor may not get back the amount of money invested. There is no assurance that the investment objective of PIN will be achieved. Further, the market price of PIN shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of PIN shares to trade at a substantial discount to their net asset value. This discount may increase or reduce due to market factors which are unrelated to PIN’s net asset value or performance. You should also remember that past performance cannot be relied on as a guide to future performance and that rates and levels of taxation may change. The spread between the purchase and sale prices for certain investment trusts, and classes of investment trust, can be wide. This means the purchase price can be considerably higher than the sale price.

You should also note the following risks relating to investments made by PIN:

PIN invests in private equity funds and unquoted companies which are less readily marketable than quoted securities and may take a long time to realise. In addition, such investments may carry a higher degree of risk than investments in quoted securities. PIN may be adversely affected by these risks notwithstanding the level of diversification which PIN seeks to achieve in relation to its investment portfolio.

PIN uses its borrowing facilities to make investments in order to manage its cash flow flexibly without having to retain significant cash balances. The use of borrowings should enhance net asset value per share where the value of PIN’s underlying assets is rising, but will lead to a correspondingly greater percentage reduction in net asset value per share in the event of a reduction in the value of PIN’s investments. In addition, PIN may from time to time invest in private equity funds or unquoted companies which are geared by loan facilities which rank ahead of PIN’s investment both for payment of interest and capital. Accordingly, PIN may be exposed to gearing by such private equity funds and unquoted companies.

There is no guarantee that PIN will find sufficient suitable investment opportunities, or that private equity funds in which PIN invests will find suitable investment opportunities, to achieve the level of diversification which PIN seeks to achieve in relation to its investment portfolio.

Private equity investments are long term in nature and may take some years before reaching a level of maturity at which they can be realised. Accordingly, it is possible that PIN may not receive a return on investments made by it for a number of years.

In valuing its investments in private equity funds and unquoted companies and in publishing its net asset value, PIN relies to a significant extent on the accuracy of financial and other information provided by these funds and companies to Pantheon. Valuation methods used by those funds and companies may be inconsistent.

At any given time, PIN typically has outstanding, unpaid commitments to private equity funds which are substantial relative to PIN’s assets. PIN’s ability to meet these commitments (and avoid the potentially adverse consequences of default) depends on PIN receiving cash distributions from its investments and, to the extent these are insufficient, on the continuing availability of PIN’s financing facilities.

PIN invests in overseas markets. Accordingly, changes in exchange rates may cause the value of an investment to go up or down.

Most of the private equity funds and unquoted companies in which PIN invests are not subject to regulation by the Financial Conduct Authority or an equivalent regulatory body. Such funds and companies may be in jurisdictions which do not provide an equivalent level of investor protection to that provided in the United Kingdom.

PIN is dependent upon Pantheon UK as its manager and may be adversely affected if the services of Pantheon cease to be available to PIN.

If PIN fails to continue to meet the qualifying conditions for an investment trust, this may result in the loss of the exemption from liability for corporation tax on chargeable capital gain.

Other principal risks associated with PIN’s activities are described in the notes to the financial statements in PIN’s latest annual report and accounts.

Use of Website. Your access to and use of any information contained in the website is subject to these Terms of Use. Pantheon UK reserves the right to change these Terms of Use from time to time without notice, as it deems necessary and to alter or delete materials from this website at any time at its discretion.

Content. Pantheon UK will use reasonable efforts to include accurate and up-to-date information on this website, but makes no warranties or representations of any kind as to and shall not be responsible for the accuracy, currency, completeness or fitness for purpose of any such information. You agree that access to and use of this website and reliance on the content thereof is at your own risk and you assume responsibility for determining whether any laws or regulations limit your access to any use of information or any investment or other product described on this website. The website is provided “as is” and “as available”. Pantheon UK may at any time suspend or withdraw or restrict the availability of all or any part of the website for business and operational reasons.

No Text or Data Mining, or Web Scraping. You must not conduct, facilitate, authorise or permit any text or data mining or web scraping in relation to the website for any purpose, including the development, training, fine-tuning or validation of artificial intelligence systems or models.

Disclaimer of Liability. Neither Pantheon UK nor PIN excludes or limits in any way its liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by negligence and for fraud or fraudulent misrepresentation. To the maximum extent permitted by law, neither Pantheon UK nor PIN shall be liable for any loss or damages, including without limitation, direct, incidental, consequential, indirect or punitive loss or damages, loss of profits, sales, business or revenue, loss of data or business interruption, in each case arising out of access to, use of or inability to use this website, or any errors, inaccuracies or omissions in the content thereof.

Indemnification. You agree to indemnify, defend and hold harmless Pantheon UK, its officers, directors, employees, agents, suppliers and third-party partners and those of its affiliates from and against all losses, expenses, damages and costs, including reasonable attorneys’ fees, resulting from any violation by you of these Terms of Use.

Third-Party Websites and Links. This website may contain data or information obtained from or links to websites operated or controlled by, or be accessed from links provided by, persons other than Pantheon UK. Any such data, information and links are for information purposes only. Pantheon UK makes no warranties or representations of any kind as to the accuracy, safety, currency or completeness of any such data or information or of any material or information accessed or obtained through any such links and has not and will not review or update such data, information or material. Any reliance upon or use of any such data, information or material is at your own risk. Pantheon UK shall have no responsibility for such data, information or material and shall have no liability for any damages or injuries of any kind arising from the use or reliance on any such data, information or material.

Non-Confidential Information. Any communication or other material that you send to us through the internet, or post on this website by electronic mail or otherwise, is and will be deemed to be non-confidential and Pantheon UK shall have no obligation of any kind with respect to such information. Pantheon UK shall be free to use any ideas, concepts, know-how or techniques contained in such communication for any purpose whatsoever, including but not limited to, developing and marketing its investment programmes.

Privacy and Cookies. Pantheon UK and/or PIN may process your personal information and the website may store “cookies” related to identifying a user’s computer, as set out in the Privacy Policy available here: https://www.pantheon-international.com/privacy-policy/.

Trade Marks. All trade marks, logos and slogans, company and product names, whether or not appearing in large print or with a trade mark symbol, are the property of Pantheon UK, its affiliates, related companies or its licensors or joint venture partners, unless otherwise noted. The use or misuse of these trade marks, or any other trade marks represented on this website is expressly prohibited.

Copyright. The entire contents of this website are subject to copyright protection: Copyright © 2025 Pantheon UK All rights reserved. The contents of this website may not be copied other than printing or downloading to local hard disc extracts for non-commercial individual reference with all copyright or other proprietary notices retained, and thereafter may not be recopied, reproduced or otherwise redistributed. Except as expressly provided above, you may not copy, display, download, distribute, modify, reproduce, republish or retransmit any information, text or documents contained in this website or any portion thereof in any electronic medium or in hard copy, or create any derivative work based on such images, text or documents, without the express written consent of Pantheon UK.

Other Intellectual Property Rights. Nothing contained herein shall be construed as conferring to you, by implication, estoppel or otherwise, any licence or right under any patent or other intellectual property right of Pantheon UK or any third-party. Unauthorised use of content from this website may be in violation of patent law, the law of defamation, the law of privacy and publicity, or communications regulations and statutes.

Website Security. You may not violate the security of this website or attempt to do so. Any actual or attempted tampering with any part of this website, provision of untruthful or inaccurate information, misrepresentation of your identity, or conduct of fraudulent activities on or through this website is prohibited. Without limiting the generality of the foregoing, you may not do anything that could interfere with the functioning of this website, restrict or inhibit others from accessing or using it, or result in the transmission of a virus, worm, time bomb or other harmful component.

Governing Law. These Terms of Use and your use of this website shall be governed by the laws of England without regard to its conflicts of laws principles. In relation to any dispute arising out of or in connection with this website or these Terms of Use, you irrevocably and unconditionally submit for the benefit of Pantheon UK to the exclusive jurisdiction of the courts of England and Wales.

Miscellaneous. If any provision of these Terms of Use is held to be unlawful, void or unenforceable, then such provision shall be severable without affecting the enforceability of all remaining provisions.