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In the forthcoming interim results (announcement 23 February), we expect a reiteration of the messages seen last year (see our note of 11 August 2022, FY’22 results: it is not just lionesses that roar). Over the past 35 years, through multiple cycles, PIP has delivered market-beating NAV returns, driven by the incremental operational, strategic and financial value that PE adds to investee companies. Incremental value is added by Pantheon through its selection of high-quality managers and mature/profitable companies in resilient sectors. Investee company gearing and over-commitment are modest. Uplifts on exit proving the conservatism of the valuation approach continue. The discount to NAV appears anomalous.
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