Please carefully review the following information and respond to the questions below.
The information contained on this webpage is intended only for, and may be accessed only by, persons in the United Kingdom, professional investors in Denmark, Finland, Germany, the Netherlands, Spain and Sweden, persons who are both wholesale clients and professional or sophisticated investors in Australia and 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 webpage is not directed at and is not for use by any other person and it may not be lawful to access the information in other jurisdictions.
The information contained on this webpage 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 webpage 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 who are both wholesale clients and professional or sophisticated investors in Australia).
We reviewed PIN’s results in our note, FY’22 results: it is not just lionesses that roar, published on 11 August. In summary, FY’22 was a record year for PIN in terms of NAV growth, cash generation and investment activity. Valuation gains were 24.4% (nearly double the 10-year average), forex was 7.2%, and a small buyback benefit saw 31% NAV growth net of all fees. PIN also saw its largest-ever single company exit, and uplifts on exit averaged 42%. This performance followed outperformance over the previous 34 years through multiple cycles. Despite this, PIN, and the rest of the PE sector, are trading at near-record discounts to NAV.
If you'd like to be introduced to the team at Pantheon International Plc, get in touch.Request a meeting