Pantheon International : Monthly Performance Update

11 July 2019

For immediate release

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom or to professional investors in Finland and Sweden), Canada, Australia, Japan or the Republic of South Africa.

Pantheon International Plc

Performance Update at 31 May 2019

Highlights

2,770.6p NAV per share

+6.5% NAV per share growth for the month

£1.5bn Net asset value

£17.4m Net portfolio cash flow*

3.4x Financing cover**

+95% Total shareholder return (5Y)***

Month to 31 May 2019

PIP announced an unaudited net asset value ('NAV') per share at 31 May 2019 of 2,770.6p, an increase of 169.7p (+6.5%) from the NAV per share as at 30 April 2019. Valuation gains* (89.8p, +3.5%), investment income* (0.7p, +0.0%) and foreign exchange movements* (+82.9p, +3.1%) were offset by expenses and taxes**** (-3.7p, -0.1%).

PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation as at 31 May 2019, 96% of reported valuations are dated 31 March 2019 or later. A detailed description of PIP's valuation policy can be found on pages 92 and 93 of the 2018 Annual Report.

At 31 May 2019, PIP's private equity assets stood at £1,450m, whilst net available cash balances^ were £141m. The Asset Linked Note^^ ('ALN') outstanding as at 31 May 2019 amounted to £92m. Undrawn commitments to investments stood at £521m as at 31 May 2019, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$163.0m facility and a €59.8m facility, which remained undrawn as at the month end.

PIP's portfolio generated net cash* of £17.4m during the month, with distributions of £28.7m relative to £11.3m of calls from existing commitments to private equity funds.

PIP made £53.7m new commitments during the month across three primaries (£45.8m) and two secondaries (£7.9m). This included: a £23.8m primary commitment to Advent Global Private Equity IX, a large buyout fund with a global focus; a £20.5m primary commitment to Searchlight Capital III, a global special situations fund; and a £5.4m secondary direct investment in a US terminal and ports operator.

*Figures are stated net of movements associated with the ALN share of the reference portfolio.

**Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments.

***Based on the change in the ordinary share price over the period.

****Withholding taxes on investment distributions.

^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.

^^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.

Year to 31 May 2019

Performance

The unaudited NAV per share at 31 May 2019 of 2,770.6p is an increase of 355.8p (+14.7%) relative to the NAV per share as at 31 May 2018. Valuation gains* (266.4p, +11.0%), investment income* (19.7p, +0.8%), foreign exchange movements* (+107.9p, +4.5%) and share buybacks (0.3p, +0.0%) were partially offset by expenses and taxes**** (-38.5p, -1.6%).

Portfolio Net Cash Flow

PIP's portfolio generated net cash* of £169.8m during the year, with distributions of £276.5m relative to £106.7m of calls from existing commitments to private equity funds.

New Commitments

PIP made 59 new investments during the year to 31 May 2019, amounting to £340.7m in commitments. This included 13 secondary investments (£104.9m), 20 primary investments (£159.8m) and 26 co-investments (£76.0m).

Performance as at 31 May 2019^^^

	1 Year (%)	3 Years (% pa)	5 Years (% pa)	10 Years (% pa)	Since Inception (% pa)
NAV per share	14.7%	16.8%	14.9%	11.2%	11.9%
Ordinary share price	10.7%	19.6%	14.3%	18.9%	11.5%
FTSE All-Share TR	-3.2%	8.7%	5.3%	9.6%	7.7%
MSCI World (£) TR	2.5%	13.8%	11.8%	13.0%	7.8%

^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.

Largest Holdings

Largest managers by value as at 31 May 2019

	Region	% of portfolio
1 Providence	USA	6.1%
2 Venture Fundµ	USA	4.0%
3 Essex Woodlands	USA	3.7%
4 Barings Private Equity Asia	Asia and EM	2.9%
5 Energy Minerals Group	USA	2.8%

Largest companies by value as at 31 May 2019^µµ

	Country	Sector	% of portfolio
1 EUSA Pharma	UK	Healthcare	1.8%
2 Tug Hill	USA	Energy	1.7%
3 Energy Companyµ	USA	Energy	1.4%
4 Abacus Data Systems	USA	IT	1.2%
5 Dermatology Companyµ	USA	Healthcare	1.1%

^µConfidential

^µµBased on valuations as at 31 March 2019 adjusted for known calls and distributions to 31 May 2019, and accounts for over 98% of PIP's portfolio.

Foreign Exchange Exposure

At 31 May 2019, the value of the private equity investment assets stood at £1,450m. Of the private equity investment assets at PIP's holding level, 79% were represented by funds reporting values denominated in US dollars, 17% denominated in euros, 3% denominated in sterling and 1% denominated in other currencies. Of the 79% of investment assets denominated in US dollars, approximately 9% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 9% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In addition to the funds reporting values denominated in sterling, many of the euro-denominated funds have investments in the UK.

Monthly Report

The May monthly newsletter can be accessed on PIP's website atwww.piplc.comin the Investor Relations section under the heading 'Newsletters', or by following this link:http://www.piplc.com/investor-relations/newsletters.

This announcement contains inside information.

Ends

LEI: 2138001B3CE5S5PEE928

For more information please visit PIP's website at www.piplc.com or contact:

Vicki Bradley

Pantheon

020 3356 1800

NOTES

PIP

PIP is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading investment managers globally. PIP offers a differentiated entry point to an investment company of scale with risk managed through selection and diversification, and to the excellent growth potential generated by some of the best private equity managers in the world.

Pantheon

Pantheon is a leading global private equity, infrastructure, real assets and debt fund investor that invests on behalf of over 550 investors. Founded in 1982, Pantheon has developed an established reputation in primary, co-investment and secondary private asset solutions across all stages and geographies. Pantheon has $43.5 billion in AUM^^ (as at 31 December 2018) and 295 employees, including 84 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul, Bogotá and Tokyo.

^^This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.

Important Information

A copy of this announcement will be available on the Company's website atwww.piplc.comNeither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

Sir Laurie Magnus

Chairman, Pantheon International Plc

Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP