Pantheon International : Annual Report and Accounts 2022

Outstanding long-term track record

Pantheon International Plc Annual Report and Accounts 2022

Pantheon International Plc Annual Report and Accounts 2022

Celebrating 35 years of investing in growing companies with the best performing private equity managers

Celebrating 35 years	Case study: EUSA Pharma	Case study: Seqens
	EXIT	NEW INVESTMENT

35 years of			Treating childhood			Securing
outperformance	04		cancers and	70		pharmaceutical	112
			providing hope			supply chains
Case study: Satlink			Case study: Accelerant			Q&A with Insight Partners

ESG	NEW INVESTMENT

Upholding ethical			Disrupting the global
fishing standards	42		insurance market	106

Capturing early

growth in software 72 businesses

Full contents Available here, throughout the report

		Strategic Report	Manager's Review	Governance	Financial Statements	Other Information	Pantheon International Plc Annual Report and Accounts 2022	B

Pantheon International Plc Annual Report and Accounts 2022

Contents

Strategic Report

About PIP	02
35 years of PIP	04
Why Choose Us	05
Chair's Statement	16
Key Performance Indicators	22
Our Strategy	27
Our Business Model	31
Investment Policy	37
Responsible Investment and ESG	38
Financing Our Undrawn Commitments	44
Risk Management and Principal Risks	46
s172(1) Statement	50
Viability Statement	55

Manager's Review

Portfolio	57
Performance	59
Our Market	63
A Conversation with Insight Partners	72
Sector Themes	75
Distributions	82
Calls	96
New Commitments	99
Buyout Analysis	114
Other Information	117
Key Pantheon Personnel Supporting PIP	128

Governance

Board of Directors	133
Directors' Report	135
Statement on Corporate Governance	140
Audit Committee Report	147
Directors' Remuneration Report	150
Directors' Responsibility Statement	153
Independent Auditor's Report to the
Members of Pantheon International Plc	154

Financial Statements

Income Statement	163
Statement of Changes in Equity	164
Balance Sheet	165
Cash Flow Statement	166
Notes to the Financial Statements	167

Other Information

AIFMD Disclosures	191
Alternative Performance Measures	193
Glossary of Terms	197
Directors and Advisers	199

Retail investors advised by independent financial advisers

The Company currently conducts its affairs so that its shares can be recommended by independent financial advisers to retail private investors in accordance with the FCA's rules in relation to non-mainstream investment products.

The shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.

		Strategic Report	Manager's Review	Governance	Financial Statements	Other Information	Pantheon International Plc Annual Report and Accounts 2022		01

About PIP

Making the private, public

1. share in PIP provides access to a high-quality diversified portfolio of private companies around the world that would otherwise be inaccessible to many investors. Shares in PIP can be bought and sold as they would in any other publicly listed company.

This year, PIP celebrates 35 years of delivering exceptional performance ahead of public market benchmarks over the long term.

PIP

Pantheon International Plc ("PIP" or the "Company") is a listed FTSE 250 private equity investment trust, actively managed by Pantheon, one of the leading private markets investment managers globally.

PIP is overseen by an independent Board of Directors from a wide range of backgrounds.

Supervises

As at 31 May 2022
+31.0%	+12.4%	Shareholders
NAV per share growth	Average annual NAV growth
in the year (net of fees)	since 1987 (net of fees)

Oversees

PIP

PIP Board

Pantheon

£2.4bn	£1.6bn	Invest via LSE
Net asset value	Market capitalisation
Manages
+8.6%	1.15%
Share price increase in the year	AIC ongoing charges1

• Including financing costs, PIP's total ongoing charges would be 1.33%.

Strategic Report

Manager's Review

Governance

Financial Statements

Other Information

Pantheon International Plc Annual Report and Accounts 2022

02

About PIP

Managed by a leading private equity investor

Selecting, accessing and partnering with the best private equity managers globally with robust organisations, proven operational and

PANTHEON

sector expertise, and a sustainable investment strategy is key to achieving attractive returns.

US$87.8bn1	1212
Assets under management	investment professionals
>865	c.10,000
institutional investors globally	private equity managers in
	Pantheon's database
10	>5601

Pantheon provides clients with access to its global network of relationships…

For the past 40 years, Pantheon has built up an extensive network of relationships with private equity managers across the world. Thanks to Pantheon's privileged access, PIP is able to invest in invitation-only funds, co-invest directly in attractive private companies, and participate in exclusive secondary deals.

	10		1
	DUBLIN		BERLIN
			4
			SEOUL
CHICAGO
5	NEW	LONDON	5
	52	293
	YORK			TOKYO
SAN		people	HONG
34			10
FRANCISCO	4		KONG
		1
	BOGOTÁ		TEL AVIV3

offices around the world

advisory board seats held

1. As at 31 March 2022.
2. As at 30 June 2022.
3. A location from which executives of the Pantheon Group perform client service activities but does not imply an office.
4. United Nations Principles for Responsible Investment.
5. See the Awards Methodologies & Disclosures section on Pantheon's website for details regarding the awards mentioned above: www.pantheon.com.

15 years of UN PRI4 membership, one of the first private equity signatories

A+	Award-winning asset manager5

awarded to Pantheon for private equity by the UN PRI in 2020

Strategic Report

Manager's Review

Governance

Financial Statements

Other Information

Pantheon International Plc Annual Report and Accounts 2022

03