Pantheon International : Assessment of Value Report

Assessment of Value Report for Pantheon Infrastructure Plc & Pantheon International Plc

Investment trust companies managed by Pantheon Ventures (UK) LLP

April 2023

Assessment of Value Report	April 2023

Contents

1.	Introduction	2
2.	How we have assessed value	3
3.	Overview of Findings	4
	3.1.	Value assessment process	4
	3.2. Summary findings by company for the reporting period	4
4.	Detailed Methodology and Findings	5
	4.1.	Service Quality	5
	4.2.	Performance	6
	4.3.	Costs	8
5.	Conclusion	10

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Data as at 31 December 2022 unless otherwise stated.

Assessment of Value Report	April 2023

1. Introduction

Dear Shareholder,

Pantheon Ventures (UK) LLP ("Pantheon") is pleased to publish this inaugural Assessment of Value Report ("Report") in respect of the investment trust products it manages, Pantheon International Plc ("PIP") and Pantheon Infrastructure Plc ("PINT").

This report has been prepared in accordance with the UK Financial Conduct Authority's ("FCA") Consumer Duty principle and covers a period of five years, the recommended holding period for these investments, ending 31st December 2022. For PINT, which launched in November 2021, we have used data since the Company's launch.

Delivering value to investors and considering all the benefits that a product provides, including all the costs, both financial and non-financial, has always been of central importance to us.

This report describes how PIP and PINT have performed across three main categories: Service Quality, Performance and Costs. These categories help to determinate whether the companies are offering value.

Both companies have achieved positive NAV returns over the relevant periods and their portfolios are performing in line with reasonable expectations of their published investment strategies.

We are pleased to conclude that, whilst value comprises multiple different elements, in our opinion both PIP and PINT are delivering value to shareholders.

We thank you sincerely for investing in the companies.

Pantheon

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Data as at 31 December 2022 unless otherwise stated.

Assessment of Value Report	April 2023

2. How we have assessed value

This report looks at the three main categories of Service Quality, Performance and Costs, which we believe are core to the delivery of value. They are set out in a such a way to aid comparison with the value assessments undertaken for mainstream open-end funds (such as OEICs and SICAVs) which consider corresponding categories where possible.

	Service Quality	Performance	Costs
	The quality and range of	How each company has	The reasonableness of what a
	services provided to the	performed, in light of its	shareholder pays considering:
	companies and their	objective, risk profile and
	shareholders,	recommended minimum	 General Costs - of management
	whether by Pantheon or others.	holding period (NAV	and services the companies
		Performance).	 Economies of Scale - any
			reductions possible by growth of
			the companies
			 Comparable market rates - What
			the companies paid for services
			compared to those managed by
			other firms
			 Comparable services: What the
			companies pay Pantheon for its
			services and whether both the
			services and their costs are
			consistent with what Pantheon
			charges other funds it manages

It should be noted that there is only one share class available of each company.

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Data as at 31 December 2022 unless otherwise stated.

Assessment of Value Report	April 2023

3. Overview of Findings

3.1. Value assessment process

In making the assessments for this report, we have used a broad range of data and have aimed for the highest possible level of objectivity.

The process has been consistent with our ongoing monitoring of the companies and reporting to their respective, fully independent boards. Remedial actions, where necessary and undertaken, are done so with agreement of the companies' boards and their other advisers.

3.2. Summary findings by company for the reporting period

Service

Performance

Costs

Company

Economies

Market

Comparable

Quality

NAV

General

of Scale

Rates

Services

Pantheon Infrastructure PLC













Pantheon International PLC













Both companies have delivered positive Net Asset Value ("NAV") total returns. Full details of our methodology are given on page 6.

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Data as at 31 December 2022 unless otherwise stated.