Investec reiterates 'Buy' rating for Pantheon International on £200m share buyback launch

Capital allocation policy extension

Investec has reiterated its ‘Buy’ recommendation for Pantheon International (PIP) after the trust announced a £200m share buyback programme and capital allocation policy extension in an effort to narrow its widening discount.

On Thursday (3 August), the FTSE 250 private equity trust said it would commit up to £200m to invest in its own portfolio through buybacks in the current financial year to 31 May 2024, extending its capital allocation policy to dedicate a proportion of its net positive cash flow to buybacks. In its annual financial report, the £1.4bn trust noted its discount to NAV had widened from 35% in May 2022 to 41% as at year end. According to Morningstar data, PIP's shares are up 4.5% since the announcement. Pantheon International appoints co-lead manager to join Helen Steers In a research n...