Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Private equity: the last value pool in the trust world?

Andrew Lebus, managing partner at Pantheon Ventures, highlights a value opportunity among private-equity trusts.

His own £890 million Pantheon International Participations fund trades at a discount of 17% to its net asset value, with the sector as a whole on an average discount of 13%. This is despite discounts across the closed-ended world being at one of their tightest ever levels.

It is also despite private equity in general enjoying a particularly fecund spell, as holdings have been sold into a rampant IPO market – particularly benefiting Pantheon’s mature portfolio.

The trust invests in other private equity funds globally, and in the current environment is focusing on the secondary market – buying from those who have ‘lost a bit of interest’, says Lebus.

Pantheon International Participations has returned 49% over the past three years, compared with a peer-group average of 35%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter