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

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by Robert St George on Jun 09, 2014 at 13:42

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%.

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