Pantheon International PLC on Thursday announced a drop in half-year profit as gains on investments fell, but net asset value rose and outperformed the company’s benchmark.

The Exeter, England-based private equity investor reported pretax profit in the six months ended November 30 of £83.7 million, dropping from £413.1 million a year prior. This was because gains on investment fell to £82.5 million from £418.6 million.

Net asset value per share rose 11% to 469.46 pence at November 30 from 421.06p a year prior. The company bought back 6.4 million shares for £16.6 million during the half-year to November 30, reducing the number of traded shares.

NAV total return, comparing November 30 to a year before, also was 11%, outperforming its benchmark MSCI World, which returned negative 0.5%.

Pantheon International noted high inflation and interest rates, geopolitical tensions and a challenging outlook for global growth.

‘It is difficult to predict how and when a more positive outlook will be on the horizon,’ said Chair John Singer.

He added: ‘Uncertainty and dislocation create opportunities for private equity managers and we believe that now is the time to ’lean in’ and invest with the very best who are capable of outperforming public markets and even more so in a downturn. PIP, through Pantheon’s vast platform and deep relationships built up over many years, has access to many of those managers and the financial strength to invest well. ’

Pantheon International shares were 0.7% higher at 254.74 pence each in London on Thursday morning.

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