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In our 6 September initiation report on Pantheon International (11.9% average annual NAV growth since 1987, PIP, ticker PIN), we noted i) PE funds earn better returns than quoted companies, ii) PIP is investing in the right parts of the PE market, iii) the benefits from being in the Pantheon family, and iv) a structured fund selection process. PIP gives investors access to the whole PE market, with strong corporate governance. In this note, we explore the impact of holding PIP on a range of portfolios, across a range of scenarios; we conclude that performance would be improved and significantly less volatile. There are risks (see below), but the discount makes the risk/reward anomalous, in our view.
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