In Alternative Views, Private Equity Wire® goes behind closed doors with those in the know to get the latest on private markets. In this episode we discuss share price discounts and liquidity management with Charlotte Morris, a partner in Pantheon’s global secondaries team who also runs Pantheon International (PIN), the firm’s listed private equity fund.
The fund is facing pressure from activists over its NAV-share price discount, which currently sits at 27%. PIN is refocusing its investment strategy around 25 core managers, instead of its previous group of 90.
We cover PIN’s discount (1:05); why Morris thinks the discount often doesn’t reflect underlying performance (2:13); how PIN has sought to narrow the discount (6:00); why PIN is making more concentrated bets (8:43); PIN’s role in the secondary market (11:34); daily pricing, and liquidity (13:50).
