Pantheon Infrastructure (PINT) joined the London market in late 2021, initially raising £400m, topped up by £81m from IPO-related warrants several months later. PINT is unusual within its sector in that it takes a co-investment approach and buys minority stakes. It has a portfolio of 15 assets, mostly based in the US & Europe, and primarily in the digital, renewables/energy efficiency, and power/utilities sub-sectors. PINT has delivered an annualised NAV return of 8% in its first five years, at the bottom end of its 8-10% target range. A 4.0p dividend was paid for 2023, once it was fully i...