Pantheon Infrastructure (PINT ) is set to enjoy its first realisation since launch with the sale of its largest holding, US power company Calpine.

The £535m investor in global infrastructure assets confirmed that Constellation Energy had agreed to buy Calpine from Energy Capital Partners in a cash and share deal.

The sale marks the first sale for PINT since the trust’s initial public offering (IPO) in 2021. It is expected to increase the net asset value (NAV) of the fund by 3p per share, equal to a 2.6% increase from the NAV reported in September.

PINT has held Calpine, which is one of the largest US generators of electricity from natural resources, since 2022 and has invested a total of $54m (£46m). It invested as part of a transaction with Energy Capital Partners.

At the end of September, PINT’s investment in Calpine was valued at £76m and the total portfolio had an investment value of £512.1m made up of 13 co-investments, across digital, power and utilities, renewables, and transport and logistics, of which Calpine was the largest holding.

While the sale of Calpine had been expected, it has come earlier than forecast, with management previously suggesting exits would be between 2026 and 2030.

Richard Sem of Pantheon Ventures, which runs the fund, said the sale is a ‘significant milestone in demonstrating the company’s investment strategy’.

The sale marks a further strengthening of PINT this year, which has delivered total return of 2.9% since the start of the year, outperforming the wider sector which has got off to a weak start, said Deutsche Numis analyst Colette Ord.

‘However, PINT shares remain priced below IPO levels and on a wide discount of 21%,’ explained Ord.

‘We continue to view PINT shares as undervalued, with a differentiated investment case – using co-investment – giving access to a broad range of attractive infrastructure investment themes.’

Over the past three years, the NAV of the fund has increased 25.4%, but shares are down 5.3%. However, the shares have enjoyed something of a recovery in the past 12 months, up 12.3%, growing faster than the 10.9% increase in the NAV. The fund targets an annual dividend of 4.2p, representing a yield of 4.6%.

Panmure Liberum analyst Shonil Chande said PINT’s ability to ‘reinvest and strengthen dividend cover will be driven by realisations so this is an important first milestone’.

‘The core-plus operating company-focused infrastructure trusts have been clawing back some of the relative value discount that had become far too wide,’ Chande said.