22nd December 2014
Pantheon International Participations PLC
Performance update at 30th November 2014
Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 30th November 2014 of 1,510.1p, an increase of
24.7p (1.7%) from the NAV per share as at 31st October 2014. The increase was
driven by foreign exchange gains (28.6p, 1.9%) and investment income (0.3p).
Expenses and taxes* (-1.9p, -0.1%) and valuation losses (-2.3p, -0.1%) reduced
the NAV per share.
PIP's valuation policy for private equity funds is based on the latest
valuations reported by the managers of the funds in which PIP has holdings. In
the case of PIP's valuation at 30th November 2014, the majority of reported
valuations (accounting for circa 92% by value) are dated 30th September 2014.
At 30th November 2014, PIP's private equity assets stood at £867m, whilst cash
balances were £127m. Undrawn commitments to investments stood at £234m at 30th
November 2014, calculated using exchange rates at that date. In addition, the
Company's multi-currency revolving credit facility agreement, comprising a
US$100m facility and a €46m facility, remained completely undrawn.
PIP's portfolio generated net cash of £18.5m during the month, with
distributions of £18.9m relative to £0.4m of calls from existing commitments to
private equity funds.
During the month, PIP made a co-investment of £3.4m alongside The Jordan
Company in Vertical Bridge, a private owner and manager of wireless
communication infrastructure in the United States.
PIP renewed its 4-year multi-currency revolving credit facility agreement with
improved terms and a revised maturity date of November 2018. The size of the
new Loan Facility, arranged by the Royal Bank of Scotland Plc., remains
unchanged at £100m equivalent which, using prevailing exchange rates on the
date of the facility renewal, has been redenominated to US$100m and €46m. The
new Loan Facility also contains an accordion feature that would allow the total
facility to expand by a further £50m, subject to PIP obtaining additional
commitments to the accordion facility and complying with financial covenants.
* Withholding taxes on investment distributions.
Monthly Report
The November monthly newsletter can be accessed on PIP's website at
www.pipplc.com in the Investor Relations section under the heading
"Reports & Newsletters", or by following this link:
http://www.pipplc.com/investor-relations/financial-reports.
Ends
NOTES
PIP
PIP is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP
("Pantheon"), a leading global private equity fund investor, investing in both
primary funds and secondary transactions, and from time to time capitalising
further on its fund investment activities by acquiring direct holdings in
unquoted companies, usually either where a vendor is seeking to sell a combined
portfolio of fund interests and direct holdings or where there is a private
equity manager, well known to Pantheon, investing on substantially the same
terms. With investments in private equity funds, covering multiple private
equity strategies ranging from investments in late stage buyouts to early stage
technology, PIP enables individuals as well as institutions to gain access to a
substantial portfolio of unquoted companies in the USA, the UK, Continental
Europe and Asia, within funds managed by experienced private equity managers.
Pantheon
Pantheon is a leading global private equity fund investor that invests on
behalf of over 400 institutional investors. Established over 30 years ago,
Pantheon has developed a strong reputation and track record in primary,
secondary and co-investments and across all stages and geographies. Pantheon
has £18.8 billion in AUM** (as at 30th June 2014), 195 employees, including
over 70 investment professionals, located across offices in London, San
Francisco, New York, Hong Kong, Seoul and Bogotá.
** This figure includes assets subject to discretionary or non-discretionary
management, advice or those limited to a reporting function.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
Pantheon
020 7484 6200
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.
Pantheon International Telephone +44 (0)20 7484 6200
Participations PLC
Norfolk House Facsimile +44 (0)20 7484 6201
31 St. James's Square
London SW1Y 4JR E-mail: pip.ir@pantheon.com
Internet: www.pipplc.com
Registered office: Beaufort House, 51 New North Road, Exeter, Devon EX4 4EP.
Incorporated in England number: 2147984.
An investment company under section 833 of the Companies Act 2006. Managed by
Pantheon Ventures (UK) LLP.