Pantheon International PLC Monthly Performance Update (7103O)
August 23 2017 - 2:00AM
UK Regulatory
TIDMPIN
RNS Number : 7103O
Pantheon International PLC
23 August 2017
23 August 2017
Pantheon International Plc
Performance Update at 31 July 2017
Month to 31 July 2017
Pantheon International Plc ("PIP") announced an unaudited net
asset value ("NAV") per share at 31 July 2017 of 2,171.9p, a
decrease of 9.9p (-0.5%) from the NAV per share as at 30 June 2017.
Valuation gains (9.1p, 0.4%) and investment income (1.9p, 0.1%)
were offset by foreign exchange movements (-16.6p, -0.8%) and
expenses and taxes* (-4.3p, -0.2%).
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 31 July 2017,
the majority of reported valuations (accounting for circa 98% by
value) are dated 31 March 2017 or later.
At 31 July 2017, PIP's private equity assets stood at GBP1,211m,
whilst net cash balances were GBP169m. Undrawn commitments to
investments stood at GBP465m at 31 July 2017, calculated using
exchange rates at that date. PIP's multi-currency revolving credit
facilities comprise a US$138.8m facility and a EUR66.6m facility,
which remained completely undrawn as at 31 July 2017.
PIP's portfolio generated net cash of GBP21.8m during the month,
with distributions of GBP27.5m relative to GBP5.7m of calls from
existing commitments to private equity funds.
PIP completed 12 new investments during the month, amounting to
GBP66.0m of new commitments. New secondary investments included a
GBP10.4m commitment to a North American mid-market buyout fund and
a GBP3.2m commitment to a European small buyout fund. PIP also made
three primary commitments: a GBP9.8m commitment to Chequers Capital
XVII, a Paris-based European mid-market fund, a GBP9.7m commitment
to Onex Partners V, a North American large buyout fund, and a
GBP9.5m commitment to a US growth equity fund. PIP committed a
further GBP23.3m in seven co-investments including GBP5.2m
alongside Calera Capital in Arnott Ultimate, a manufacturer of
aftermarket air suspension products for light passenger vehicles,
GBP4.0m alongside Pollen Street Capital in Shawbrook Group, a UK
specialist lending and savings bank, and GBP3.8m alongside Baring
Asia in Nord Anglia, a global premium K-12 education services
provider.
* Withholding taxes on investment distributions.
Monthly Report
The July monthly newsletter can be accessed on PIP's website at
www.piplc.com in the Investor Relations section under the heading
"Newsletters", or by following this link:
http://www.piplc.com/investor-relations/newsletters.
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
venture, 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 35 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 GBP29.2 billion in AUM**
(as at 31 March 2017) 223 employees, including 71 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.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
Neither the contents of PIP's website nor the contents of any
website accessible from hyperlinks on PIP's website (or any other
website) is incorporated into, or forms part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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