Pantheon International PLC Monthly Performance Update (8399L)
April 24 2018 - 2:00AM
UK Regulatory
TIDMPIN
RNS Number : 8399L
Pantheon International PLC
24 April 2018
24 April 2018
Pantheon International Plc
Performance Update at 31 March 2018
Month to 31 March 2018
PIP announced an unaudited net asset value ("NAV") per share at
31 March 2018 of 2,263.8p, an increase of 18.8p (0.8%) from the NAV
per share as at 28 February 2018. Valuation gains (63.9p, 2.8%) and
investment income (1.3p, 0.1%) were partially offset by foreign
exchange movements (-39.7p, -1.8%), Asset Linked Note* ("ALN")
financing (-3.4p, -0.2%) and expenses and taxes** (-3.3p,
-0.1%).
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 March 2018,
the majority of reported valuations (accounting for circa 95% by
value) are dated 31 December 2017 or later.
At 31 March 2018, PIP's private equity assets stood at
GBP1,230m, whilst cash balances were GBP137m. Undrawn commitments
to investments stood at GBP429m at 31 March 2018, 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 March 2018.
PIP's portfolio generated net cash of GBP21.4m during the month,
with distributions of GBP28.7m relative to GBP7.3m of calls from
existing commitments to private equity funds.
PIP completed two new investments during the month, amounting to
GBP11.0m in new commitments. This consisted of a GBP9.6m primary
commitment in Equistone Partners Europe Fund VI, a European
mid-market buyout fund, and a GBP1.4m co-investment alongside HIG
Capital in a leading value-for-money fitness chain in Brazil.
*Unlisted 10-year note issued on 31 October 2017 whose
performance is linked to a reference portfolio consisting of older
vintage funds.
**Withholding taxes on investment distributions.
Monthly Report
The March 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
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP, a constituent of the FTSE 250, 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 450 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 GBP28.7 billion in AUM***
(as at 30 September 2017), 247 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.
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
UPDSESFMDFASEFL
(END) Dow Jones Newswires
April 24, 2018 02:00 ET (06:00 GMT)
Pantheon (LSE:PIN)
Historical Stock Chart
From Apr 2024 to May 2024
Pantheon (LSE:PIN)
Historical Stock Chart
From May 2023 to May 2024