Pantheon International PLC Monthly Performance Update (2146W)
July 31 2018 - 2:00AM
UK Regulatory
TIDMPIN
RNS Number : 2146W
Pantheon International PLC
31 July 2018
31 July 2018
Pantheon International Plc
Performance Update at 30 June 2018
Month to 30 June 2018
PIP announced an unaudited net asset value ("NAV") per share at
30 June 2018 of 2,438.8p, an increase of 24.0p (1.0%) from the NAV
per share as at 31 May 2018. Valuation gains* (4.1p, 0.2%),
investment income* (6.3p, 0.3%) and foreign exchange movements*
(17.3p, 0.7%) were partially offset by expenses and taxes** (-3.7p,
-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 30 June 2018,
the majority of reported valuations (accounting for circa 98% by
value) are dated 31 March 2018 or later.
At 30 June 2018, PIP's private equity assets stood at GBP1,295m,
whilst net available cash balances*** were GBP136m. The Asset
Linked Note**** ("ALN") outstanding as at 30 June 2018 amounted to
GBP111m. Undrawn commitments to investments stood at GBP454m as at
30 June 2018, calculated using exchange rates at that date. PIP's
new GBP175m multi-currency revolving credit facility, which was put
in place during the month, comprises a US$163.0m facility and a
EUR59.8m facility, and remained completely undrawn as at 30 June
2018.
PIP's portfolio generated net cash of GBP33.4m during the month,
with distributions of GBP39.1m relative to GBP5.7m of calls from
existing commitments to private equity funds.
PIP completed seven new investments during the month, amounting
to GBP54.3m in new commitments. This included a GBP19.2m secondary
investment in a portfolio of US growth funds that was 96% funded at
completion and a GBP12.1m secondary investment in a US gas
producer. In addition, PIP made an GBP11.0m primary commitment to a
European growth equity fund. PIP also committed GBP8.7m to three
co-investments: GBP4.6m alongside Stone Point Capital in a provider
of cost management solutions to the insurance industry; GBP2.2m
alongside KKR in Flora Food Group, a global spreads manufacturer;
and GBP1.9m alongside ChrysCapital in Mankind Pharma, an Indian
pharmaceutical company
* Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Withholding taxes on investment distributions.
*** Net available cash calculated as cash and net current
assets/(liabilities) less undistributed net cashflows associated
with the ALN.
****Unlisted 10-year note issued on 31 October 2017 whose cost
and repayments are linked to a reference portfolio managed by
Pantheon consisting of older vintage funds.
Monthly Report
The June 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. By 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 GBP28.7 billion in
AUM***** (as at 31 December 2017), 248 employees, including 78
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.
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END
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