Pantheon International PLC Monthly Performance Update (8109E)
October 23 2018 - 2:00AM
UK Regulatory
TIDMPIN
RNS Number : 8109E
Pantheon International PLC
23 October 2018
23 October 2018
Pantheon International Plc
Performance Update at 30 September 2018
Highlights
2,563.6p NAV per share
-0.4% NAV per share growth for the month
GBP1.4bn Net asset value
GBP5.2m Net portfolio cash flow*
3.5x Financing cover**
+104% Total shareholder return (5Y)***
Month to 30 September 2018
PIP announced an unaudited net asset value ("NAV") per share at
30 September 2018 of 2,563.6p, a decrease of 9.3p (-0.4%) from the
NAV per share as at 31 August 2018. Valuation gains* (1.2p, 0.0%)
and investment income* (1.4p, 0.0%) were partially offset by
foreign exchange movements* (-8.6p, -0.3%) 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 as at 30 September
2018, 97% of reported valuations are dated 30 June 2018 or
later.
At 30 September 2018, PIP's private equity assets stood at
GBP1,364m, whilst net available cash balances^ were GBP132m. The
Asset Linked Note^^ ("ALN") outstanding as at 30 September 2018
amounted to GBP109m. Undrawn commitments to investments stood at
GBP475m as at 30 September 2018, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained completely undrawn as at the month end.
PIP's portfolio generated net cash* of GBP5.2m during the month,
with distributions of GBP16.5m relative to GBP11.3m of calls from
existing commitments to private equity funds.
PIP completed three new primary investments during the month
amounting to GBP13.7m in new commitments. This included a GBP10.4m
primary commitment to HIG Advantage Fund I, a US mid-market buyout
fund.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***Based on the change in the ordinary share price over the
period.
****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 consisting of the
Company's older vintage funds.
Performance as at 30 September 2018^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 16.1% 16.3% 14.8% 8.3% 11.9%
Ordinary share price 15.8% 18.4% 15.4% 12.3% 11.7%
FTSE All-Share TR 5.9% 11.5% 7.5% 9.1% 8.0%
MSCI World (GBP)
TR 15.4% 20.1% 14.8% 12.7% 8.2%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Monthly Report
The September 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:
Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading investment managers globally. PIP
offers a differentiated entry point to an investment company of
scale with risk managed through selection and diversification, and
to the excellent growth potential generated by some of the best
private equity managers in the world.
Pantheon
Pantheon is a leading global private equity fund investor that
invests on behalf of over 500 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 GBP28.8 billion in AUM^^
(as at 31 March 2018), 260 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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of this information may apply. For further information, please
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END
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